Triad

Reynolds-Lorillard deal expected to close Friday

June 12, 2015

(Winston-Salem Journal)

Winston-Salem-based Reynolds American is expected to complete its $29 billion acquisition of Greensboro cigarette-maker Lorillard today. The complicated deal, which also involves Imperial Tobacco Group, is not expected to result in significant job losses in the Triad.

Reidsville's Chinqua Penn sells for $650,000

June 12, 2015

(News & Record, Greensboro)

Greensboro's Mitchell Barnett Properties paid $650,000 for Chinqua Penn Plantation, the historic Reidsville property built in the 1920s that was once owned by the UNC system and was purchased in 2006 by Calvin Phelps, who owned Mocksville-based Renegade Tobacco ("Rise and fall of Renegade," October). The original asking price for the 23-acre property was $1.9 million.

 

President of Kernersville Medical Center steps down

June 12, 2015

(Winston-Salem Journal)

Joanne Allen, president of the 50-bed Kernersville Medical Center, will retire at the end of the year. Chad Setliff will succeed her and also will become president of Clemmons Medical Center and Medical Park Hospital. Setliff also will be chief operating officer at all three hospitals, which are part of Winston-Salem-based Novant Health.

GE holds grand opening for renovated Mebane plant

June 12, 2015

(The News & Observer, Raleigh)

GE Industrial Solutions showed off a new $6 million showroom and renovated labs at its 400,000-square-foot facility in Mebane, where the company employs more than 500 workers. GE makes lighting panels, switchboards and automatic transfer switches at the plant.

 

Qorvo to replace Lorillard on S&P 500 index

June 11, 2015

(Winston-Salem Journal)

Qorvo, the new company formed as a result of a merger between Greensboro's RF Micro Devices and Oregon-based TriQuint Semiconductor, will be added to the S&P 500, replacing Lorillard. Greensboro-based Lorillard will be taken off the index at the close of trading Thursday; the tobacco company is expected to be acquired by Reynolds American on Friday.

Krispy Kreme posts strong 1Q results, beats expectations

June 11, 2015

(Winston-Salem Journal)

Krispy Kreme Doughnuts reported an 8.9% increase in first-quarter revenue to $132.5 million. Net income was up 10.4% compared with the same period a year ago. The Winston-Salem-based company exceeded internal and analysts' projections for the quarter.

Matheny is top candidate for CEO of Downtown Greensboro

June 11, 2015

(News & Record, Greensboro)

Greensboro City Councilman Zack Matheny is in final negotiations to become president of the nonprofit Downtown Greensboro. Matheny, 42, plans to resign his council seat on June 16. About half of Downtown Greensboro's $1 million budget comes from a business-district tax.

Novant to expand Clemmons Medical Center

June 10, 2015

(Winston-Salem Journal)

Novant Health will invest $49 million in an expansion of Clemmons Medical Center. The expansion, which includes an unspecified number of inpatient beds and up to three operating rooms, will double the center's workforce to 200.

Tobacco merger expected to close June 12

June 9, 2015

(Winston-Salem Journal)

Reynolds American is expected to complete its acquisition of Greensboro-based Lorillard on June 12. A federal judge gave final approval for the cigarette manufacturers to sell five brands to Imperial Tobacco Group. Its is unclear how many jobs, if any, will be impacted by the deal, which is currently valued at $29 billion (the final deal value will be set at the end of trading on Thursday).

Duke Energy completes implosion of Cape Fear power plant

June 5, 2015

(News & Record, Greensboro)

Duke Energy imploded the remainder of its coal-fired power plant in Moncure on Thursday. The two demolished structures were the last of six that once operated at the Alamance County plant, which opened in 1923. The Charlotte-based utility must excavate the plant's five ash basins by 2029.

Florida judge dismisses more Engle cases

June 5, 2015

(Winston-Salem Journal)

A U.S. district court judge in Florida dropped 12 Engle progeny cases and removed 12 abandoned cases. The lawsuits stemmed from a class-action lawsuit filed in1994 against large tobacco companies, including R.J. Reynolds Tobacco, Philip Morris and Lorillard.

BB&T gets approval to acquire The Bank of Kentucky

June 4, 2015

(The Charlotte Observer)

Winston-Salem-based BB&T received regulatory approval for its $363 million acquisition of The Bank of Kentucky. The deal is expected to close June 19. The Bank of Kentucky has 32 offices in northern Kentucky and Cincinnati and about $1.9 billion in assets.

Francis retires after 41 years at Elon

June 4, 2015

(The Times-News, Burlington)

Gerry Francis retired as executive vice president of Elon University after a 41-year career at the school.

Ashley Furniture could be for sale

June 3, 2015

(Winston-Salem Journal)

Privately held Ashley Furniture has hired investment bank Goldman Sachs to help it explore options for a private-equity investment. The nation's largest furniture manufacturer and retailer employs more than 900 people at a production and distribution center in Advance.

Randolph commissioners OK land purchase for megasite

June 2, 2015

(News & Record, Greensboro)

Randolph County commissioners voted to spend $5.87 million on a 170-acre parcel of land that will form part of an 1,800-acre megasite area leaders hope will attract a car manufacturer. The county bought 255 acres in February. The total cost to acquire and develop land for the megasite could reach $100 million.

BNC Bancorp to buy CertusBank's SC branches

June 2, 2015

(Winston-Salem Journal)

High Point-based BNC Bancorp will acquire CertusBank's seven remaining branches in South Carolina, including three in Greenville. The deal, expected to close in October, will make BNC – parent company of Bank of North Carolina – the second largest community bank in the Palmetto State.
Also: CertusBank to sell banking operations, remaining branches

LabCorp announces partnership with Japanese company

June 2, 2015

(The Times-News, Burlington)

Burlington-based LabCorp will partner with Japan-based Sysmex to develop diagnostic blood tests to monitor and detect cancer in tumors.

 

Reynolds' Vuse is nation's top-selling e-cig

June 1, 2015

(Winston-Salem Journal)

Almost a year after its national rollout, Reynolds American's Vuse electronic cigarette has a 35.7% U.S. market share, according to Nielsen data, which is based primarily on convenience-store sales. Lorillard's blu eCigs was second at 22.7%.

Officials work to reopen hospital in Yadkinville

May 29, 2015

(Winston-Salem Journal)

Yadkin County commissioners say state health regulators are helping them work on a solution to reopen Yadkin Valley Community Hospital, which was abruptly shut down last Friday. State and local officials are working with representatives from Hugh Chatham Memorial Hospital, which may acquire the license for the 20-bed hospital.

Volvo subsidiary opens Davie County plant

May 29, 2015

(Winston-Salem Journal)

Dex Heavy Duty Parts, a subsidiary of the Volvo Group, held a ribbon-cutting ceremony at its Advance plant where the company recycles heavy truck parts. The company employs 38 full-time workers.