Triad

Ruger reports 65% drop in net income

February 27, 2015

(Winston-Salem Journal)

Gun-maker Sturm, Ruger & Co. reported a 65.2% drop in net income in 2014 due to weak sales, higher operating costs and an expense related to its pension plan. The Southport, Conn.-based company opened a Mayodan plant in 2013 and plans to create 473 jobs by 2017.

Tobacco companies settle federal Engle cases

February 26, 2015

(Winston-Salem Journal)

R.J. Reynolds Tobacco Co. and Philip Morris USA will each pay $42.5 million while Lorillard will pay $15 million to settle Engle progeny lawsuits that are either pending or that haven't yet gone to trial in Florida federal courts. The settlement affects more than 400 pending cases, but doesn't affect state cases, which represent most of the lawsuits against the tobacco companies.

VF announces location of jeanswear innovation center

February 26, 2015

(Winston-Salem Journal)

VF Corp. said it will open its previously announced jeanswear innovation center at Greensboro's Gateway University Research Park. The Greensboro-based apparel company plans to hire 30 scientists, technical designers and other employees at the center by the end of 2016. N.C. A&T State University and UNC Greensboro are partners in the project.

$1.2 billion spent on revitalization of downtown Winston-Salem

February 25, 2015

(Winston-Salem Journal)

Since 2000, a total of 88 projects with a combined investment value of $1.2 billion have been completed or are underway in downtown Winston-Salem. Health and technology projects, including the $106 million Wake Forest BioTech Place at Innovation Quarter, represent $445.4 million of the total.

Hanesbrands to acquire SC collegiate-apparel company

February 25, 2015

(Winston-Salem Journal)

Hanesbrands plans to buy Spartanburg, S.C.-based Knights Apparel for $200 million. The company sells T-shirts and other apparel with college sports logos. Its clients include about 400 U.S. colleges and universities, and fiscal 2015 sales are projected to be about $180 million. The deal is expected to close in the second quarter.

Mast General Store coming to downtown Winston-Salem

February 25, 2015

(Winston-Salem Journal)

Mast General Store will open its ninth store – its sixth in North Carolina – in downtown Winston-Salem in May. The company's first store was founded in 1883 in Valle Crucis. The 15,000-square-foot Winston-Salem store will be located in the 87-year-old building that originally housed the Brown-Rogers-Dixson Co. hardware store. The store will employ about 35 people.

Chinqua Penn sold for $1.35M

February 24, 2015

(News & Record, Greensboro)

Chinqua Penn Plantation has a new owner. Legends International Inc. paid $1.35 million for the Reidsville property on Monday. Built in the 1920s, the 27-room estate was last owned by SunTrust Bank, which bought it at auction after previous owner Calvin Phelps filed for bankruptcy in 2012 ("Rise and Fall of Renegade," October).

Reynolds' organic-cigarette brand gaining market share

February 23, 2015

(Winston-Salem Journal)

Natural American Spirit, an additive-free cigarette popular in some countries in Asia and Europe, has been steadily gaining market share in the United States. Winston-Salem-based Reynolds American acquired the brand with its $340 million purchase of Santa Fe Tobacco in January 2012. 
Related:
New partnership may give Reynolds more credibility on smoking alternatives
Tobacco companies fighting over claims on smoking's effects

Matheny wants to lead Downtown Greensboro Inc.

February 20, 2015

(News & Record, Greensboro)

Greensboro City Councilman Zack Matheny said he will apply to be president and CEO of Downtown Greensboro Inc. Jason Cannon resigned earlier this month from the top post of the downtown-advocacy group.

Reynolds looks to expand line of smoking-cessation products

February 20, 2015

(Winston-Salem Journal)

Reynolds American is partnering with pharmaceutical company PinneyAssociates to develop products related to smoking cessation. The Winston-Salem-based tobacco company began distribution in September of Zonnic nicotine gum. 

VF adding 150 retail stores

February 19, 2015

(News & Record, Greensboro)

VF plans to add 150 retail stores to its existing 1,401 in 2015. The Greensboro-based apparel company, whose brands include The North Face, Timberland and Wrangler, reported record revenue in 2014 of $12.3 billion.

TW Garner announces new leadership team

February 19, 2015

(Winston-Salem Journal)

TW Garner Food, the Winston-Salem-based maker of Texas Pete Hot Sauce, has named President Ann Garner Riddle chief executive officer. The company also shuffled management positions of three other leaders in order to open up the executive vice president and vice president positions to nonfamily members, according to Chief Marketing Officer Glenn Garner.

Krispy Kreme celebrates 1,000th store with free doughnuts

February 18, 2015

(Winston-Salem Journal)

Krispy Kreme Doughnuts will open its 1,000th store next Tuesday, and the Winston-Salem-based company plans to offer a free doughnut to the first 1,000 customers at all of its stores worldwide to celebrate the milestone. The Kansas City, Kan., store will be the company's fourth in the state.

Kelly makes it permanent at Piedmont Triad Partnership

February 17, 2015

(Winston-Salem Journal)

Retired Wells Fargo executive Stan Kelly will serve as CEO and president of the Piedmont Triad Partnership on a permanent basis, the economic-development group said. Kelly took over the roles on an interim basis in January, replacing David Powell. Kelly retired last summer as regional president for San Francisco-based Wells Fargo.

IMC buys High Point's Commerce & Design building for $11.2M

February 16, 2015

(High Point Enterprise)

International Market Centers paid $11.2 million for the 9-story Commerce & Design building in downtown High Point, public records show. Based in Las Vegas and High Point, the company plans to invest $2 million in the 257,180-square-foot building over the next five years. The purchase expands its local holdings to 6.7 million square feet.

Road projects underway in Greensboro area

February 16, 2015

(News & Record, Greensboro)

Nearly $630 million in road-construction projects are underway or about to get started around Greensboro, including two segments of the Greensboro Urban Loop. A spokesman from the N.C. Department of Transportation says the Greensboro area is at or near the top statewide for the number of major road projects in progress.

Reynolds' Vuse available in 100,000 stores

February 13, 2015

(Winston-Salem Journal)

R.J. Reynolds Vapor Co. said its Vuse electronic cigarettes are now available in about 100,000 retail outlets. The Reynolds American subsidiary began national distribution of Vuse in June. Meanwhile, Greensboro-based Lorillard reported declining sales of its blu eCigs branded electronic cigarettes. Sales of blu dropped 27.8% during the fourth quarter of 2014.

Greensboro-based Lorillard reports 16.3% increase in net income

February 12, 2015

(Winston-Salem Journal)

Lorillard reported a 16.3% increase in fourth-quarter net income to $327 million. The Greensboro-based cigarette manufacturer also said sales increased 1.4% to $1.77 billion. Net income for the full year was $1.19 billion, up 0.6% from the previous year.

Whitaker Park developers ask Winston-Salem, Forsyth County for $8M

February 11, 2015

(Winston-Salem Journal)

The nonprofit corporation that plans to redevelop R.J. Reynolds Tobacco's Whitaker Park manufacturing campus has asked Forsyth County and the city of Winston-Salem for $8 million for infrastructure improvements on the 120-acre property. The group is likely to seek additional funding from other sources, including the N.C. Department of Transportation.

ZeekRewards receiver gains permission for class-action suit

February 11, 2015

(Winston-Salem Journal)

A federal judge gave the receiver in the ZeekRewards.com case permission to file a class-action lawsuit against about 9,400 "net winners" who gained at least $1,000 in the Lexington-based Ponzi scheme. Kenneth Bell said he expects to recover as much as $283 million from the net winners. Bell has already recovered more than $342 million and has paid out $147 million to victims.