Triad

GKN, Nypro consider expansions in Alamance County

August 4, 2015

(The Times-News, Burlington)

Alamance County commissioners unanimously approved incentives for GKN Driveline to build a $6.3 million distribution center to support its three regional plants. The 134,000-square-foot facility would support 13 new jobs with an average annual salary of $55,000. Commissioners also approved incentives for manufacturer Nypro to create 75 jobs at a new warehouse facility.

BB&T completes its largest purchase

August 4, 2015

(Winston-Salem Journal)

BB&T completed its $2.5 billion acquisition of Lititz, Pa.-based Susquehanna Bancshares Monday. The cash-and-stock deal is the largest in the Winston-Salem-based bank's history and gives it 240 branches in Pennsylvania, Maryland, New Jersey and West Virginia.

Megasite group awaits state decision on incentives

August 3, 2015

(News & Record, Greensboro)

The Greensboro-Randolph Megasite Foundation has options to purchase 1,400 acres of land for a manufacturing megasite, but the group can't promote the site to prospective employers until knowing what type of incentives the state will provide.

High Point drug developer raises $117M in IPO

July 31, 2015

(Xconomy.com)

High Point-based vTv Therapeutics raised $117 million in its initial public offering. The company plans to use up to $80 million of the proceeds for a Phase 3 clinical trial of its treatment for Alzheimer's disease. vTv stock opened Thursday at $14 a share and fell 28.6%, closing at $10.71.

Hanesbrands reports sixth consecutive quarter of record revenue

July 31, 2015

(Winston-Salem Journal)

Hanesbrands reported $94.9 million in net income for the second quarter, compared with $154.6 million a year ago. The decrease was due to costs related to acquisitions of DBApparel and Knights Apparel. Revenue increased 13.4% to a record $1.52 billion. International sales were up 101.2%.

Federal judge dismisses Herbalife suit

July 31, 2015

(Winston-Salem Journal)

A U.S. District Judge in Los Angeles threw out a lawsuit against Herbalife, the nutritional products manufacturer that plans to employ 800 people in Winston-Salem by 2018. The Oklahoma Firefighters Pension and Retirement System and other shareholders had sued the company, claiming they lost money after Herbalife was accused in 2012 of operating a pyramid scheme.

Hanesbrands data breach affects 900,000

July 30, 2015

(Winston-Salem Journal)

Hanesbrands said about 900,000 online and telephone customers were affected by a data breach in June. A company spokesman said hackers accessed data including addresses, phone numbers and the last four digits of credit card numbers.

Qorvo earnings fall short of expectations

July 30, 2015

(News & Record, Greensboro)

Qorvo, the Greensboro-based semiconductor company formed from the merger between RF Micro Devices and TriQuint, posted $2 million in profit for the second quarter, compared with $6.5 million in the first quarter. It's a sharp decline from the $43.8 million the combined companies posted in the second quarter of 2014. Revenue was 23.3% higher than the combined companies a year ago.

LabCorp posts strong 2Q results

July 29, 2015

(The Times News, Burlington)

LabCorp reported net income of $168.4 million for the second quarter, a 19% increase over $141.3 million the previous year. Revenue increased 46.3%, due in part to the Burlington-based company's $6 billion acquisition of New Jersey-based contract-research organization Covance.
Also: LabCorp names new executive vice president for Covance

Reynolds American announces stock split

July 29, 2015

(Winston-Salem Journal)

The board of directors of Reynolds American approved a two-for-one stock split and a 7.5% increase to its quarterly dividend. The Winston-Salem-based company also raised is 2015 earnings forecast by 7 to 10 cents.

Zoo director announces retirement

July 28, 2015

(High Point Enterprise)

David Jones will retire later this year after 21 years as director of the North Carolina Zoo. Chief Operating Officer Pat Simmons, who was previously president and CEO of the Akron, Ohio Zoo, will take over as director on Sept. 1.
Related: "Animal magnetism," a behind-the-scenes look at the N.C. Zoo, from BNC's July issue

Reynolds' e-cig slips in market share report

July 28, 2015

(Winston-Salem Journal)

Market share of Vuse, the electronic cigarette produced by Winston-Salem-based Reynolds American, has slipped from 35.7% to 34.2%, according to Nielsen data as of July 11. Blu eCigs, now owned by ITG Brands, was second with a 24.1% market share.
Related: Reynolds American beats 2Q profit forecasts

Yadkin Financial reports strong 2Q results

July 24, 2015

(Winston-Salem Journal)

Yadkin Financial reported record net income of $10.6 million for the second quarter, compared with $1.73 million a year ago before the bank's merger with VantageSouth Bancshares.

BNC Bancorp reports 2Q earnings

July 23, 2015

(Winston-Salem Journal)

BNC Bancorp reported a 26% increase in net income to $11 million in the second quarter. Following its $101.3 million acquisition of Roanoke, Va.-based Valley Financial, the High Point-based bank now has assets totaling more than $5 billion.

High Point approves incentives for HAECO expansion

July 22, 2015

(Winston-Salem Journal)

The High Point City Council unanimously approved incentive totaling $147,000 for HAECO Americas, formerly Timco Aviation, to add 147 jobs and transfer 252 existing ones to a 250,000-square-foot building south of Interstate 40.

BB&T incentive plan sparks controversy

July 21, 2015

(The Charlotte Observer)

Five top executives of BB&T are in line to receive $2.6 million in bonuses once the Winston-Salem-based bank successfully completes its integration with Susquehanna Bancshares. A Miami-based bank consultant says those bonuses are usually paid out to the IT staff who actually do the work to convert the computer systems.

Whitaker Park developers consider best uses for campus

July 20, 2015

(Winston-Salem Journal)

Developers of Whitaker Park in Winston-Salem are working to determine the best uses for the 54-year-old manufacturing campus. United Furniture Industries is considering a portion of the site for a 350,000-square-foot distribution center that would employ between 50 and 70 employees.

High Point shopping center sold for $6.25M

July 20, 2015

(News & Record, Greensboro)

Verris Capital paid $6.25 million for the 63,306-square-foot Eastchester Shopping Center in High Point. The seller was Florida-based MS Eastchester.

High Point considers incentives for HAECO expansion

July 17, 2015

(News & Record, Greensboro)

High Point City Council will consider allowing up to $147,000 in incentives for HAECO Americas, formerly TIMCO Aerosystems, to add 147 jobs and relocate its operations to a larger facility. The company, which repairs and refurbishes aircraft interiors, is considering moving to a 250,000-square-foot building previously occupied by TE Connectivity.

Solid second quarter for BB&T

July 17, 2015

(Winston-Salem Journal)

BB&T reported a 7.1% increase in net income to $454 million for the second quarter. The Winston-Salem-based bank plans to complete its purchase of Pennsylvania-based Susquehanna Bancshares by Aug. 1.