Triad

Cone Health to manage Asheboro hospital

May 26, 2016

(Asheboro Courier-Tribune)

Greensboro-based Cone Health has entered into a management-services agreement with Randolph Hospital, effective June 1. The deal leaves only 11 N.C. hospitals that aren't affiliated with with another health care provider, Randolph Chairman Mac Pugh said.

Old Dominion approves $250M stock buyback program

May 24, 2016

(Winston-Salem Journal)

Directors of Old Dominion Freight Line authorized a $250 million share repurchase program. The Thomasville-based trucking company said it is within $12 million of completing its last stock repurchase program, launched in November 2014.

Wake Forest Baptist CEO to step down in 2017

May 23, 2016

(Winston-Salem Journal)

John McConnell, CEO of Wake Forest Baptist Medical Center in Winston-Salem since 2008, will step down in 2017 and will become executive director of Wake Forest Healthcare Ventures, a new company focused on commercializing ideas and products developed by researchers at the medical center and its related entities.

When artists boycott HB2, it's not just the fans who suffer

May 23, 2016

(WRAL.com)

When music acts such as Bruce Springsteen and Maroon 5 cancel North Carolina shows over House Bill 2, concert venues such as the Greensboro Coliseum, hotels and nearby restaurants are affected. So are volunteers such as school groups who work arena concessions as fundraisers for their programs.

Wake Forest Baptist revenue rose 8.9% in the third quarter

May 19, 2016

(Winston-Salem Journal)

The Winston-Salem-based medical center reported $1.7 billion in total revenue for the third quarter, compared with $1.6 billion a year ago.

Pabst sues MillerCoors over Eden plant closure

May 18, 2016

(News & Record, Greensboro)

The owner of Pabst Brewing Co. is suing MillerCoors, citing breach of contract over the planned closure of the company's Eden brewery, which will cost the town in Rockingham County 500 jobs. Miller agreed in 2014 to continue brewing Pabst beers for several year after Pabst was sold to a Russian company; Pabst says the Eden plant is the primary location where Miller brews its products. In the lawsuit, Pabst said it offered to buy or lease the plant; in its response, MillerCoors said Pabst suggested an amount far less than what the facility is worth.

BB&T slashes 241 jobs in Pennsylvania

May 18, 2016

(Winston-Salem Journal)

BB&T will cut about 15% of the workforce of National Penn Bancshares, the Pennsylvania-based bank it acquired last month in a $1.8 billion deal. BB&T confirmed earlier this week it was closing 28 branches in Pennsylvania, leaving it with 329 in the state. The Winston-Salem-based bank has $15.2 billion in deposits in Pennsylvania, trailing only PNC Financial, Wells Fargo and Citizens Bank.

BB&T closing 28 branches in Pennsylvania

May 17, 2016

(Winston-Salem Journal)

After completing two major purchases giving it more than 350 branches in the Keystone State, BB&T said Monday it will close 28 branches, 7.8% of it presence, in Pennsylvania. A spokesman for the Winston-Salem-based bank said no job losses are expected.

High Point Bank considered another offer, filing shows

May 16, 2016

(Winston-Salem Journal)

BNC Bancorp wasn't the only company interested in buying High Point Bank last year, according to a filing released ahead of next month's shareholder vote on the deal. Another unnamed bank submitted a preliminary offer in October, a month before BNC announced it would acquire High Point Bank, one of the state's largest privately held banks with $853 million in assets.

Novant ends talks to buy Savannah hospital

May 12, 2016

(Winston-Salem Journal)

Novant Health has ended negotiations to purchase the 622-bed Memorial Hospital in Savannah, Ga. Winston-Salem-based Novant planned to invest $295 million in improvements at the hospital, where it has has been involved since 2012 through a shared-services agreement. CEO Carl Armato said talks broke down when the Chatham County (Ga.) Hospital Authority became "directly involved."

Natty Greene's plans restaurant, market at Greensboro's Revolution Mill

May 11, 2016

(News & Record, Greensboro)

Local beer-maker Natty Greene's Pub & Brewing Co. will invest about $3 million in a 250-seat restaurant and market at Revolution Mill, once part of textile giant Cone Mills that is being redeveloped by Durham-based Self-Help credit union. The restaurant will have less of a pub feel and will be more like a steakhouse, with prices ranging from $11 to $50.

Krispy Kreme to be acquired for $1.35B

May 10, 2016

(Winston-Salem Journal)

JAB Holding will acquire the doughnut maker for $1.35 billion and take the company private. The German company has controlling interest in Keurig Green Mountain, Peet's and Caribou Coffee. The price represents a 25% premium of Krispy Kreme's closing share price of $16.86 on Friday. Shares soared 24% in afternoon trading on Monday.

Teleflex closing Arrow plant in Asheboro June 26

May 10, 2016

(The Courier-Tribune)

The parent company of Arrow International has announced a closing date for its Asheboro plant. Teleflex said in 2014 it would begin a phased shutdown of the factory, where the company makes medical products such as disposable catheters. The plant closing will impact 456 workers in the city with a population of about 26,000.

Herbalife says it's close to settlement with FTC

May 9, 2016

(WRAL.com)

Nutritional-products manufacturer Herbalife said Friday it is in advanced talks to settle a federal investigation into whether the company operates as a pyramid scheme. Shares rose $5.30 on Friday, closing at $63.62; the company's stock has risen 36% from a year ago. Herbalife employs more than 400 people in Winston-Salem.

FDA rules for e-cigarettes could spur lawsuits

May 6, 2016

(Winston-Salem Journal)

The FDA released new regulations for electronic cigarettes and vaporizers on Thursday that is likely to trigger lawsuits from manufacturers and vape shops. All e-cigs introduced after Feb. 15, 2007 must retroactively go through more stringent requirements, including providing more detail on liquid nicotine ingredients and manufacturing processes.

Fresh Market shutters 13 stores; NC locations spared

May 5, 2016

(Supermarket News)

Just weeks after Apollo Global Management closed on its $1.4 billion purchase of The Fresh Market, the Greensboro-based grocery chain said it will close 13 stores across the U.S. The closings include eight stores in Texas, two each in Iowa and Kansas, and one in Missouri.

Wake Forest Baptist completes Cornerstone acquisition

May 4, 2016

(Winston-Salem Journal)

Wake Forest Baptist Medical Center has completed its purchase of Cornerstone Health Care, the state's largest doctor-owned medical group. Terms of the deal were not disclosed. High Point-based Cornerstone, with more than 80 offices and 300 physicians in central N.C., will operate as a separate business unit.

Ackman tells Herbalife employees, 'Go find another job'

May 4, 2016

(Winston-Salem Journal)

Hedge-fund manager Bill Ackman continued his assault on Herbalife on CNBC Monday, advising employees to leave the company and find another job. The nutritional-products manufacturer employs more than 400 people at its Winston-Salem plant. Ackman has accused the company of operating as a pyramid scheme; despite his attacks, Herbalife's stock has risen more than 40% in the last year.

Sales surge boosts first-quarter results for gun-maker Ruger

May 3, 2016

(Winston-Salem Journal)

Firearms manufacturer Sturm, Ruger & Co. reported a 50% increase in first-quarter profit to $23.3 million and a 26.3% increase in sales. CEO Michael Fifer said sales of new products — those introduced in the last two years — accounted for 29% of total sales in the quarter. Ruger employs more than 200 people at a 220,000-square-foot plant in Mayodan.

Hanesbrands appeases investors with 3-prong strategy

April 29, 2016

(Winston-Salem Journal)

Hanesbrands' shares had fallen to a 52-week low of $23.25 earlier this year, with investors wondering what the Winston-Salem company would do next. On Wednesday, the company announced its largest acquisition to date — it will pay $800 million for Pacific Brands of Australia — and approved a share repurchase authorization for up to 40 million shares. Its board also declared a first-quarter dividend of 11 cents a share.