Triad

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.

Hanesbrands buying Australia's Pacific Brands for $800 million

April 28, 2016

(Winston-Salem Journal)

Pacific Brands is Australia's top underwear company, best known for its Bonds brand. It will be the sixth acquisition for Winston-Salem-based Hanesbrands in the last three years. The company paid $585 million for Maidenform Brands in 2013 and $528 million for European manufacturer DBApparel in 2014 and just announced a $228 million deal to buy Champion Europe.

High Point U announces $160M in new construction

April 28, 2016

(News & Record, Greensboro)

The university will build a residence hall for 310 students, a $60 million science building and a $70 million arena and convention center. The arena will have 5,000 permanent seats but will be able to accommodate up to 6,500 people for concerts and ceremonies. The convention center will hold up to 2,500 people. The projects will be paid for through fundraising and operating revenues.

BB&T communications chief to retire

April 28, 2016

(Winston-Salem Journal)

Cynthia Williams, chief corporate communications officer since 2009, will retire June 30. Williams, 63, was part of the Winston-Salem-based bank's executive management team. She joined BB&T in 2003 through its acquisition of First Virginia Bank.

ITG Brands to lay off 375 in Greensboro

April 25, 2016

(News & Record, Greensboro)

ITG Brands said it will lay off about 375 workers in June as a manufacturing agreement with Reynolds American expires. ITG bought the cigarette plant last year when Winston-Salem-based Reynolds acquired Lorillard in a $27.4 billion deal. A union representative said the company is planning additional layoffs.

2 BNC Bancorp deals on hold

April 25, 2016

(Winston-Salem Journal)

BNC Bancorp, parent of Bank of North Carolina, said its $141 million acquisition of High Point Bank has been delayed until the third quarter. High Point-based BNC entered an agreement in March giving it more time to complete its acquisition of Southcoast Financial, originally scheduled to close by March 31. The delays are due in part to two New York advocacy groups questioning BNC's lending practices involving minority and underserved loan applicants.

Report: Mass layoffs planned at Lorillard plant in Greensboro

April 22, 2016

(YesWeekly.com)

ITG Brands plans to cut as many as 500 jobs at the former Lorillard tobacco plant in Greensboro, according to an email an ITG executive sent to a union representative. The company is expected to file a WARN notice with the state Commerce department on Friday detailing the specific number of employees that will lose their jobs.

Yadkin Bank closing 12 branches

April 22, 2016

(The News & Observer, Raleigh)

Following its acquisition of Greensboro-based NewBridge Bank, Yadkin Bank expects to save at least $28 million by closing about a dozen branches. The $431 million purchase gave Yadkin a total of 110 branches. Yadkin CEO Scott Custer said he expects many affected employees will be able to find other jobs within the company.

Renovated Whitaker Park building welcomes first tenant

April 22, 2016

(Winston-Salem Journal)

Reason to Believe is a manufacturer of skincare and hair products with eight employees. The company hopes to employ 40 by year-end and 100-200 by 2020. R.J. Reynolds Tobacco said last year it would donate 125 acres of the Whitaker Park manufacturing plant to a development group that plans to renovate the site for business and industrial use.

BB&T reports 8% increase in first-quarter profit

April 21, 2016

(Winston-Salem Journal)

BB&T reported $527 million in net income in the first quarter, up 8% from the same period a year ago. Total revenue was $2.6 billion, up $240 million compared with the first quarter of 2015. Earlier this month, the Winston-Salem-based bank completed acquisitions of National Penn Bancshares and insurance broker Swett & Crawford.

Honda Aero announces $21M expansion in Burlington

April 20, 2016

(News & Record, Greensboro)

Honda Aero will invest $21 million in a 50,000-square-foot expansion of its Burlington plant, creating 30 new jobs. Engines made and tested here are delivered to Honda Aircraft in Greensboro for installation in the HondaJet light aircraft. Honda Aircraft delivered the first HondaJet, which can seat up to seven people, in December.

Analysts weigh in on potential LabCorp-INC Research deal

April 20, 2016

(The News & Observer, Raleigh)

Burlington-based LabCorp has held preliminary talks with Raleigh's INC Research about a possible deal, Bloomberg reports. INC, a contract-research organization, employs about 1,000 poeple in the Triangle. Analysts say a deal makes sense, as one of INC's strongest areas — testing drugs that affect the central nervous system — is one of LabCorp's deficiencies in its Covance CRO business

Best high schools in NC? Depends on which list

April 19, 2016

U.S. News & World Report ranks Greensboro's Early College at Guilford as the top public high school in North Carolina, with Raleigh Charter High School in second place (see the full list here). The Washington Post on Sunday released its ranking of America's Most Challenging High Schools, with Raleigh Charter topping the list for the Tar Heel state.

Feeling low in High Point

April 19, 2016

As the spring High Point Market wraps up this week, organizers will take stock of HB2's impact. Business owners like Mark Weinstein are not feeling the love.

Qorvo to acquire Dutch chipmaker

April 18, 2016

(Nasdaq.com)

Greensboro-based Qorvo will acquire GreenPeak Technologies, a Netherlands-based semiconductor company that develops RF chips for "smart home" communications (applications include home security, fire detection, lighting control and temperature monitoring) and the Internet of Things, a market expected to grow to $2.3 billion by 2020. Terms of the deal were not immediately disclosed.

Carter stepping down as CEO of Greensboro's HAECO

April 18, 2016

(Winston-Salem Journal)

Kevin Carter, chief executive of HAECO Americas, will step down May 31. Carter has led the aircraft-maintenance company, formerly Timco Aviation Services, since 2008. Deputy Chief Executive Richard Kendall will replace him. HAECO employs about 1,600 people in the Triad

Logisitics company creating 60 jobs in Greensboro

April 15, 2016

(News & Record, Greensboro)

NFI, a privately held company based in Cherry Hill, N.J., will move into a 1.6-million-square-foot distribution warehouse previously occupied by Kmart. The company provides transportation and warehousing services. NFI employs 8,000 people and say it has $1.2 billion in revenue.

Greensboro News & Record editor/publisher resigns

April 13, 2016

(Winston-Salem Journal)

Jeff Gauger resigned Tuesday as editor and publisher of the News & Record, which is owned by Berkshire Hathaway Media Group. Gauger came to Greensboro in 2012 from Canton, Ohio, where he was editor of the city's daily newspaper and three smaller newspapers.

New York firm buying Hatteras Financial for $1.5B

April 12, 2016

(Winston-Salem Journal)

Annaly Capital Management will pay $1.5 billion in cash and stock for Winston-Salem-based Hatteras Financial, a publicly held real-estate investment trust. Hatteras' portfolio is primarily in adjustable-rate mortgage securities. The deal is expected to close Sept. 30.