Triad

Mount Airy-based Pike sets date for shareholder vote on buyout

November 21, 2014

(Winston-Salem Journal)

Shareholders of Mount Airy-based Pike Corp. will vote Dec. 18 on a $595 buyout proposal. New York private-equity investment firm Court Square Capital Partners will help fund the buyout of the energy company, which employs 5,700 across the United States.

BB&T announces plans for new Pennsylvania banking regions

November 21, 2014

(Winston-Salem Journal)

BB&T will create three new geographic banking regions upon completion of its $2.5 billion acquisition of Pennsylvania-based Susquehanna Bancshares, and the company named three Susquehanna executives as regional presidents. The Winston-Salem-based bank also plans to form a new region for the state of Maryland. The deal is expected to close in the third quarter.

Duck Head retail store to open in Greensboro on Black Friday

November 19, 2014

(News & Record, Greensboro)

Prospect Brands will open a Duck Head flagship store in downtown Greensboro on Nov. 28, or Black Friday. Prospect acquired the 150-year-old apparel brand in 2013 and set up its headquarters in Greensboro. A grand-opening celebration will be held on Dec. 6-7.

BNC Bancorp announces $101M acquisition of Virginia bank

November 18, 2014

(Winston-Salem Journal)

High Point-based BNC Bancorp will acquire Roanoke, Va.-based Valley Financial Corp. for $101.3 million in an all-stock deal. Valley Financial has nine branches in Roanoke and Salem, Va., and $857 million in assets. BNC has 47 branches in the Carolinas and will gain four more when it completes a pending $50.6 million acquisition of Charleston, S.C.-based Harbor Bank Group later this month. 

Reynolds American to launch cigarette that heats tobacco

November 18, 2014

(Winston-Salem Journal)

Winston-Salem-based Reynolds American will introduce a cigarette that uses a carbon tip to heat tobacco rather than burning it. Revo will launch in Wisconsin in early 2015.

Greensboro's Epes tries out natural-gas trucks

November 17, 2014

(News & Record, Greensboro)

Epes Transport System is experimenting with zero-emission trucks that run on compressed natural gas. The Greensboro-based trucking company is part of an N.C. State program that awards grants to companies that operate vehicles with clean fuel.

ZeekRewards founder pleads not guilty to federal charges

November 14, 2014

(Winston-Salem Journal)

ZeekRewards.com founder Paul Burks pleaded not guilty to fraud and conspiracy charges at an arraignment before a magistrate judge in Charlotte. Burks is accused of gaining more than $10 million from the Lexington-based Ponzi scheme between January 2010 and August 2012.

BB&T to acquire Pennsylvania bank for $2.5 billion

November 13, 2014

(Winston-Salem Journal)

BB&T will acquire Lititz, Pa.-based Susquehanna Bancshares for $2.5 billion in a cash and stock deal. Susquehanna has $18.6 billion in assets and 245 branches in central Pennsylvania, Maryland, New Jersey and West Virginia. Pending regulatory and shareholder approval, the deal will close in the second quarter of 2015.

ZeekRewards' Burks due in court Thursday

November 13, 2014

(The Charlotte Observer)

Paul Burks will be arraigned Thursday on charges related to his involvement in the ZeekRewards online investment scheme, which bilked more than $800 million out of investors from more than 150 countries. About 50,000 of the victims lived in North Carolina. Burks, the alleged mastermind of the Ponzi scheme, faces up to 65 years in prison and a $1 million fine.

Honda Aero reveals first jet engine made in Burlington

November 13, 2014

(News & Record, Greensboro)

Honda Aero unveiled the first jet engine made at its Burlington plant, which employs about 60 people and will be the exclusive engine builder for HondaJet, the light corporate jet manufactured at Piedmont Triad International Airport. Honda Aircraft expects to deliver its first $4.5 million HondaJet in early 2015 ("Ready to take off," February).

Old Dominion announces $200M stock buyback program

November 11, 2014

(Winston-Salem Journal)

Old Dominion Freight Line's board of directors announced a stock repurchase program of up to $200 million over two years. The Thomasville-based trucking company reported $2.07 billion in revenue for the nine-month period ended Sept. 30, compared with $2.34 billion for all of fiscal 2013.

Greensboro Partnership to unveil collaboration space

November 11, 2014

(News & Record, Greensboro)

The economic-development organization will host the grand opening of CoLab, a co-working space for entrepreneurs in downtown Greensboro, on Nov. 17.  

Technimark investing $25M in Asheboro plant

November 10, 2014

(Winston-Salem Journal)

Technimark will add 163 jobs and invest $25.9 million over three years at its Asheboro headquarters and manufacturing plant, where the company employs nearly 1,000 people. Technimark makes plastic packaging components for consumer products including detergent and shampoo. 

Krispy Kreme plans 20 shops in Bangladesh

November 7, 2014

(Winston-Salem Journal)

Winston-Salem-based Krispy Kreme Doughnuts continues its global expansion with a franchise agreement to open 20 shops in Bangladesh over five years.

Excitement builds over Reynolds Building makeover

November 7, 2014

(Winston-Salem Journal)

The Downtown Winston-Salem Partnership held its annual meeting at the 22-story former R.J. Reynolds headquarters building, which is being converted to a mixed-use development that will include a boutique hotel, restaurant and apartments ("Tower of Power," August). The project is scheduled for completion in fall 2015.

Philip Morris decision could impact Reynolds' approach to sourcing

November 6, 2014

(Winston-Salem Journal)

R.J. Reynolds Tobacco Co. could feel increased pressure to streamline its supply chain following Philip Morris International's decision to buy U.S. tobacco leaves from only two suppliers, Morrisville-based Alliance One International and Richmond, Va.-based Universal Corp. Labor advocates have pressured Reynolds for years to improve working conditions at tobacco farms.

Wake Forest Baptist gets another credit downgrade

November 6, 2014

(Winston-Salem Journal)

Standard & Poor's Ratings Services lowered the bond rating for Wake Forest Baptist Medical Center from A+ to A. The report says the downgrade was due to the medical center's "weak operating performance." The bond rating credit service lowered its rating to A+ from AA in its last review on Nov. 1, 2013.
Related: "Baptist gets a fiscal," August

Greensboro Partnership picks search firm for new CEO

November 6, 2014

(News & Record, Greensboro)

The Greensboro Partnership has hired national recruiting firm Jorgenson Consulting to lead the search for its new president and CEO. Pat Danahy, current CEO of the economic-development association, announced in August he will retire at the end of the year (Statewide, October).

Aerospace advocacy group looks beyond Triad

November 5, 2014

(Winston-Salem Journal)

A new Greensboro-based nonprofit organization aims to develop a strategy for increasing growth prospects for aviation- and aerospace-related jobs across North Carolina. N.C. Aerospace was formed as part of the Piedmont Triad Partnership, but will likely become independent in 2015, allowing it to grow beyond the Triad region.

New technology leads to pay cuts for medical secretaries at Novant Health

November 5, 2014

(Winston-Salem Journal)

Winston-Salem-based Novant Health said it is cutting pay for medical secretaries, whose workloads have been reduced following the health system's rollout of an electronic medical records system. A total of 157 employees in Charlotte and Winston-Salem are affected.