Triad

Rep. Howard Coble won't run for a 16th term

November 8, 2013

(The News & Record, Greensboro)

U.S. Rep Howard Coble announced he will retire from Congress after the current term. The Greensboro Republican will have served 15 terms when he leaves office next year. Coble said ongoing health issues would limit his ability to campaign effectively. 

Duck Head acquired by Prospect Brands, will operate in Greensboro

November 7, 2013

(The News & Record, Greensboro)

Duck Head clothing and shoe company will move its operations from Richmond, Va. to Greensboro after being acquired by Prospect Brands. Prospect also owns electronic clothing company Gerbing, which is planning to move its headquarters from Greensboro to Stoneville. Terms of the deal were not disclosed.

Ruger's Mayodan operations developing ahead of schedule

November 7, 2013

(The Winston-Salem Journal)

Gun manufacturer Sturm, Ruger & Co. reported third quarter profits of $28.7 million and sales of $170.9 million, a 44.7 percent increase. The Southport, Conn.-based company also said it is ahead of schedule with renovations of its Mayodan plant and already has hired 50 employees there.

RF Micro Devices cuts 20 manufacturing jobs

November 7, 2013

(The News & Record, Greensboro)

Greensboro's RF Micro Devices eliminated 20 manufacturing positions this week, though some affected employees were offered other positions within the company. The company, which makes chips and other components for cell phones and tablets, cut 120 positions in July.

Furniture Brands' top stakeholder plans to submit bid for company

November 6, 2013

(The Winston-Salem Journal)

Furniture Brands International's top stakeholder, Samson Holding Ltd., has indicated it will submit a bid for the bankrupt furniture manufacturer. Samson, which holds a 9.5 percent stake in the company, once held a 14.9 percent stake but it has been selling off stock over the past few months.

R&D expenses result in $12.9 million loss for Targacept

November 6, 2013

(The Winston-Salem Journal)

Winston-Salem-based Targacept reported a loss of $12.9 million in its third quarter compared with a loss of $7.9 million for the same period in 2012. The biotechnology company increased research and development spending in the quarter as a result of three Phase 2b clinical trials it is undergoing.

Quiet hurricane season leads to drop in income for Pike Electric

November 5, 2013

(The Winston-Salem Journal)

Pike Electric Corp. reported a 89 percent drop in net income, mostly due to a decrease in revenue from storm recovery operations. The Mount Airy company received $50.2 million in revenue a year ago from work related to damage from Hurricane Isaac, but only $3.6 million this quarter. Earnings from core construction and engineering were also down slightly.

Zeek rewards claimants could get partial payments in 2014

November 5, 2013

(The Lexington Dispatch)

The court-appointed receiver in the Zeek Rewards case said he will file a motion for some claimants in the case to receive interim payments in 2014. An estimated 840,000 users lost money in the Lexington-based pyramid and Ponzi scheme.

NewBridge Bancorp to merge with CapStone Bank of Raleigh

November 4, 2013

(The Winston-Salem Journal)

Greensboro-based NewBridge Bancorp announced it will acquire CapStone Bank of Raleigh for $63.6 million, expanding its presence in the Triangle market. NewBridge just completed its acquisition of Security Savings Bank of Southport on Oct. 1.

CommunityOne Bank reports first profit since 2010

November 1, 2013

(The News & Record, Greensboro)

Asheboro-based CommunityOne Bank, which was on the verge of collapse two years ago, reported its first profit since 2010. The bank reported earnings of $4 million in the third quarter, compared with a loss of $4.7 million for the same period last year. CommunityOne expanded its presence in Western N.C. by completing a merger with Bank of Granite in June and now operates 53 branches statewide.

Net income rises 14 percent for Hanesbrands

October 31, 2013

(The Winston-Salem Journal)

Winston-Salem-based Hanesbrands reported $125.3 million in net income for the third quarter compared with $109.9 million a year ago despite a 2 percent decline in net sales. It was the apparel company's first quarterly report since its purchase of Maidenform Brands.

Elkin hospital eliminates 31 jobs

October 31, 2013

(The Winston-Salem Journal)

Hugh Chatham Memorial Hospital in Elkin notified employees this week it is cutting 31 jobs, about 3 percent of its workforce of 940. It is the second Surry County hospital to announce cuts this month; Northern Hospital previously announced 12-15 job cuts and work-week reductions for another 15-18 employees.

Hatteras Financial reports third quarter loss of $267 million

October 30, 2013

(The Winston-Salem Journal)

Hatteras Financial Corp., a Winston-Salem-based mortage real estate investment trust, reported a $267.7 million loss for the third quarter, mostly due to a significant loss on the sale of mortgage-backed securities. Hatteras posted net income of $81.9 million for the same period a year ago.

Carolina Mattress wants EEOC lawsuit dismissed

October 30, 2013

(The Winston-Salem Journal)

Thomasville's Carolina Mattress wants a lawsuit the Equal Employment Opportunity Commission filed against it dismissed, according to a legal filing this week. The EEOC filed the lawsuit in August, claiming the manufacturer unlawfully fired a black employee.

Greensboro commissions land study for Haystack Project

October 29, 2013

(The News & Record, Greensboro)

The city of Greensboro is spending $53,000 for a development study of the Guilford County Prison Farm land being considered for a regional industrial development site, a venture referred to as the Haystack Project. An assistant city manager said the money is coming from an economic development fund that doesn't need City Council approval. 

High Point Market officials report 2 percent uptick in attendance

October 28, 2013

(The Winston-Salem Journal)

Last week's High Point Market saw an increase in visitors of about 2 percent compared with last fall, according to preliminary numbers provided by organizers of the biannual trade show. The market usually draws about 75,000 each fall and spring.

Greensboro's TIMCO Aviation sold to Hong Kong company

October 25, 2013

(The News & Record, Greensboro)

TIMCO Aviation Services, one of the world's largest providers of interior repair and maintenance services for large aircraft, has been sold to Hong Kong Aircraft Engineering Co. for $388.8 million. The Greensboro company will continue to operate as TIMCO and expects to add to its workforce of over 1,500 at Piedmont Triad International Airport and its Davidson County factory.

NewBridge Bank reports third quarter earnings of $2.8 million

October 25, 2013

(The News & Record, Greensboro)

Greensboro-based NewBridge Bancorp. announced third quarter profits of $2.8 million, compared with a loss of $33.2 million for the same period last year. 

Engine-maker for HondaJet may get FAA approval by end of 2013

October 24, 2013

(The News & Record, Greensboro)

GE Honda Aero Engines, the manufacturer that will ultimately build engines for HondaJet in Burlington, said its manufacturing processes are under review by the Federal Aviation Administration and could be approved by year's end. That would clear the way for final approval of the jets, which are being builty by Honda Aircraft Co. at Piedmont Triad International Airport.

Greenboro's RF Micro Devices reports record revenues for third quarter

October 23, 2013

(The News & Record, Greensboro)

Greensboro-based RF Micro Devices, which designs and manufactures semiconductor components, reported significantly higher third quarter earnings than last year with a profit of $5.9 million and total revenue of $310.7 million. President and CEO Bob Bruggeworth expects even higher sales in the December quarter due in part to the company's increased participation in the industry's highest volume devices.