Triad

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.

Recount confirms Beasley's court race win

November 26, 2014

(The News & Observer, Raleigh)

Cheri Beasley, an associate justice, was confirmed the winner in the statewide N.C. Supreme Court race after a recount was completed Monday. The final tally showed Beasley received 5,410 more votes than opponent Mike Robinson, a Winston-Salem lawyer, out of more than 2.4 million votes cast. Beasley was appointed to the seat in 2012. 

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. 

High Point didn't get its money's worth out of La-Z-Boy deal

November 4, 2014

(High Point Enterprise)

The city of High Point gave La-Z-Boy $600,000 in incentives to move a divisional headquarters there from Greensboro in 2007, and, according to city records, had received only $173,076 in tax and utility revenues through June 2013. The furniture manufacturer is closing the headquarters, where it employs 38 people, over the next two years as part of a restructuring.

Elon University to begin campus expansion projects

November 4, 2014

(News & Record, Greensboro)

Elon University will begin construction in December on a 14,850-square-foot recreation building that will house a gymnasium and fitness center. The school also plans to renovate and expand an arts building and a residential complex. All three projects are expected to be completed by fall 2015. 

Winston-Salem-based Inmar acquires digital-coupon company

November 3, 2014

(Winston-Salem Journal)

Inmar purchased Madison, Wis.-based digital-coupon company Hopster for an undisclosed amount. Hopster offers print-at-home coupons for brands including Kleenex, Huggies and Libby's. Winston-Salem-based Inmar employs about 4,000 people nationwide, including about 900 at its local headquarters.

Ruger profits down 76% due to decreased demand for firearms

October 31, 2014

(Winston-Salem Journal)

Southport, Conn.-based Sturm, Ruger & Co. reported a 76.3% decrease in net income in the third quarter due to a sharp drop in firearms sales. The gun-maker plans to create 473 jobs at its Mayodan plant, though decreasing demand for its products could force it to scale back expansion plans.

 

Heritage Home Group shifting production jobs to Lenoir

October 31, 2014

(Winston-Salem Journal)

Heritage Home Group will move operations from a leased production plant in Hickory to a company-owned plant in Lenoir. All 255 employees at the Hickory plant will be offered jobs at the Lenoir plant. 

Cone Health ranks highest in patient safety among Triad's large hospitals

October 29, 2014

(Winston-Salem Journal)

Greensboro's Cone Health is the top-ranked large hospital in the Triad when it comes to patient safety, according to the Leapfrog Group's latest semiannual report. The Moses Cone Hospital received an A grade, while Novant Health Forsyth Medical Center and Wake Forest Baptist Medical Center received B grades. Leapfrog reviews 28 measures of patient safety when compiling its report.