Triangle

Cary country club sold for $3.4 million

April 24, 2014

(The News & Observer, Raleigh)

Cary's MacGregor Downs Country Club has been acquired by Newport Beach, Calif.-based Concert Golf Partners for $3.4 million. The Newport Beach, Calif.-based company, which owns other courses in Florida, Maryland and Oklahoma, plans to make major capital improvements to the club.

President of Campbell University to retire in 2015

April 24, 2014

(The Fayetteville Observer)

Jerry Wallace, president of Campbell University since 2003, will retire June 30, 2015. He plans to take a one-year sabbatical and then return as university chancellor beginning July 1, 2016.

Durham's Cree ready to explore acquisitions

April 23, 2014

(The News & Observer, Raleigh)

The CEO of Durham-based Cree told analysts the company has begun to look at acquisition possibilities. The company, which makes LED lightbulbs and lightbulb components and employs about 2,400 in the Triangle, posted $405.3 million in revenue for its fiscal third quarter, slightly lower than analysts' projections.  

SEANC issues harsh report on handling of state pension fund

April 23, 2014

(The News & Observer, Raleigh)

A 147-page report commissioned by the State Employees Association of North Carolina claims state Treasurer Janet Cowell may have mismanaged the state's $87 billion pension fund. The report says Cowell hid $30 billion in investments from the public and may have violated numerous state and federal laws.

Drug companies announce trio of deals; GSK to swap businesses with Novartis

April 22, 2014

(WRAL TechWire)

Novartis will sell its vaccines business, which includes its Holly Springs plant, to GlaxoSmithKline for $7.1 billion and its animal health division to Eli Lilly for $5.4 billion. The Geneva-based pharmaceutical will buy GSK's cancer-drug business for $14.5 billion. Novartis CEO Joseph Jiminez said none of the 15,000 employees affected by the transactions will lose their jobs.

Raleigh hotel management company sells 13 hotels for $240 million

April 22, 2014

(The News & Observer, Raleigh)

Concord Hospitality Enterprises sold 11 Marriott and two Hilton Hotels to an undisclosed buyer for $240 million. The Raleigh-based company, which owns or manages 90 hotels in 21 states plus Canada, will continue to manage the properties.

$10.5 million park to open at Raleigh's North Hills

April 21, 2014

(The News & Observer, Raleigh)

The $10.5 million Midtown Park at North Hills will open Saturday. The new 1-acre park with amphitheater can accomodate 12,000 people for outdoor concerts. Also, Kisco Senior Living will break ground Tuesday on a 225-unit retirement community at the mixed-use development that was once a traditional shopping mall.

Cambro to open plant in Mebane, create 100 jobs

April 18, 2014

(The News & Observer, Raleigh)

Cambro Manufacturing will invest more than $30.4 million in a plant in Mebane and will create 100 jobs over three years. The Huntington Beach, Calif.-based company makes containers and display items for the foodservice industry.

Raleigh tops Forbes list of Best Cities for Raising a Family

April 18, 2014

(Forbes)

Forbes named Raleigh the No. 1 best city to raise a family, citing its quality schools, low crime and high percentage of residents who own homes. Other criteria included median household income, Cost of Living Index and the affordability of housing.

Triangle startups raise less money in first quarter

April 18, 2014

(The News & Observer, Raleigh)

Triangle startups raised $32.1 million in the first quarter, down sharply compared with more than $100 million raised in the last quarter of 2013. Seven companies from the area went public last year, which may have contributed to the decline in venture capital raised. Only two companies out of eight companies who raised venture capital in the quarter raised $10 million or more.

Zelnak to step down as chairman at Martin Marietta

April 18, 2014

(The News & Observer, Raleigh)

Stephen Zelnak will step down as chairman of Raleigh-based Martin Marietta Materials on May 22. The former chief executive will continue to serve on the board; CEO Ward Nye will become chairman.

Durham's OrgSpan to be acquired by Indianapolis software company

April 18, 2014

(The News & Observer, Raleigh)

Durham-based business software company OrgSpan will be acquired by Indianapolis-based Interactive Intelligence Group for an undisclosed amount. OrgSpan's 40 employees will remain in Durham after the deal closes, which should be within 30 days.

IBM reports eighth straight quarter of revenue decline

April 17, 2014

(WRAL.com)

Armonk, N.Y.-based IBM reported first quarter net income of $2.4 billion, down 21% from the same period a year ago, due to slumping hardware sales. Revenue fell for the eighth consecutive quarter to $22.5 billion. The company reported slight growth in its software sales and technology services segments. IBM employs approximately 8,000 workers at Research Triangle Park.

N.C. State to lead $25 million nuclear proliferation study

April 17, 2014

(The News & Observer, Raleigh)

N.C. State University was awarded a federal grant to lead a $25 million consortium of universities and laboratories in studying ways to monitor nuclear proliferation. The National Nuclear Security Administration announced the grant Wednesday. It is the third large federal grant the university has received over the past eight months.

Raleigh approves AT&T's gigabit Internet service

April 17, 2014

(The News & Observer, Raleigh)

Raleigh City Council approved an agreement that will allow AT&T to bring gigabit Internet service there. AT&T also wants to bring its ultra high-speed service to Carrboro, Cary, Chapel Hill, Durham and Winston-Salem. Those cities must also approve the deal before installation of the new fiber network begins.

Final public hearing on major Chatham County development scheduled for May 12

April 16, 2014

(The News & Observer, Raleigh)

A final public hearing will be held May 12 before the town of Pittsboro votes on whether or not to approve plans for the massive Chatham Park development proposed by Preston Development Co. (Regional Report, October 2013)

PR firm Capstrat cuts jobs at Raleigh office

April 16, 2014

(The News & Observer, Raleigh)

Capstrat confirmed it laid off some employees this week at its Raleigh office to adjust to its current volume of business, though the communications company did not provide specific details. Capstrat is owned by Ketchum, an Omnicon Group company, and provides advertising and public relations services for clients including Blue Cross and Blue Shield of North Carolina, Duke Energy and Quintiles.

Tupelo Honey Cafe to open fourth NC restaurant in Raleigh

April 15, 2014

(Asheville Citizen-Times)

Asheville's Tupelo Honey Cafe will open its first restaurant in Raleigh this fall at Cameron Village. It will be the restaurant chain's fourth in North Carolina; it has two in Asheville and one in Charlotte. 

Chimerix CEO gets pay raise, stock options

April 15, 2014

(The News & Observer, Raleigh)

Michelle Berrey will receive an annual salary of $440,000 and stock options in her new role as president and chief executive officer of Durham-based Chimerix, $76,000 more than her previous salary. She will also be eligible for a performance-based bonus of up to 50% of her salary. Berrey will retain her title as chief medical officer of the drug-development company.

Committee to finish report on teacher pay, retention

April 14, 2014

(The News & Observer, Raleigh)

A state legislative committee that studied teacher effectiveness, compensation and how to retain skilled teachers will finalize its report for the N.C. General Assembly today after seeking input from local school district leaders.