Triangle

Four Oaks Bank fined $1.2 million for involvement in ZeekRewards case

April 29, 2014

(Winston-Salem Journal)

Four Oaks Fincorp must pay a $1 million civil penalty to the U.S. Treasury and another $200,000 federal fine for its involvement in the Lexington-based ZeekRewards.com Ponzi scheme. Though the Johnston County bank has not admitted any wrongdoing, the U.S. Justice Department alleges it profited more than $850,000 in fees from debit transactions related to the case.

Cary's Cornerstone Therapeutics becomes Chiesi USA after acquisition

April 29, 2014

(The News & Observer, Raleigh)

Chiesi Farmaceutici completed its $300 million acquisition of Cary's Cornerstone Therapeutics Monday. Cornerstone, with 64 employees, will now be called Chiesi USA and will operate as a wholly-owned subsidiary of the Italian pharmaceutical research company, which employs 4,000 worldwide.  

Minnesota's Proto Labs buys Raleigh 3D printing company for $38 million

April 28, 2014

(The News & Observer, Raleigh)

Minnesota-based Proto Labs acquired FineLine Prototyping for $38 million. The Raleigh-based 3D printing company provides services to customers in the aerospace, consumer products, medical and electronics industries. Proto plans to keep FineLine's operations in Raleigh.

Quintiles signs five-year deal with Biogen Idec

April 25, 2014

(The News & Observer, Raleigh)

Durham-based Quintiles entered into an agreement with Cambridge, Mass.-based biotech company Biogen Idec to partner on developing and implementing clinical drug trials. Quintiles, one of the world's largest contract research organizations, employs 2,300 in the Triangle. 

Dunn truck-equipment manufacturer buys Utah company

April 25, 2014

(The Fayetteville Observer)

The Godwin Group, a Dunn-based truck-equipment manufacturer, has acquired Salt Lake City-based Williamsen Manufacturing for an undisclosed sum. The purchase will allow the family-owned business founded in 1966 to expand in Western markets. After the acquisition, Godwin employs close to 500 workers, including 275 at three plants in Dunn.

Novozymes to hire 100 at new Cary research center

April 24, 2014

(The News & Observer, Raleigh)

Danish biotech company Novozymes will hire 100 people at a new research and development center it plans to build in Cary. The company could receive up to $2.3 million in incentives if it meets hiring goals and invests at least $36 million in the new lab. Novozymes also will invest $30 million in upgrades at its North American headquarters in Franklinton.

VantageSouth posts first quarter net income of $1.7 million

April 24, 2014

(The News & Observer, Raleigh)

VantageSouth Bancshares earned $1.7 million in the first quarter, compared with a net loss of $1.2 million a year ago. Chief Financial Officer Terry Earley said the bank's acquisition of East Carolina Bank, completed in April 2013, impacted its earnings profile.

Wary of budget cuts, NCCU to eliminate 55 positions

April 24, 2014

(The Herald-Sun, Durham)

North Carolina Central University will eliminate 38 vacant positions and lay off 17 employees in anticipation of state budget cuts. Chancellor Debra Saunders-White said the university is expecting a 2% to 3% cut in funding. Affected workers will be notified the first week of May.

Students join protest against William Peace president

April 24, 2014

(WRAL.com)

Students at William Peace University will hold a peaceful demonstration to show disapproval of school President Debra Townsley. Faculty have expressed concerns over Townsley's handling of the Raleigh university's transition to a co-ed campus and staffing cuts.

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.