Triangle

Cree LED bulbs to light up the Super Bowl

January 28, 2015

(The News & Observer, Raleigh)

When the New England Patriots face the Seattle Seahawks at Sunday's Super Bowl XLIX , 44,928 Cree LED bulbs will light up Arizona's University of Phoenix Stadium. The Durham company's 312 LED fixtures are 75% more energy efficient and provide double the illumination of traditional fixtures.

IBM calls report of massive layoffs 'baseless'

January 27, 2015

(The News & Observer, Raleigh)

IBM denied a Forbes report that said it planned to lay off one-fourth of its workforce, or more than 100,000 people. The Armonk, New York-based tech company employs several thousand people in Research Triangle Park.

Yadkin Financial reports net income of $14.7M

January 27, 2015

(The News & Observer, Raleigh)

Raleigh-based Yadkin Financial reported $14.7 million in fourth-quarter net income. The parent of Yadkin Bank, which was formed in July when Raleigh-based VantageSouth Bank merged with Elkin-based Yadkin Bank, added $332.6 million in new loans and commitments in the fourth quarter.
Related: Read Yadkin Financial CEO Scott Custer's latest BankNotes blog post: Remaining Community

Staffing firm to cut 319 jobs at Cree manufacturing site

January 27, 2015

(The News & Observer, Raleigh)

A Raleigh-based staffing agency plans to lay off 319 contract employees working at a manufacturing plant for Durham-based Cree. The jobs being eliminated are temporary positions. The LED-lightbulb manufacturer employs more than 2,600 in the Triangle; those jobs are unaffected by the layoffs. 

Rooms to Go's Dunn distribution center to open in August

January 26, 2015

(The Fayetteville Observer)

Rooms to Go plans to open its second-largest U.S. distribution center in August along Interstate 95 near Dunn. The 1.45-million-square-foot center will create about 225 jobs. 

Raleigh ranked among 50 fastest-growing economies

January 23, 2015

(The News & Observer, Raleigh)

Raleigh ranked No. 41 on a list of the world's 50 fastest-growing economies. The Capital City was one of only four U.S. cities included in the report, released by the Brookings Institution. Austin, Texas (No. 38), Houston, Texas (No. 39) and Fresno, Calif. (No. 49) also made the list, which was led by the China's Macau.

Durham's Square 1 Bank reports record net income in fourth quarter

January 22, 2015

(The News & Observer, Raleigh)

Square 1 Financial reported net income of $9.5 million in the fourth quarter, compared with $8.8 million in the previous quarter. The Durham-based bank, which lends money and provides other banking services to venture-capital firms, said net income for 2014 rose 54% compared with 2013, to $34.1 million.

Chapel Hill's Milton Julian dies at 96

January 22, 2015

(The News & Observer, Raleigh)

Milton Julian, who owned the iconic Milton's Clothing Cupboard in downtown Chapel Hill from 1948 until 1992, died Saturday. He was 96. 

Report: Salix hires investment firm to explore potential sale

January 21, 2015

(The News & Observer, Raleigh)

Salix Pharmaceuticals has hired Centerview Partners to explore options for the Raleigh-based drugmaker, including a possible sale, according to a Reuters report. Salix CEO Carolyn Logan announced her retirement earlier this month, leading to speculation that the company was looking to be acquired.

Raleigh delays decision on Airbnb

January 21, 2015

(The News & Observer, Raleigh)

Raleigh City Council will let a committee study whether to legalize Airbnb and other short-term home-rental companies. The committee will be led by Councilwoman Mary Ann Baldwin, who has supported local users of Airbnb, which allows homeowners to rent their houses to travelers for nightly stays.

Raleigh may spend extra $16M on Union Station

January 21, 2015

(The News & Observer, Raleigh)

Increased property values and unexpected costs have brought the cost of Raleigh's planned Amtrak station and transit hub to $84 million. If Raleigh City Council doesn't approve the extra funds, the city may have to eliminate or postpone elements in the project's master plan. Construction is scheduled to begin in March.

Raleigh City Council to consider legalizing Airbnb

January 20, 2015

(The News & Observer, Raleigh)

At its Tuesday meeting, Raleigh City Council will consider whether to legalize online services such as Airbnb, which allows homeowners to rent their houses to travelers on a nightly basis. 

INC Research names first-ever president

January 20, 2015

(The News & Observer, Raleigh)

Alistair Macdonald was named the first president INC Research, the Raleigh-based contract research organization that went public in November. Macdonald has been chief operating officer since January 2013 and has been with the company since 2002. INC employs 5,400 people worldwide, including 850 in the Triangle.

Salix headquarters building sells for $27M

January 19, 2015

(The News & Observer, Raleigh)

The 127,000-square-foot Raleigh office building that is home to Salix Pharmaceuticals has sold for $27.45 million. Virginia-based Allegiancy acquired the property, which is off Six Forks Road near I-540.

Triangle companies raise $163.5M in venture capital funding

January 16, 2015

(The News & Observer, Raleigh)

Triangle companies raised $163.5 million in the fourth quarter, about 60% more than the amount raised in the prior three quarters combined. Two Durham-based companies, Viamet Pharmaceuticals and Phononic Devices, led a group of 13 companies, raising $60 million and $44.5 million respectively.

Concord Hospitality, Kane Realty to build 3rd hotel at Raleigh's North Hills

January 16, 2015

(The News & Observer, Raleigh)

Concord Hospitality Enterprises and Kane Realty will develop a 133-room AC Hotel at Raleigh's North Hills. It's the third hotel the Raleigh-based companies have partnered on at North Hills. The hotel is expected to open next year.

Kane Realty eyes Raleigh's warehouse district

January 15, 2015

(The News & Observer, Raleigh)

Raleigh-based Kane Realty filed a rezoning request for a 2.5-acre site in Raleigh's warehouse district currently owned by Dillon Supply. The North Hills developer is looking to redevelop the site into offices, apartments and retail shops. The property is located opposite Citrix's new regional headquarters, which was acquired last month by a New York real-estate firm for $68.5 million.

Durham business owners speak out against light-rail route

January 15, 2015

(The Herald-Sun, Durham)

Several business owners along Durham-Chapel Hill Boulevard say a proposed light-rail line next to the highway will have a negative impact on their business.

Hospira to close Clayton plant; 250 workers affected

January 14, 2015

(The News & Observer, Raleigh)

Lake Forest, Ill.-based Hospira plans to close its Clayton manufacturing plant in June, affecting 250 employees. The company will either discontinue making the four medical products produced at the Clayton plant, shift production to another location or to a third-party manufacturer, or sell them to another company. 

Beauty-products retailer closing Wake Forest center

January 14, 2015

(The News & Observer, Raleigh)

The Body Shop will close a customer-service center in Wake Forest where it employs 145 workers. About 10 affected employees will be offered jobs at a new planned U.S. headquarters in New York City or at offices in New Jersey. Owned by L-Oreal, United Kingdom-based The Body Shop makes and sells beauty and skin-care products at more than 3,000 stores worldwide.