Triangle

Gates Foundation awards $20M to Duke Global Health Institute

July 16, 2015

(The Herald-Sun, Durham)

The Duke Global Health Institute received a $20 million grant from the Bill & Melinda Gates Foundation to continue its work addressing global health challenges. Half of that amount is a challenge grant, bringing the total impact of the grant to $30 million.

US Open will return to Pinehurst in 2024

July 15, 2015

(The Pilot, Southern Pines)

The U.S. Open golf championship will return to Pinehurst for a fourth time in 2024. Though a formal announcement won't be made until July 22, the Pinehurst Village Council unanimously approved Tuesday an agreement with the USGA that will allow the tournament to use village property for parking and tournament staging.

Wake Forest ends relationship with Shelby's RST

July 15, 2015

(The News & Observer, Raleigh)

The town of Wake Forest has abandoned plans to partner with RST Fiber Optic Networks, a Shelby-based company that had been working to install a high-speed fiber network there. Local leaders say they haven't been able to reach RST officials in months, and The Shelby Star reported in June the company's customers in Cleveland County had experienced long service outages.

Charlotte developer plans mixed-use project near Durham ballpark

July 10, 2015

(The News & Observer, Raleigh)

Charlotte developer CitiSculpt acquired a 12.1-acre site near the Durham Bulls Athletic Park and plans to invest $400 million in a project that includes 300 apartments, offices, retail and one or more hotels.

Peace University hires new president

July 9, 2015

(WRAL.com)

Brian Ralph was named president of William Peace University in Raleigh. Ralph comes from Queens University in Charlotte, where as vice president for enrollment management he helped increase undergraduate enrollment by more than 60%.

BioDelivery Sciences plans public stock offering

July 7, 2015

(The News & Observer, Raleigh)

Raleigh-based BioDelivery Sciences International plans to raise as much as $150 million in a public stock offering. The drugmaker plans to use proceeds for sales and marketing efforts and to accelerate development of products awaiting regulatory approval.

Raleigh to decide on Kane's proposal for warehouse district

July 6, 2015

(The News & Observer, Raleigh)

Raleigh City Council will consider Tuesday a proposal for Kane Realty to build an 18-story office tower in downtown Raleigh's warehouse district. With three council members recusing themselves due to ties with the Raleigh-based developer, all five remaining members must approve the project in order for it to move forward.

Analyst changes Lenovo rating to 'sell'

July 6, 2015

(WRAL TechWire)

An analyst with BNP Paribas warns that Beijing-based Lenovo, which has its North American headquarters in Morrisville, faces pressure in three of its biggest product markets – PCs, smartphones and servers.

SECU buys famed Chapel Hill office building

July 2, 2015

(The News and Observer)

State Employees Credit Union is buying the former headquarters of Blue Cross and Blue Shield of North Carolina in Chapel Hill for $35 million. Blue Cross is moving to a 48-acre Durham campus. 

Karmanos says Hurricanes aren't moving

July 2, 2015

(The News and Observer)

Peter Karmanos continues to seek a buyer for his team, the Carolina Hurricanes, which he says won't leave its fast-growing  market.

Lenovo's top shareholder raises $2B

June 30, 2015

(The News & Observer, Raleigh)

China-based Legend Holdings, which holds a 30.6% stake in Beijing-based Lenovo, raised $2 billion in an initial public offering on the Hong Kong exchange. Lenovo, which has its North American headquarters in Morrisville, employs about 3,500 people in the Triangle.

Duke Progress cancels HVAC repair program

June 30, 2015

(The News & Observer, Raleigh)

Duke Energy Progress is discontinuing its HVAC repair program as of Aug. 31. The program debuted in 2010 and offered customers insurance on heating and cooling repairs in exchange for a fixed monthly payment. Customers who signed up for the program within the last 12 months will receive refunds.

Cree shares tumble

June 26, 2015

(The News & Observer, Raleigh)

Shares of Durham-based Cree hit a 52-week low Thursday after the company said it was restructuring its LED business and cut its revenue forecast. Cree's shares are down 16% this year.
Related: Hot and cold: Cree

Durham-based Cree to restructure LED manufacturing

June 25, 2015

(The News & Observer, Raleigh)

LED bulb-maker Cree plans to consolidate two manufacturing facilities in Durham as part of an $85 million restructuring. Sales of its LED products fell 23% in the company's third quarter. Cree expects fourth quarter revenue will be about $375 million, lower than the $420 million to $440 million the company had previously predicted.

Merck cuts contract jobs at Durham plant

June 25, 2015

(WRAL TechWire)

Merck cut an unspecified number of contract positions at its Durham vaccine-manufacturing plant as part of a global effort to improve operations. A company spokesperson said no full-time jobs were cut at the plant, which employs about 1,400 people.

Bayer CropScience holds grand opening of renovated RTP campus

June 24, 2015

(The News & Observer, Raleigh)

Bayer CropScience celebrated a $33 million renovation at its North American headquarters in Research Triangle Park. The company also broke ground on a $26.9 million greenhouse that will serve as an R&D center for soybeans, cotton and wheat. The subsidiary of Germany-based Bayer produces seeds and crop-protection products and employs 785 in the Triangle.

MetLife unveils $110M Cary campus

June 23, 2015

(The News & Observer, Raleigh)

The Cary campus of insurer MetLife is now officially open. The New York-based company unveiled two buildings on 26.5 acres where it employs more than 1,000 people. Raleigh-based Highwoods Properties built the $110 million campus. MetLife announced in 2013 it was adding more than 2,600 jobs in Cary and Charlotte; the company was awarded more than $94 million in incentives.

UNC Hospitals prepares to open Hillborough campus

June 23, 2015

(The Times-News, Burlington)

UNC Hospitals will open its new 68-bed medical center in Hillsborough in August. The emergency department will open July 6. The 256,000-square-foot facility will employ about 450 people. The Hillsborough campus was created to move less complicated cases from UNC's main hospital in Chapel Hill.

Former Cisco exec named CFO of Red Hat

June 23, 2015

(The News & Observer, Raleigh)

Raleigh-based software company Red Hat named Frank Calderoni executive vice president and CFO. Calderoni was CFO of California-based Cisco Systems for seven years and was named one of Institutional Investor magazine's Best CFOs in the U.S. from 2012 to 2014. He replaces Charlie Peters, who is retiring.

Dunn's Select Bank to acquire 2 Yadkin branches

June 22, 2015

(The Fayetteville Observer)

Dunn-based Select Bancorp will acquire Yadkin Bank branches in Leland and Morehead City. Yadkin said in April it planned to sell or close about a half-dozen branches as part of a cost-cutting effort. The deal is expected to close in the fourth quarter. Formerly New Century Bancorp, the parent of Select Bank & Trust has 14 branches, mostly in eastern N.C. (Read more about Select Bancorp, from our June issue)