Triangle

RTP drug firm may go public this week; proceeds to help fund clinical trials

February 4, 2014

(The News & Observer, Raleigh)

NephroGenex, a drug-development company based in Research Triangle Park, plans to complete an initial public offering later this week. According to a regulatory filing, the company hopes to raise up to  $35.9 million. NephroGenex is developing a drug to treat kidney disease caused by Type 2 diabetes.

Solar provider gets $82 million to fund state projects

February 4, 2014

(The Winston-Salem Journal)

 Chapel HIll-based Strata Solar received $82 million in financing from National Cooperative Bank to fund solar projects in North Carolina. Strata tripled its statewide workforce last year, adding 1,200 jobs. 

NCDOT fined for seizing land protected by bankruptcy law

February 4, 2014

(The News & Observer, Raleigh)

A federal bankruptcy judge in Raleigh has fined the North Carolina Department of Transportation for condemning a half-acre of land in Concord where it is building a highway extension. The owners of the property had filed for Chapter 7 bankruptcy protection in 2010, which should have prevented the DOT from seizing the land.

Pittsboro studies proposal for massive Chatham Park development

February 3, 2014

(The News & Observer, Raleigh)

Preston Development Corp., with the financial backing of SAS co-founder Jim Goodnight, has spent more than $100 million buying up 7,500 acres in Chatham County where it is proposing a massive residential development of 22,000 homes. If built, Chatham Park would house 60,000 residents and would be transformational to the town of Pittsboro, now home to about 1,500 families.

State commission updates fracking standards

February 3, 2014

(The News & Observer, Raleigh)

The N.C. Mining and Energy Commission determined that natural gas wells must be drilled a minimum distance of 650 feet from buildings, homes and water wells, extending the minimum safe distance from 500 feet as dictated by the previous rules. Commissioner Charles Holbrook was the only opponent to the change, claiming the new standards are too strict.

State leaders to begin formal government reform study

February 3, 2014

(The Charlotte Observer)

Gov. McCrory's administration will hire a consultant to review the state government's organizational structure and the functions of state agencies. The objective of the North Carolina Government Efficiency and Reform initiative is to look for ways to save money and improve services. A consutant for NC GEAR will be hired by the end of the month, and its report is due Feb. 2015.   

President of N.C. Bankers Association to retire in 2015

January 31, 2014

(The Charlotte Observer)

Thad Woodard, 68, will retire as chief executive of the North Carolina Bankers Association after nearly 37 years with the organization. His last day with the trade group will be Jan. 1, 2015.

First Citizens reports higher profit for fourth quarter

January 31, 2014

(The News & Observer, Raleigh)

The parent company of First Citizens Bank reported net income of $27.2 million in the fourth quarter, up 25% from the same period last year. The bank attributes the higher profit to a lower provision for loan losses and an increase in noninterest income, which more than doubled compared to 2012.

Cost of winter storm not yet known; state to focus on replenishing resources

January 31, 2014

(The News & Observer, Raleigh)

The cleanup cost of this week's winter storm is still unknown, and Gov. McCrory says the storm exceeded the state's expectations in some areas. Tony Tata, secretary of the state Department of Transportation, said his agency's priority now is replenishing sand, salt and brine in order to be prepared for future storms. 

Lenovo buying Motorola smartphone unit for $2.91 billion

January 30, 2014

(The News & Observer, Raleigh)

A week after announcing a $2.3 billion purchase of part of IBM's server division, Lenovo says it will purchase Google's Motorola handset unit for $2.91 billion. The deal will allow the world's biggest PC maker to enter the smartphone market in the United States.

TiVo to acquire Durham video technology company

January 30, 2014

(The News & Observer, Raleigh)

Durham-based Digitalsmiths, a video-discovery platform provider founded in 1998, will be acquired for $135 million by TiVo, the San Jose, Calif.-based company that laid the groundwork for digital video recording. Digitalsmiths employs more than 60 people in Durham and at an office in Denver.

NC Education Lottery earns 10% more in second half of 2013

January 30, 2014

(The Winston-Salem Journal)

The North Carolina Education Lottery earned $251 million during the second half of 2013, $23 million more than during the same period in 2012. Executive director Alice Garland says the lottery's goal is to post annual earnings of more than $500 million when the state's fiscal year ends June 30.

Commerce postpones shift to nonprofit recruiting agency

January 29, 2014

(The News & Observer, Raleigh)

Richard Lindenmuth, interim CEO of the new Economic Development Partnership for North Carolina, said the public-private partnership that will be responsible for job recruitment and marketing for the state Commerce Department won't begin its transition from the five existing divisions until July at the earliest.

Lenovo's smartphone division continues growth

January 29, 2014

(The News & Observer, Raleigh)

Shipments of Lenovo's smartphones rose more than any other manufacturer in 2013. The China-based company, which has its North American headquarters in Morrisville, claimed 4.9% of the market in the fourth quarter, up from 4.1% a year ago. Lenovo does not yet sell its smartphones in the U.S. or Europe.

Ratan takes helm as new CEO of Durham-based Bell and Howell

January 29, 2014

(The Herald-Sun, Durham)

Ramesh Ratan is the new CEO of Durham-based Bell and Howell, which makes and sells machines and software used for business communications and mail production. Ratan was previously with Conn.-based Pitney Bowes. 

 

State may bring in up to $30 million from Amazon sales tax collections

January 29, 2014

(The News & Observer, Raleigh)

An economist from the state Fiscal Research Division predicts Amazon's decision to collect sales tax in North Carolina could bring in $20 million to $30 million in state tax revenue, and $10 million to $13 million for city and county governments. The online retailer begins collecting N.C. sales tax Feb. 1. 

VantageSouth and Yadkin Bank to form state's largest community bank

January 28, 2014

(The News & Observer, Raleigh)

Raleigh-based VantageSouth Bank and Yadkin Bank will merge, creating the state's largest community bank with more than 70 branches and $4 billion in assets. VantageSouth CEO and president Scott Custer will lead the combined bank; the holding company's headquarters will be in Raleigh while the the banking business will be in Statesville.

Martin Marietta to acquire construction supply company

January 28, 2014

(The New York Times)

Raleigh-based Martin Marietta Materials has agreed to acquire Texas Industries, a construction supply company, in an all-stock deal valued at more than $2 billion. 

Chatham EDC launches website to market megasite

January 28, 2014

(The Winston-Salem Journal)

An economic development group has launched a new website to promote a megasite it hopes will attract a major automotive manufacturer. The website, www.chathamrandolphmegasite.com, created by the Chatham Economic Development Corp., provides maps, photos and details of the 1,774-acre site.

Campbell University to offer nursing degree program

January 28, 2014

(The Fayetteville Observer)

Campbell University received state approval to begin a nursing program beginning fall 2014. The new program, which will offer a bachelor of science degree, is expected to help alleviate nursing shortages in the region, where there are currently more than 1,000 nursing jobs open.