Business North Carolina articles from April 2002

Business North Carolina archives from April 2002

A wine-and-cheese place. (Up Front).
April 1, 2002... On the other end of the phone line, my friend was laughing so hard she could hardly speak. "Tim, have you seen today's News & Observer?" I hadn't. "Someone we know is in the news. Any guesses?" I was stumped. One guy we grew up with in...

Letters.(Brief Article)(Letter to the Editor)
April 1, 2002... Sharing our loss Your February column about Laura and Ray Gosser touched me. Your eulogy spoke volumes about your relationship with Laura and, in a more general sense, about the special friendships with which we are sometimes fortunate...

Trend.(employment, retail sales data for North Carolina)(Brief Article)(Illustration)(Statistical Data Included)
April 1, 2002... TREND Latest Previous month month EMPLOYMENT (1) Total employed (000s) 3,781.1 3,786.8 Civilian...

Enron/Andersen scandal shreds more than records. (Economic Outlook).(Douglas Shackelford analysis impact on accounting profession)(Brief Article)(Interview)
April 1, 2002... Douglas Shackelford is associate dean of UNC Chapel Hill's Kenan-Flagler Business School and runs its master of accounting program. He agreed to talk about the profession in light of the scandal involving Houston-based energy trader Enron and...

Some see upside to stock that's down in the dumps. (Money Matters).(stock data on Waste Holdings Inc., other North Carolina businesses)(Statistical Data Included)
April 1, 2002... There's a joke in the garbage Business is always picking up. That's true for Raleigh-based Waste Holdings Inc. It's just not happening as fast as it used to. The company's revenue growth for 2001 -- about 3% -- is a far cry from 1999, when...

Pharmacy school might be a remedy for ailing region. (Tar Heel Tattler).(officials debate placement of new pharmacy school)(Brief Article)
April 1, 2002... Give 'em hell, Leo," was the cry in Eastern North Carolina 30 years ago when the late Leo Jenkins, chancellor of East Carolina University, led the university's drive for a medical school. ECU won, but the fight left bitter memories. Some say a...

Corning wants to go into labor its way. (Tar Heel Tattler).(Brief Article)
April 1, 2002... Carl Millinor has a dilemma. If he caves in to the demands of management at Corning Inc.s' fiber-optic plant in Wilmington, he could emasculate Local 1025 of the American Flint and Glass Workers Union. But if he insists that Corning honor its...

Kirk teaches critics a lesson in politics. (Tar Heel Tattler).(Board of Education chairman Phil Kirk)(Brief Article)(Editorial)
April 1, 2002... As chairman of the State Board of Education, Phil Kirk is no stranger to exams. But he had never encountered a test quite like the one he had to pass to keep that position and his job as president of North Carolina Citizens for Business and...

Raising a cry over hue in contract bids. (Tar Heel Tattler).(United Construction Inc. sues city of Charlotte)(Brief Article)
April 1, 2002... Last fall, Ali Bahmanyar told the Charlotte City Council that the city's Minority- and Women-owned Business Development Program had helped him expand his United Construction Inc. At the same meeting, Assistant City Engineer Jeb Blackwell called...

Correction.(Brief Article)(Correction Notice)
April 1, 2002... A story in the February issue incorrectly reported that Charlotte-based Carolinas HealthCare System had sold its physician practices.

National Marine Fisheries Laboratory. (Eastern: Beaufort).
April 1, 2002... The National Marine Fisheries Laboratory on Piver's Island reports that 19 lionfish have been spotted near shipwrecks and rocky outcrops along the state's coast. The discovery could affect tourism because the spiny, 12-inch fish carries a toxin...

St. Louis-based Monsanto. (Eastern: Fayetteville).(completes shutdown of glyphosate plant)(Brief Article)
April 1, 2002... St. Louis-based Monsanto finished shutting down its plant here in February. The plant, which employed 122, made glyphosate, the main ingredient in Roundup herbicide. The plant, which Monsanto opened in 1978, became obsolete after the company...

Burlington Industries. (Eastern: Raeford).(announces job cuts)(Brief Article)
April 1, 2002... Greensboro-based Burlington Industries is letting go 400 of 900 employees at two plants here. One makes yam. The other dyes fabric. The textile maker filed for Chapter 11 bankruptcy protection in November. It's laying off 4,000 U.S. and Mexican...

SC&S Farm. (Eastern: Atkinson).(hog waste in Moore's Creek in Pender County)(Brief Article)
April 1, 2002... Investigators are trying to determine what released 250,000 gallons of hog waste into Moore's Creek in Pender County in January. The spill was discovered at SC&S Farm, which until December was under contract to Murphy Family Farms, a subsidiary...

U.S. Navy. (Eastern: Morehead City).(opposition to El Paso Merchant Energy plan to build liquefied natural gas terminal)(Brief Article)
April 1, 2002... Opponents of a proposed storage terminal for liquefied natural gas on Radio Island have picked up a key ally -- the U.S. Navy. Navy officials, in response to a query from Sen. Jesse Helms, have expressed safety concerns about Houston-based El...

Crown Coliseum. (Eastern).(Cumberland County Civic Center Commission wants to renegotiate contract with Arena Ventures)(Brief Article)
April 1, 2002... The Cumberland County Civic Center Commission, which runs Crown Coliseum in Fayetteville, wants to renegotiate its contract with Houston-based Arena Ventures, which markets the complex. The commission is unhappy with the number of shows and...

Pharmaceutical Product Development. (Eastern: Wilmington).(promotes Fred Davenport to president)(Brief Article)
April 1, 2002... Pharmaceutical Product Development promoted Fred Davenport to the new position of president. He came to PPD as general counsel in December 1996 and was promoted to executive vice president in February 2000. Chairman Fred Eshelman remains chief...

Shrewsbury, N.J.-based Wellman. (Eastern: Fayetteville).(contemplates fate of polyester-yarn plant)(Brief Article)
April 1, 2002... Shrewsbury, N.J.-based Wellman will decide by July whether to close its polyester-yam plant, which employs 220 here. It is too small, company officials say. Wellman also could try to sell the plant, which it bought in 1989 from Fiber...

Wake County. (Triangle: Raleigh).(tops the state in number of layoffs in 2001)(Brief Article)
April 1, 2002... Wake County led the state in announced layoffs - 9,824 -- last year, an N.C. Commerce Department report shows. Durham County was third, after Mecklen-burg, with 5,542 jobs lost. The six-county Raleigh-Durham metro area accounted for a quarter...

AW North Carolina. (Triangle: Durham).(to expand plant)(Brief Article)
April 1, 2002... AW North Carolina, which makes transmission parts for cars, is expanding its plant at Trey-bum Corporate Park. AW, a subsidiary of Japan-based Aisin AW, employs 260 here and expects to add up to 450 jobs as part of a $160 million,...

HAHT Commerce. (Triangle: Raleigh).(acquires iMediation)(Brief Article)
April 1, 2002... HAHT Commerce, which makes e-commerce software for chemical companies and manufacturers, bought Paris-based iMediation in a deal that included San Francisco-based arcadiaOne, which iMediation had acquired in November. Terms weren't disclosed....

Singapore-based Flextronics. (Triangle: Youngsville).(will invest in plant in Franklin County)(Brief Article)
April 1, 2002... Singapore-based Flextronics, which makes equipment for fiber-optics networks, will build its East Coast design and Manufacturing campus here. It will invest $20 million in Franklin Country, creating 1,500 jobs within three years.

Triangle Pharmaceuticals. (Triangle).(loses CEO David Barry to a heart attack)(Brief Article)(Obituary)
April 1, 2002... David Barry, founder and CEO of Triangle Pharmaceuticals, died of a heart attack in January while on business in California. Besides starting Triangle Pharmaceuticals, which is developing AIDS drugs, Barry, 58, was part of the team that...

Cameron Village. (Triangle: Raleigh).(shopping center sold to Branch Capital Properties)(Brief Article)
April 1, 2002... Cameron Village, which claims to be the oldest shopping center in the Southeast, has been sold to Atlanta-based Branch Capital Properties. Terms weren't disclosed, but Branch plans no changes in the tenant mix at the 650,000-square-foot center....

Plurimus.com. (Triangle: Durham).(goes out of business)(Brief Article)
April 1, 2002... Another one bites the dust. Plurimus.com, which had been a magnet for venture capital, has closed. Plurimus gathered and sold information on consumer buying on the Web.

The Triangle's average manufacturing wage in 2000 was near the median of 12 competing areas. (Regional Report).(Brief Article)(Illustration)(Statistical Data Included)
April 1, 2002... The Triangle's average manufacturing wage in 2000 was near the median of 12 competing areas. Metro area Wage Dallas $12.43 New York 12.95 Los Angeles 13.31 Charlotte 13.40 Atlanta...

ChannelAdvisor. (Triangle: Morrisville).(receives venture capital funding)(Brief Article)
April 1, 2002... ChannelAdvisor has received $5.7 million from venture capitalists, including Triangle-based Southern Capitol Ventures, Tri-State In-vestment Group and Atlantis Group. The company makes software and sells services for Internet auctions.

Oakwood Homes. (Triad: Greensboro).(pays separation package to CEO Duane Daggett)(Brief Article)
April 1, 2002... Duane Daggett, Oakwood Homes' CEO for 10 months, received $500,000 in lieu of a bonus as part of his separation package. His base salary was $400,000 in fiscal 2001.

BB&T. (Triad: Winston-Salem).(to acquire Ryan Lee and Co.)(Brief Article)
April 1, 2002... BB&T is buying a Virginia investment banking and brokerage firm to bolster its presence in the Washington area. McLean-based Ryan Lee & Co. will become part of Scott & Stringfellow, BB&T's investment-banking subsidiary. Terms weren't disclosed....

Yadkin Valley Bank. (Triad: Elkin).(to acquire Main Street BankShares, Piedmont Bank)(Brief Article)
April 1, 2002... Yadkin Valley Bank is buying Main Street BankShares and its Piedmont Bank subsidiary for $25 million. The deal is expected to close by July. Piedmont operates six branches in Iredell and Mecklenburg counties. Yadkin Valley has eight branches in...

Lexington Home Brands. (Triad: Lexington).(layoffs)(Brief Article)
April 1, 2002... Lexington Home Brands is laying off 100. It is closing a plant here and shifting production to four other Davidson County plants. Lexington laid off about 300 at its Spruce Pine plant in 2001. After the cuts, the company will employ about 3,000...

Of major (*) metro areas, the Triad has one of the lowest percentages of households headed by homosexuals. (Regional Report).(Brief Article)(Illustration)(Statistical Data Included)
April 1, 2002... Of major (*) metro areas, the Triad has one of the lowest percentages of households headed by homosexuals. Metro Homosexual area households Buffalo, N.Y. 0.66 2 Pittsburgh ...

Atlanta-based BellSouth. (Triad: Greenboro).(adding, cutting call center jobs)(Brief Article)
April 1, 2002... Atlanta-based BellSouth will add about 25 jobs to the 200 at its call center here in 2002. It will cut 183 jobs by closing call centers in Raleigh, Asheville and Wilmington. The Charlotte call center will remain open but might not gain jobs....

Guilford Mills. (Triad).(hurt by Kmart bankruptcy)(Brief Article)
April 1, 2002... Struggling with its own debt, Greensborobased textile maker Guilford Mills was socked in January with the Chapter 11 bankruptcy of Kmart, one of its main customers. That came less than a week after Guilford got an extension on an interest...

Ameritex Yarn. (Triad: Burlington).(files Chapter 11 bankruptcy)(Brief Article)
April 1, 2002... Ameritex Yarn, which has filed for Chapter 11 bankruptcy protection, has no plans to lay off any of its 215 employees. The Company, which makes cotton yarn, lost $1.6 million in the first 11 months of 2001.

Sharon Luggage. (Charlotte: Charlotte).(files for bankruptcy)(Brief Article)(Statistical Data Included)
April 1, 2002... Sharon Luggage, which operates 16 luggage and gift shops in the Carolinas, has filed for Chapter 11 bankruptcy protection, blaming a sharp drop in sales, particularly after Sept. 11. It plans to close some stores but hasn't said which. Sales...

Solectron laid off 500 of its 2,600 workers here. (Charlotte: Charlotte).(Brief Article)
April 1, 2002... Blaming a slowing economy, Solectron laid off 500 of its 2,600 workers here. The Milpitas, Calif., manufacturer of mobile phones, personal computers and other electronic products for companies such as IBM and Ericsson closed a plant in Research...

Carolina Mall. (Charlotte: Concord).(sold to Hull Storey Retail Group Inc.)(Brief Article)
April 1, 2002... Carolina Mall has been sold to Hull Storey Retail Group of Augusta, Ga. for an undisclosed price. Hull Storey announced in January that it had purchased the 512,000-square-footmall from Carolina Mall LLC, a subsidiary of a Dutch pension fund.

Coca-Cola Bottling Company Consolidated. (Charlotte: Charlotte).(layoffs)(Brief Article)
April 1, 2002... Coca-Cola Bottling Company Consolidated is closing five of 70 distribution centers and laying off 30 workers. The closings are in Albemarle and Hamlet in North Carolina and in South Carolina, Alabama and Virginia. Work will be shifted to newer...

Simon Property Group. (Charlotte: Charlotte).(acquires SouthPark Mall from Rodamco North America)(Brief Article)
April 1, 2002... Indianapolis-based Simon Property Group has acquired SouthPark Mall from Rodamco North America, a Dutch operator of shopping malls. Simon officials anticipate no delays in the mall's ongoing $100 million expansion and renovation. The SouthPark...

Cross Automation. (Charlotte: Belmont).(planning to build plant)(Brief Article)(Statistical Data Included)
April 1, 2002... Cross Automation, a division of Greensboro-based Cross, will build a $5 million plant that will employ 75. The manufacturer and distributor of industrial controls and automation equipment had sales of $5 million last year.

Smith Helms Mulliss & Moore. (Charlotte: Charlotte).(to split into two law firms)(Brief Article)
April 1, 2002... Smith Helms Mulliss & Moore, with 197 lawyers one of the state's largest law firms, will split into Charlotte-based Helms Mulliss & Wicker and Greensborobased Smith Moore. The firm was created 17 years ago when Helms Mullis & Johnston of...

NASCAR Technical Institute. (Charlotte).(to open soon)(Brief Article)(Statistical Data Included)
April 1, 2002... The race to teach racing is accelerating. In Mooresville, NASCAR Technical Institute, a 40,000- square-foot, $12 million, vocational school, will open this summer. In Conover, Carolina Motor-sports Tech Center opened in February, charging...

Mecklenburg County residents are far more likely to have a bachelor's degree than others in the region. (Regional Report).(Brief Article)(Statistical Data Included)
April 1, 2002... Mecklenburg County residents are far more likely to have a bachelor's degree than others in the region. Residents with County bachelor's Mecklenburg 33.2% Catawba 17.0 Union 15.7...

Sonic Automotive. (Charlotte: Charlotte).(buying dealerships from Don Massey Dealerships)(Brief Article)
April 1, 2002... Sonic Automotive will buy 16 dealerships with total annual revenues of $1 billion from Don Massey Dealerships of Plymouth, Mich., in a stock and cash deal. Terms were not disclosed. Included in the package are the Arnold Palmer Cadillac...

First Union and Wachovia have lost market share in western North Carolina market. (Western: Asheville).(Brief Article)
April 1, 2002... Merger or not, First Union and Wachovia have lost market share in western North Carolina market. The Federal Deposit Insurance Corp. had ranked the banks first and second in the 17-county region since 1994, but First Citizens now holds 15.4% of...

Anvil Knitwear. (Western: Swannanoa).(to expand operations)(Brief Article)
April 1, 2002... Anvil Knitwear, which employs 265 here and 400 in Kings Mountain, plans to start expanding its dyeing and finishing operations late this year.

Deltec Homes. (Western: Asheville).(Brief Article)(Company Profile)
April 1, 2002... Deltec Homes, which makes circular houses that are shipped as panels and assembled on site, has moved into the former Trident Industries plant, a 120,000-square-foot building five times the size of its previous plant. Deltec ships about 150...

Hound Ears Club. (Western: Boone).(Claughton Island Company Ltd. sold to members)(Brief Article)(Statistical Data Included)
April 1, 2002... The Hound Ears Club has been sold to its members for $9.8 million and will become a private club. It has a 22-room lodge, golf course, administrative building, swimming pools, tennis courts and pro shop on 750 acres.

Volvo Construction Equipment. (Western: Skyland).(to assemble skid-steer loaders)(Brief Article)
April 1, 2002... Volvo Construction Equipment will begin assembling skid-steer loaders, adding 30 jobs to its 250 here. Employment will still be below the plant's peak at 370, but the new line could require more workers later.

Cedant, a real-estate investment company. (Western: Asheville).(acquires Equivest Finance)(Brief Article)
April 1, 2002... Cedant, a real-estate investment company, has bought Equivest Finance, which owns resorts in Asheville, Banner Elk and Maggie Valley, plus Fairfield Mountains at Lake Lure and Fairfield Sapphire Valley in Jackson County. It paid $85 million.

Arts, entertainment and recreation employ more than 5,200 in western North Carolina. (Regional Report).(Brief Article)(Illustration)(Statistical Data Included)
April 1, 2002... Arts, entertainment and recreation employ more than 5,200 in western North Carolina. County Businesses Jobs Swain 20 1,652 Buncombe 90 1,383 Watauga 37 945...

Asheville Tourists. (Western).(lease with Buncombe County, North Carolina)(Brief Article)(Statistical Data Included)
April 1, 2002... Watching the minor-league Asheville Tourists play baseball will cast fans $1 more this spring as a result of the team's new lease with Buncombe County. The $637,095 contract for McCarmick Field is a 400% increase over the previous one and will...

Mountain Inn & Resort. (Western: Hendersonville).(services information)(Brief Article)
April 1, 2002... The $3.3 million, 68-unit Mountain Inn & Resort has opened with amenities such as whirlpool suites to appeal to high-end travelers.

Mills Manufacturing. (Western: Asheville).(adding to workforce)(Brief Article)
April 1, 2002... Parachute maker Mills Manufacturing will add 80 to its work force of 220 this spring to meet rising demand from the delivery of relief supplies in Afghanistan.

Interstate 26. (Western: Hendersonville).(Brief Article)
April 1, 2002... Interstate 26 in Henderson County will get two new lanes -- giving it six -- now that an environmental review has cleared the way for the $75 million project. Work will take two years.

Handmade in America. (Western: Asheville).(guide to Western North Carolina)(Brief Article)
April 1, 2002... Handmade in America, which promotes mountain arts and crafts, has published Farms, Gardens and Countryside Trails of Western North Carolina. The 240-page guide points tourists to 500 sites in 21 western counties.

Mouth piece: Vivek Wadhwa's talent for trumpeting his company shines, but observers want to see another kind of performance. (Feature).(Company Profile)
April 1, 2002... All morning long, Vivek Wadhwa has been talking up his company. It's a role he excels at as CEO of Relativity Technologies Inc., a Cary software maker. Proof is in this morning's Wall Street Journal, which mentioned him at least six times in...

Scorched: Bill Simpson used to set himself on fire to prove a point. Now he's fanning flames in a dispute over Dale Earnhardt's death. (Cover Story).(Cover Story)
April 1, 2002... With a lap to go in last year's Daytona 500, Dale Earnhardt seemed to settle for third place. Despite his reputation for knocking others out of his way in pursuit of the checkered flag, he wasn't so much trying to pass the leaders as to protect...

Tug of wharf: Before snuggling up in Wilmington, seafarers must tie one on with the likes of the Catherine McAllister. (Feature).(tug boat)
April 1, 2002... To get to the Catherine McAllister, the crew must cross a rusty metal walkway to a dock just across the Cape Fear River from the battleship USS North Carolina and climb onto and off two other tugboats. The boat is bright red, 94 feet long, with...

Biotechs making a splash in Triad. (Regional Focus).(Piedmont Triad development)(Statistical Data Included)
April 1, 2002... The Piedmont Triad Partnership doesn't want to take a back seat to Charlotte and the Research Triangle. The Piedmont Triad has long been known as the manufacturing center of North Carolina, while its two neighbors served as the state's...

Most foul fares fairest of all for cleanup man. (People).(Contaminant Control Inc., Mark Vestal)(Brief Article)
April 1, 2002... Mark Vestal loves dirty businesses. The dirtier, the better. If they have asbestos, mercury or lead, great. Anthrax, even better. That's why Vestal is at the Brentwood postal-processing center in Washington, D.C. Vestal, 39, is president...

New RJR COO put dough riding on Joe. (People).(R.J. Reynolds Tobacco, Lynn Beasley)(Brief Article)
April 1, 2002... Lynn Beasley started smoking only after she was hired by R.J. Reynolds Tobacco Co. as a marketing assistant in 1982. She quickly set about winning other converts. Five years later, as senior brand manager for Camel cigarettes, she helped...

See those Green's green fields of home. (People).(Isaac Green of NCNB)(Brief Article)
April 1, 2002... Isaac Green isn't bashful about being bullish on North Carolina. In fact, he jumps at the chance to boast about the state's virtues. "Like the old saying goes, I like calling North Carolina home," he says, laughing at his own corniness....

Salesman weaves banks into his Web. (People).(Brad King, LoneSource.com Inc.)(Brief Article)
April 1, 2002... Brad King might run a dot-com based in Cary, but he doesn't consider himself a techie. "I'm proud to call myself a salesman," says the president and CEO of LoneSource.com Inc., which sells office equipment and supplies over the Internet, mostly...

When things don't add up. (Out Back).
April 1, 2002... At least I was honest. Last year, I told students in the Master of Accounting Program at Carolina's Kenan-Flagler Business School how unlucky they were. Not only were they graduating just as the longest economic expansion in American history...