Business North Carolina articles from April 2007

Business North Carolina archives from April 2007

Charting the best courses.
April 1, 2007... I've been playing golf only 10 years--long enough to know that, although I love the sport, I stink at it. That seeming contradiction is common among players I know. I didn't take up the game until I was 27. Armed with some 1950s Sam Snead...

Trend.(Statistical table)
April 1, 2007... [GRAPHIC OMITTED] [GRAPHIC OMITTED] [GRAPHIC OMITTED] [GRAPHIC OMITTED] % change Latest Previous Previous from last ...

Stock watch.(Ingles Markets Inc.)
April 1, 2007... SPOTLIGHT Shares of Ingles Markets jumped 43% in three months, thanks partly to a 44% increase in first-quarter net income. [GRAPHIC OMITTED] [GRAPHIC OMITTED] Highest price/earnings ratios ...

Blockade Runner sets sale to go condo.(EASTERN)
April 1, 2007... Jim Wallace, president of Wilmington-based Intracoastal Realty, and Wilmington investor Keith Beatty bought Blockade Runner hotel in Wrightsville Beach and are converting it to condominiums. Each of the hotel's 120 rooms likely will cost...

N.C. State Ports Authority.(EASTERN)
April 1, 2007... WILMINGTON -- Sagging home sales and a downturn in wood imports have prompted the N.C. State Ports Authority to cut merit pay--for some employees, as much as 3.25%--to stay within its $47 million budget. The authority lost $594,000 through the...

Harger Lightning & Grounding.(EASTERN)
April 1, 2007... FAIRMONT -- Harger Lightning & Grounding, based in Grayslake, Ill., will hire about 75 workers and open a plant here in early 2008 to make communications and electrical equipment. The company will spend about $22 million to double the size of a...

Narricot Industries.(EASTERN)
April 1, 2007... CORDOVA -- Southampton, Pa.-based Narricot Industries will spend $35 million to open a factory that will employ 200 here by 2010. Pay will average $28,980 a year; the Richmond County average is about $25,000. Narricot makes air bags for...

Halifax-Northampton Regional Airport.(EASTERN)
April 1, 2007... ROANOKE RAPIDS -- Halifax County agreed to pay $2.8 million for 700 acres to create an industrial park near Halifax-Northampton Regional Airport. Sites will go on sale in about six months. Officials say the county's lack of ready land and...

Working capital.(REGIONAL REPORT)
April 1, 2007... Source: Employment Security Commission, December. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the average in 2000. [GRAPHIC OMITTED]

In offer, there was no boom at the inn.(TRIANGLE)
April 1, 2007... Winston Hotels, a Raleigh-based real-estate investment trust and owner of 53 hotels in 18 states, agreed to be bought by New York-based Wilbur Acquisition Holding for a reported $850 million in cash and assumed debt. But some analysts were...

Sony Ericsson Mobile Communications.(TRIANGLE)
April 1, 2007... RESEARCH TRIANGLE PARK -- Sony Ericsson Mobile Communications, a London-based joint venture of Japanese electronics maker Sony and Swedish telephone giant Ericsson, plans to hire 100 this year at its North American headquarters here, bringing...

Wachovia Capitol Center.(TRIANGLE)
April 1, 2007... RALEIGH -- San Clemente, Calif.-based Argus Realty Investors bought Wachovia Capitol Center from New York-based DRA Advisors for $153.4 million--the most paid for a building in the Triangle, according to DRA's broker. At 550,979 square feet,...

Ted and David Reynolds.(TRIANGLE)
April 1, 2007... RALEIGH -- Developers Ted and David Reynolds plan to build a $65 million, 32-story tower that will house offices, condominiums, a hotel, a parking deck, shops and restaurants downtown. The father-son team expects to finish it in 2009.

ExpressJet.(TRIANGLE)
April 1, 2007... MORRISVILLE -- Houston-based ExpressJet will begin nonstop service this spring from Raleigh-Durham International Airport to Birmingham, Ala.; Jacksonville, Fla.; Louisville, Ky.; Kansas City, Mo.; New Orleans; and San Antonio. That will give...

M & F Bancorp.(TRIANGLE)
April 1, 2007... DURHAM -- Kim Saunders, 46, replaced Ronald Wiley, 51, as CEO of M & F Bancorp, which operates as Mechanics and Farmers Bank. She was CEO of Consolidated Bank & Trust in Richmond, Va. Wiley became CEO of M & F in 2005 and left "to pursue other...

MeadWestvaco.(TRIANGLE)
April 1, 2007... GARNER -- MeadWestvaco, a Richmond, Va.-based maker of packaging, plans to close its mill here this month to consolidate production at one in Mebane. About 120 work at the Garner plant and 320 in Mebane. Executives weren't sure how many workers...

Plastic-parts maker closes to expand.(TRIAD)(Nypro Inc.)(Brief article)
April 1, 2007... Nypro, a Clinton, Mass.-based maker of plastic parts for manufacturers, plans to close a factory in Graham and open one about twice as large--100,000 square feet--eight miles away in Mebane. The move is scheduled by early 2008 and is expected...

Gilbarco.(TRIAD)
April 1, 2007... GREENSBORO -- Gilbarco, which supplies gasoline pumps, cash registers and other equipment for convenience stores, acquired Owings Mills, Md.-based Intermedia Kiosks, which makes computerized food-ordering systems for fast-food restaurants and...

Unifi.(TRIAD)
April 1, 2007... GREENSBORO -- Textile maker Unifi plans to sell its 50% stake in the Unifi-SANS Technical Fibers nylon plant in Stoneville. The company operates the factory with SANS Fibres of South Africa. The operating agreement gives Unifi the right to...

Culp.(TRIAD)
April 1, 2007... HIGH POINT -- Culp, which makes mattress and upholstery fabric, promoted Franklin N. Saxon, 54, from president and chief operating officer to CEO. He replaces Robert G. Culp III, 60, who will continue as chairman. Culp had been CEO since 1988....

Krispy Kreme Doughnuts.(TRIAD)
April 1, 2007... WINSTON-SALEM -- After nearly three years of trying, Krispy Kreme Doughnuts (cover story, August 2005) is caught up on its submissions to the federal Securities and Exchange Commission. The bad news: It lost $17.8 million on revenue of $349...

Winston-Salem State University.(TRIAD)
April 1, 2007... WINSTON-SALEM -- Donald J. Reaves will become chancellor of Winston-Salem State University in August. He will replace interim chancellor Michelle Howard-Vital. Reaves, 60, has been vice president of administration and chief financial officer at...

PCA layoffs expose another negative.(CHARLOTTE)
April 1, 2007... Matthews-based Portrait Corporation of America, which operates photography studios in Wal-Mart stores, closed 500 of its worst-performing--including 12 in North Carolina--leaving it with about 2,000. It also let go 1,200 of its 7,500...

International Legwear Group.(CHARLOTTE)(Brief article)
April 1, 2007... HICKORY -- International Legwear Group, a hosiery maker based here, will lay off 186 workers here and in Hildebran by June as it shifts focus to sales and distribution. The layoffs will leave it with more than 300 employees, all in North...

Kennametal.(CHARLOTTE)
April 1, 2007... CHARLOTTE -- Kennametal, a Latrobe, Pa.-based maker of metal-cutting equipment, plans to move call-center and other operations from here to Lancaster County, S.C., 12 miles away. About 70 work here, and most will transfer to South Carolina in...

Bank of America.(CHARLOTTE)
April 1, 2007... CHARLOTTE -- Bank of America planned to cut 70 technology-support jobs here in March as part of a cost-cutting move that would eliminate 250 jobs nationwide. Some of those laid off might be hired by other parts of BofA, which employs more than...

Little & Co.(CHARLOTTE)
April 1, 2007... CHARLOTTE -- CIM Group, a Los Angeles-based real-estate investment company, bought the 22-story, 586,000-square-foot BB & T Center downtown from Charlotte-based Little & Co. Terms were not disclosed. Tenants include BB & T, Bank of America and...

EquiFirst.(CHARLOTTE)
April 1, 2007... CHARLOTTE -- London-based Barclays Bank agreed to buy EquiFirst, a mortgage-lending subsidiary of Birmingham, Ala.-based Regions Financial, for about $225 million. EquiFirst employs 1,300 nationwide, most based here. No layoffs are expected,...

Carowinds.(CHARLOTTE)(Carowinds theme park cut admission prices)(Brief article)
April 1, 2007... CHARLOTTE -- For the first time in its 34-year history, Carowinds theme park cut admission prices, part of a strategy to attract more visitors. Cost for a regular ticket fell $5 to $44.95 for the season that started in late March. Last July,...

Cherokee raise bet on casino and hotel.(WESTERN)
April 1, 2007... The Eastern Band of Cherokee Indians launched a $650 million expansion of its Harrah's Cherokee Casino and Hotel. Construction will start in June and be completed in about five years. The tribe plans to add a third hotel tower, spa, restaurant,...

Blue Ridge Paper Products.(WESTERN)
April 1, 2007... CANTON -- Blue Ridge Paper Products wants the state to renew its permit to discharge wastewater into the Pigeon River, but environmental groups say the river still contains too much formaldehyde, ammonia and other chemicals. A decision is...

N.C. Utilities Commission.(WESTERN)
April 1, 2007... JEFFERSON -- The N.C. Utilities Commission will decide in August whether former Ashe County Commissioner Richard Calhoun can build 25 wind turbines, each 300 feet tall. The ruling could affect similar proposals in western North Carolina....

Stanley Furniture.(WESTERN)
April 1, 2007... ROBBINSVILLE -- Stanleytown, Va.-based Stanley Furniture, which makes high-end home furniture, laid off about 200 of its 450 employees here. It blamed slow sales and foreign competition. Graham County's jobless rate recently was 6.9%, among the...

Community and Economic Development Alliance.(WESTERN)
April 1, 2007... ASHEVILLE -- A study by the nonprofit Community and Economic Development Alliance pegs the economic contribution of Buncombe County's 3,000 artists at about $200 million a year. About 2.6% of all workers in the county are artists.

Morehead-Cain Scholars Program.(REGIONAL REPORT)
April 1, 2007... A $100 million gift from the Gordon and Mary Cain Foundation of Houston will nearly double the endowment that provides scholarships for UNC Chapel Hill students. Because of the gift, the Morehead Scholars Program, which awards about 50...

Creation Autosportif.(REGIONAL REPORT)
April 1, 2007... Creation Autosportif, an Oxford, England-based Le Mans Series race team competing in Europe, Japan and the U.S., opened its U.S. headquarters near the Caswell County community of Prospect Hill. The company cited technical and logistical support...

Carolinas HealthCare System.(REGIONAL REPORT)
April 1, 2007... Charlotte-based Carolinas HealthCare System wants state approval for an $85 million, 101-bed hospital in Lincolnton. It would replace one that became part of CHS last September. No beds will be added, but square footage will increase by 29,000...

Backing Black pays off for chiropractors.(TAR HEEL TATTLER)
April 1, 2007... Forget Bank of America. Never mind Microsoft. The investment Tar Heel chiropractors made in Jim Black makes blue chips look like cow chips. For a modest amount, they got a law that has returned millions of dollars in business. After...

High Point says it must be addressed.(TAR HEEL TATTLER)
April 1, 2007... High Point officials can't do much about the perception that the city, despite a population of more than 90,000, plays second fiddle to Greensboro in Guilford County. But they have moved to stop companies they're recruiting with incentives from...

Did N.C. get hung up on call centers?(TAR HEEL TATTLER)
April 1, 2007... Technology can be as fickle as the traditional industries it was recruited to replace. Take call centers, considered a successor to textiles and furniture for providing low-paying, low-skill jobs. The latest case in point: Cigna Corp., a...

Absolutely American: Four Years at West Point.
April 1, 2007... Kenny Colbert, president, The Employers Association Absolutely American: Four Years at West Point by David Lipsky. A Rolling Stone reporter spent four years at West Point and chronicled what it's like to go to school there. It's been...

The Camel Club.(WHAT THEY'RE READING)
April 1, 2007... Ed Weisiger Jr., CEO, Carolina Tractor & Equipment The Camel Club by David Baldacci. A group of talented misfits living in Washington, D.C., tangle with the wily national security director to rescue the president of the United States,...

1776.(WHAT THEY'RE READING)(Brief article)(Book review)
April 1, 2007... Bob Wright, chairman, Kimley-Horn and Associates 1776 by David McCullough This book discusses the first year of the Revolutionary War and demonstrates how ill-prepared and undermanned we were. Only through sheer force of will did we...

Business gets good when his customers are hurting.
April 1, 2007... For General Dynamics Inc., the 21st century and its conflicts have been good for business. And Mike Mulligan, president of the defense contractor's Charlotte-based Armament and Technical Products division, sees no immediate slowdown. "Given the...

Crane company exec has given RTI a lift.(PEOPLE)
April 1, 2007... You couldn't blame Earl Johnson Jr. for sticking with the plan at RTI International. It generated $546.3 million in revenue for the fiscal year ended Sept. 30, up 16.8% from the previous year. He's been on the nonprofit research organization's...

He'll do more than just peddle paddling.(PEOPLE)
April 1, 2007... At 27, Sutton Bacon has been a consultant for Coca-Cola and Holiday Inn. Now he's CEO and president of Nantahala Outdoor Center Inc. He took over the Bryson City business' top job Jan. 1 from Payson Kennedy, one of its founders 35 years ago....

North Carolina's best golf courses.(Special Section)(Report)(Brief article)
April 1, 2007... On the pages that follow is a report on the state of golf in what we believe is the best state for golf, courtesy of the North Carolina Golf Panel and produced for the first time in partnership with BUSINESS NORTH CAROLINA. The North Carolina...

The centurion: Pinehurst No. 2 remains second to none. A century after it was built, Donald Ross' commanding, demanding masterpiece still holds highest rank among the state's top 100 courses.(Special Section)
April 1, 2007... It's always big news when Tiger Woods swings a club or lifts a pen. Whether it's winning another major championship or signing a million-dollar endorsement deal, golf's greatest player draws a crowd. Woods also attracted his share of curiosity...

GGOne with the Wyndham: Greensboro's name is no longer on the tournament, but other changes might mean more top pros and fewer no-shows.(Special Section)
April 1, 2007... Mark Brazil still remembers the sick-to-his-stomach feeling. The tournament director of what was then the Chrysler Classic of Greensboro was standing on the range at the Wachovia Championship in May 2005 when the rumors about the 2007 PGA Tour...

Ladies' clubs: Pine Needles gets into the swing for this summer's U.S. Women's Open.
April 1, 2007... There's an old expression that most people would have invoked: If it ain't broke, don't fix it. Well, Peggy Kirk Bell is nothing if not a lady, so the matriarch of Pine Needles Lodge and Golf Club certainly didn't utter those words aloud when...

The wonderer: Pilot Therapeutics' odyssey leads a scientist to discover there's more--and less--to business than he thought.
April 1, 2007... Staring out from a Web page in a tight T-shirt with his muscular arms crossed, Floyd "Ski" Chilton might pass for a biker but for the lack of menace in his eyes. In fact, he is a 49-year-old biochemist, an authority on the effects of fatty...

Amen in uniform: an Asheboro apparel maker thought a new contract would be the answer to its prayers. Now it's singing the GI blues.
April 1, 2007... Behind a mound of paperwork in his drab, gray office, Wallace Thompson shakes his head and sighs. Five days before Christmas, the president of Fox Apparel in Asheboro still can't feel the holiday spirit. His mind is too crowded with the ghosts...

Field & dream: like many in the state, this 1,200-acre Sandhills farm raised tobacco as a money crop. Now it's for the birds.(PICTURE THIS)
April 1, 2007... Some call quail a gentleman's bird. There's no need to be in the field at break of day, so a hunt at The Webb Farm usually doesn't begin until about 9, after a hearty breakfast for overnight guests. Then it's back to the lodge at noon for...

Bricks & mortar.(Clarion Hotel Corp. renovates hotel)(Brief article)
April 1, 2007... It's owned by Roundabout Partners, and the name fits. The 202-room Clarion Hotel State Capital was a Holiday Inn when it opened in '68, one of several circular-shaped motels built nationwide. Execs thought unusual design might draw more guests....