Business North Carolina articles from April 2009

Business North Carolina archives from April 2009

Serial filler.(UP FRONT)(book writing)(Column)
April 1, 2009... For most mass media, less is more. Racing like dinosaurs fleeing a comet, only this one hurtling from cyberspace rather than the heavens above, they seek salvation in brevity and immediacy. Call me a throwback, but I believe one of the enduring...

NC trend.(Statistical table)
April 1, 2009... Latest Previous Previous % change month month year from last year EMPLOYMENT Employed (000s) ...

Stock watch.(Statistical table)
April 1, 2009... SPOTLIGHT A year ago, Bank of America's market cap beat the total of the eight other surviving top-10 Tar Heel companies. In February, it fell to No. 2. 2/27/09 (billions) 2/29/08 (billions) Lowe's ...

The right time to invest: leaders say the Charlotte region can emerge from the recession stronger if it pumps up its infrastructure while times are still bad.(CHARLOTTE ROUND TABLE)(Interview)
April 1, 2009... Now is the time to invest, Charlotte region leaders say, despite the bad economy. Spending wisely on infrastructure will position businesses and organizations to thrive when the recession ends, they believe. The comments came during a round...

Just a phrase we're going through.(FINE PRINT)(real estate industry )
April 1, 2009... Every market, be it bear or bull, seems to generate a catchphrase that eventually comes to encapsulate the mojo of the moment. In late 1996, for example, after Federal Reserve Board Chairman Alan Greenspan wondered if "irrational exuberance"...

Emotional rescue.(CAPITAL GOODS)
April 1, 2009... For those who frequent that strange piece of architecture known as the North Carolina Legislative Building, it would be easy enough to conclude that the $789 billion federal stimulus package is all about saving state government. Recent talk...

Hitting the brakes: as automobile sales and production fall, parts makers shut down factories and shed workers across the state. Even truck assembly plants are feeling the slowdown.(Statewide)
April 1, 2009... * Eaton trimmed 47 of 198 jobs at its factory making hydraulic hoses in Forest City. * German axle maker Getrag laid off 141 of 500 workers in Maiden. [ILLUSTRATION OMITTED] * NGK Ceramics USA, which makes parts for catalytic...

As brand, Blackwater picks one that's bland.(Eastern)(Company overview)
April 1, 2009... In February when Moyock-based Blackwater Worldwide became Xe Services LLC, the question wasn't what's in a name. Branding experts say it was a matter of what wasn't--a bad image. "They had what I'd call a brand crisis, and when a brand becomes...

Commands' presence commands attention.(Eastern)
April 1, 2009... A three-employee office normally wouldn't rate much notice, but this one does: Chicago-based Boeing Co. recently established a Fayetteville branch. Economic recruiters say it's part of a trend propelled by the Army moving two major units to...

Plymouth.(Eastern)
April 1, 2009... PLYMOUTH -- Montreal-based Domtar cut 185 jobs at its paper plant here, leaving it with about 500. The layoffs were blamed on lower demand for envelopes and fine paper.

Fayetteville.(Eastern)
April 1, 2009... FAYETTEVILLE -- Delta Apparel will eliminate 107 jobs when it closes the textile-manufacturing division of its M.J. Soffe unit by June. Greenville, S.C.-based Delta is consolidating textile manufacturing. About 550 jobs will remain in sewing,...

Elizabeth city.(Eastern)
April 1, 2009... ELIZABETH CITY -- Greenville-based University Health Systems of Eastern Carolina will begin managing Albemarle Hospital May 1. Its annual fee starts at $500,000 and goes up 4.5% a year. But it could drop to $300,000 if UHS doesn't meet...

Wilmington.(Eastern)
April 1, 2009... WILMINGTON -- New York-based Corning cut an unspecified number of salaried workers. The factory, which let go about 100 hourly jobs in December, employs about 900.

Greenville.(Eastern)
April 1, 2009... GREENVILLE -- Citing declining advertising revenue, Atlanta-based Cox Newspapers eliminated 28 jobs at two newspapers in North Carolina. The Daily Reflector cut 23 of its 232 positions. The Rocky Mount Telegram trimmed five of 49.

Kinston.(Eastern)
April 1, 2009... KINSTON -- Lenoir Memorial Hospital indefinitely postponed a $14 million critical-care unit because of the poor economy. Construction was to begin this summer.

Wilmington.(Eastern)
April 1, 2009... WILMINGTON -- Frederick Willets III, 59, retired as CEO and president of Cooperative Bancshares. He remains chairman. Chief Financial Officer Todd Sammons, 47, became interim CEO and president. The bank also delayed fourth-quarter and yearly...

Wilmington.(Eastern)(AbCRO merged with Pharmaceutical Product Development Inc.)(Brief article)
April 1, 2009... WILMINGTON -- Pharmaceutical Product Development agreed to buy European contract-research organization AbCRO. Terms of the deal, which was scheduled to close by this month, were not disclosed. The acquisition will allow the drug researcher to...

Erotica emporium relies more on its own stimulus packages.(Triangle)
April 1, 2009... Things are so bad these days even the porn industry could use a helping hand. Right or left, it doesn't matter as long as it's holding lots of money. Two smut kings, Larry Flynt, publisher of Hustler magazine, and Joe Francis, creator of the...

Location is everything.(Triangle)
April 1, 2009... In a way, computer maker Lenovo Group Ltd. became more of an American company after replacing its Yankee CEO with a Chinese citizen. Though Lenovo stock still trades on the Hong Kong exchange, Morrisville not only is home of the company's...

Raleigh.(Triangle)
April 1, 2009... RALEIGH -- Red Hat will join forces with rival Microsoft to develop software that will allow servers to run applications from both companies' operating systems. Red Hat's Linux and Microsoft's Windows account for 80% of operating systems on...

Durham.(Triangle)
April 1, 2009... DURHAM -- Icagen cut CEO Kay Wagoner's salary 10% to $334,152, at her request, to soften some of the recession's impact on the company. She can earn a bonus of up to $189,353.

Cary.(Triangle)
April 1, 2009... CARY -- ASG, which provides staffing services for contract drug research, purchased drug tester Ockham Development Group, also based here. Terms were not disclosed. ASG employs 175, including 32 at its headquarters. Ockham has 40 of its 65...

Morrisville.(Triangle)
April 1, 2009... MORRISVILLE -- Etrials Worldwide, a maker of software for testing drugs, sued Belgian rival Unithink, accusing it of stealing employees and secrets. The suit seeks unspecified damages from Unithink and two former "Etrials employees, Chief...

Raleigh.(Triangle)
April 1, 2009... RALEIGH -- Optimal Technologies cut 44 jobs, leaving it with 25. It had promised to employ about 325 when it moved its headquarters from Canada to Raleigh a year ago. Optimal specializes in improving the flow of electricity over transmission...

Cary.(Triangle)
April 1, 2009... CARY -- Qimonda North America filed for Chapter 11 bankruptcy protection. Its parent, German chip maker Qimonda, filed for insolvency reorganization in its homeland a month earlier. The company employs about 60, down from 300 last fall.

Southern pines.(Triangle)
April 1, 2009... SOUTHERN PINES -- Ingersoll-Rand laid off 29 employees. Its tool factory here now employs about 180. The company is based in Woodcliff Lake, N.J.

Raleigh.(Triangle)
April 1, 2009... RALEIGH -- Veredus, a Tampa, Fla.-based Internet-technology staffing company, opened an office here and plans to hire 30 within a year. The company also has offices in Atlanta and Maitland, Fla.

Morrisville.(Triangle)
April 1, 2009... MORRISVILLE -- Richard Bird, 65, replaced Dennis Reed, who was fired as CEO of gem maker Charles & Colvard. Bird is president of Bird Capital Group Inc., a Houston-based consultant for private-equity investments. Reed had been running the...

Raleigh.(Triangle)
April 1, 2009... RALEIGH -- Lewis R. Holding, 81, retired as chairman of First Citizens BancShares, making way for Frank Holding Jr., 47. He had turned over the CEO role to his nephew early last year.

Durham.(Triangle)(Brief article)
April 1, 2009... DURHAM -- Duke University trustees approved a 3.9% tuition increase for undergraduate students, one of the smallest increases in recent years. The total cost to attend this coming school year, including room, board and fees, will be $49,895....

Losing Greensboro adds regional appeal.(Triad)
April 1, 2009... For decades, rivalries have plagued the Triad. Winston-Salem versus Greensboro, Greensboro versus High Point, Forsyth County versus Guilford. The cities and counties have competed for jobs, attention, residents, money, you name it. But the...

Apparel maker has fit North Carolina to a T.(Triad)
April 1, 2009... With the economy in a tailspin, now might not be the best time to pit love for the Tar Heel State against the market for cheap casual attire. But Eric Henry, president of TS Designs in Burlington, is betting that consumers will pay more for...

Welcome.(Triad)
April 1, 2009... WELCOME -- ASCO Power Technologies will add 328 jobs during the next five years, bringing the total to nearly 520. The company, part of St. Louis-based manufacturer Emerson, makes automatic switches and power systems that protect hospitals,...

Ramseur.(Triad)
April 1, 2009... RAMSEUR -- Ramtex will close this month, idling 205 employees. The yarn maker blamed tough times for the textile industry.

Greensboro.(Triad)
April 1, 2009... GREENSBORO -- The Greensboro Coliseum will host the 2011 U.S. Figure Skating Championships. The nine-day event is expected to pump $30 million into the local economy and attract about 4,000 skaters, coaches, officials, media members and fans.

ELON.(Triad)
April 1, 2009... ELON -- Virginia-based pork processor Smithfield Foods plans to close six plants nationwide by December, including one that employs about 160 here. It blamed a slump in the meat business.

ELON.(Triad)
April 1, 2009... ELON -- Hohenstein Institute, a German researcher that helps textile makers develop specialized products, opened its U.S. headquarters here. Sam Moore, former research-and-development director at Burlington Chemical, runs it.

Kernersville.(Triad)
April 1, 2009... KERNERSVILLE -- Limco-Piedmont plans to consolidate its airplane maintenance and repair services at its Piedmont Aviation Component Services subsidiary here by the end of June, nearly doubling employment to more than 245. It will shutter its...

High point.(Triad)
April 1, 2009... HIGH POINT -- Schnadig International planned to consolidate U.S. operations here by this month, adding about 70 jobs within four years, for a total of 78. The company will move its corporate offices from Illinois and warehousing operations from...

Biscoe.(Triad)
April 1, 2009... BISCOE -- Fibrowatt, which generates electricity by burning poultry waste, chose a site near here for a $150 million plant that will employ about 100 when it opens in 2012. The Langhorne, Pa.-based company also plans to build plants in Sampson...

Winston-Salem.(Triad)
April 1, 2009... WINSTON-SALEM -- SilkRoad Technology, which makes software to manage human-resources and other business functions, cut about 20 jobs, mostly in sales. That leaves it with nearly 200 workers.

Greensboro.(Triad)
April 1, 2009... GREENSBORO -- Elon University President Leo Lambert appointed George R. Johnson Jr. the second dean of the law school. Johnson has been interim dean since August, when founding dean Leary Davis stepped down because of poor health.

Greensboro.(Triad)
April 1, 2009... GREENSBORO -- UNC Greensboro will launch an entrepreneurship program this fall. Subjects of study will include creative industries, health care, family business and technology. For a daily roundup of business news in the Triad region, go to...

Banks raise Charlotte's rate.(Charlotte)
April 1, 2009... Not long ago, Mecklenburg County seemed almost recession-proof, buoyed as it was by Charlotte's prosperous big banks. Its unemployment rate after 9/11 peaked at a mere 6.2% in June 2002. Meanwhile, neighboring Gaston County, once celebrated as...

Without a Paddle.(Charlotte)(Brief article)
April 1, 2009... Water has been roiling more than two years at the U.S. National Whitewater Center near Charlotte. So has its river of red ink. The nonprofit that runs it lost $2.1 million in the fiscal year that ended Oct. 31--after losing $1.3 million the...

Charlotte.(Charlotte)
April 1, 2009... CHARLOTTE -- Despite financial troubles that led to its acquisition by San Francisco-based Wells Fargo, Wachovia topped other banks in the 2008 American Customer Satisfaction Index. That was the eighth straight year it ranked first.

Charlotte.(Charlotte)
April 1, 2009... CHARLOTTE -- The Wachovia Championship golf tournament was renamed Quail Hollow Championship after the country club where it is played. Wells Fargo didn't want to continue promoting the Wachovia brand nor, given recent public scrutiny of banks,...

Charlotte.(Charlotte)
April 1, 2009... CHARLOTTE -- UNC Charlotte appointed Gene Johnson chairman of a team expected to raise $45 million for a new football program. Johnson is CEO of telephone-service provider FairPoint Communications. The school hopes to begin play in 2013.

Charlotte.(Charlotte)
April 1, 2009... CHARLOTTE -- Duke Energy extended its employment agreement with CEO Jim Rogers five years. Rogers, 61, will continue to be compensated with stock and options rather than salary and bonuses. The total package, if he meets all his goals, is...

Monroe.(Charlotte)
April 1, 2009... MONROE -- ATI Allvac laid off an unspecified number of its estimated 1,200 employees here. The company, part of Pittsburgh-based Allegheny Technologies, produces nickel-based alloys and titanium for the aviation and defense industries.

Charlotte.(Charlotte)
April 1, 2009... CHARLOTTE -- The U.S. Department of Transportation says Charlotte/Douglas International Airport is the nation's ninth-busiest airport. More than 29.2 million passengers used it during the first 10 months of 2008, up from 27.8 million for the...

Charlotte.(Charlotte)
April 1, 2009... CHARLOTTE -- The Carolina Panthers laid off about 20 of their 200 employees, citing the recession. The National Football League team sold out all of its home games last season.

Mooresville.(Charlotte)
April 1, 2009... MOORESVILLE -- Michael Cowling resigned as CEO of Lake Norman Regional Medical Center. He was hired to run the 105-bed hospital in April 2008. It's now under interim CEO Vicki Briggs, a division vice president of operations with the hospital's...

Charlotte.(Charlotte)
April 1, 2009... CHARLOTTE -- London-based Balfour Beatty bought RT Dooley Construction for $40 million. RTDooley employs 140, while Balfour Beatty has 360 workers in its South east division, which is based here. No job cuts are planned.

Charlotte.(Charlotte)
April 1, 2009... CHARLOTTE -- The Billy Graham Evangelistic Association laid off about 55 employees--about 10% of its staff. It blamed the sour economy and says it will save about 15% of its budget through the layoffs and other cuts.

Wadesboro.(Charlotte)
April 1, 2009... WADESBORO -- Polkton Manufacturing will close its Anson Shirt factory here this month, idling about 70. The company, based in Marshville, lost a contract to make shirts for the Navy. For a daily roundup of business news in the Charlotte...

Cold winter heats up ski resorts' business.(Western)
April 1, 2009... The weather outside was frightful, but Tar Heel ski resorts apparently racked up a delightful year because of it. Ideal snow-making temperatures and ample natural snowfall trumped a bleak economy. The timing of crucial three- and four-day...

Not the kind of interest a bank wants to earn.(Western)
April 1, 2009... Speaking of heat: Charlotte's big banks have taken plenty of it for the financial-services crisis, but Asheville's Blue Ridge Savings Bank Inc. recently got its own scorching. The bank, whose majority owner is former U.S. Rep. Charles Taylor,...

Wilkesboro.(Western)
April 1, 2009... WILKESBORO -- The town and Wilkes County approved $67,000 in incentives for Tyson Foods to increase production--but not employment. The Springdale, Ark.-based poultry processor plans to switch from four-pound chickens to six-pound birds in May....

Asheville.(Western)
April 1, 2009... ASHEVILLE -- The Biltmore Co., operator of Biltmore Estate, will spend $18.6 million to build Antler Hill Village. It will be completed in 2010 and include a village green with bandstand, shops and restaurants. Visitors also will be able to...

Hendersonville.(Western)
April 1, 2009... HENDERSONVILLE -- 1st Financial Services, parent of Mountain 1st Bank & Trust, agreed to buy Gastonia-based AB&T Financial, parent of Alliance Bank & Trust, for $17 million in stock. When the deal closes later this year, it will have about $880...

Marion.(Western)
April 1, 2009... MARION -- Toolcraft plans to add 25 jobs by summer, bringing employment to about 110. The machine shop will receive $50,000 in incentives from McDowell County.

Asheville.(Western)
April 1, 2009... ASHEVILLE -- About 11% of farmland in western North Carolina was converted to other uses between 2002 and 2007, according to a study by the Appalachian Sustainable Agriculture Project. Meanwhile, the state lost 6% of its farmland to other uses....

Murphy.(Western)
April 1, 2009... MURPHY -- Snap-On plans to add 40 jobs by the end of the year, increasing employment to about 220. The Kenosha, Wis.-based tool maker will receive $120,000 in state incentives.

Newton.(Western)
April 1, 2009... NEWTON -- GoldToeMoretz hired Van Joyce as its first chief operating officer. Joyce was senior vice president of operations support for Winston-Salem-based Hanesbrands.

Old Fort.(Western)
April 1, 2009... OLD FORT -- Ethan Allen laid off more than 70 workers here, leaving it with about 300. The Danbury, Conn.-based furniture maker blamed the poor economy. For a daily roundup of business news in the Western region, go to...

North Carolina's best golf courses.(SPECIAL SECTION)
April 1, 2009... For the third consecutive spring, the North Carolina Golf Panel is proud to partner with BUSINESS NORTH CAROLINA to publish the rankings of the best courses in what members believe is the best state for golf. The panel is made up of about 150...

Schooling the tour.(SPECIAL SECTION)
April 1, 2009... Think of the Atlantic Coast Conference, and you'll likely think of basketball greats such as Michael Jordan, David Thompson, Christian Laettner and Tim Duncan. But the conference also has produced some top golfers. The PGA Tour is laced with...

North Carolina's top 100 golf courses.(SPECIAL SECTION)
April 1, 2009... NORTH CAROLINA'S TOP 100 GOLF COURSES Par Yardage Course Stars (back tees) slope/rating 1 Pinehurst No.2, 72 7,252 75.9/138 *****...

Best by region.(SPECIAL SECTION)
April 1, 2009... MOUNTAINS 1. Grandfather Golf & Country Club, Linville 2. Elk River Club, Banner Elk 3. Linville Golf Club, Linville 4. Biltmore Forest Country Club, Asheville 5. Wade Hampton Country Club, Cashiers 6. Rock Barn Golf...

Best new course.(SPECIAL SECTION)(Brief article)
April 1, 2009... It was a recipe for success: beautiful piece of land in the mountains of western North Carolina, topped by a golf course that some say is among the best Arnold Palmer has ever designed. Put it all together and you have Balsam Mountain Preserve,...

Labor of love.(SPECIAL SECTION)(Interview)
April 1, 2009... Davis Love III was born in Charlotte the day after the 1964 Masters Tournament. His father, Davis Love Jr., was head professional at Charlotte Country Club. The family soon moved to Georgia. Love was a three-time All-American at UNC Chapel Hill...

Best 19th hole.
April 1, 2009... WESTERN 1. Elk River Club, Banner Elk 2. Grandfather Golf and Country Club, Linville 3. Lake Toxaway Country Club, Lake Toxaway 4. Biltmore Forest Country Club, Asheville 5. Linville Ridge Golf Course, Linville ...

Most difficult.
April 1, 2009... WESTERN 1. Grandfather Golf and Country Club, Linville 2. Balsam Mountain Preserve, Sylva 3. Elk River Club, Banner Elk 4. The Cliffs at Walnut Cove, Arden 5. Bright's Creek Golf Club, Mill Spring [ILLUSTRATION...

Most bang for the buck.
April 1, 2009... WESTERN 1. Boone Golf Club, Boone 2. Mount Mitchell Golf Club, Burnsville 3. Rock Barn Golf and Spa (Jackson), Conover 4. Mimosa Hills Golf and Country Club, Morganton 5. Sapphire National Golf Club, Sapphire ...

While the music lasts: born of loss, MerleFest gains an international reputation that fuels an economic engine for western North Carolina.(PICTURE THIS)
April 1, 2009... The music might have died that night in October 1985. Eddy Merle Watson lay dead at 36, crushed under his overturned farm tractor on a Caldwell County hillside, his hands, which had brought him fame as one of the nation's best guitar pickers,...

They gave at the office: Charlotte's United Way proves big business has no monopoly on asleep-at-the-wheel boards of directors.(COVER STORY)
April 1, 2009... Morning sun filters through drawn shades and mingles with the fluorescent glow from a dropped ceiling. Carlos Evans walks dark-suited through a loose pack of cameramen and reporters in a second-floor conference room at United Way of Central...

Playing the hand you're dealt: in his memoir, former Lowe's CEO Leonard Herring recalls how the fledgling chain survived the death of its founder.(BOOK EXCERPT)
April 1, 2009... Now the world's second-largest home-improvement chain and the nation's ninth-largest retailer, Lowe's Cos. grew out of North Wilkesboro Hardware Co., which Carl Buchan's father-in-law opened in 1921. Buchan and his brother-in-law opened a...

Bricks & Mortar.
April 1, 2009... Charlotte is doing the headquarters shuffle. The 48-story tower that was to anchor Wachovia Corp. until San Francisco-based Wells Fargo & Co. bought the bank last year will become Duke Energy Corp.'s headquarters in 2010. Duke will step up to...