Business North Carolina articles from June 2003

Business North Carolina archives from June 2003

Taking care of business. (Up Front).
June 1, 2003... For the first time in 14 years, BUSINESS NORTH CAROLINA has a new publisher, only the fourth in the magazine's 22-year history. You might say it's a job he has prepared for his whole life. My son, Ben, grew up in the newspaper business, as...

Trend.
June 1, 2003... TREND Latest Previous month month EMPLOYMENT (1) Total employed (000s) 3,907.3 3,917.5 Civilian...

Fain maintains gains pertain to incentives. (Economic Outlook).(Jim Fain)(Interview)
June 1, 2003... Secretary of Commerce Jim Fain believes incentives play a vital role in economic recruitment in North Carolina. That puts him at odds with professors Dennis Rondinelli at UNC-Chapel Hill and William Burpitt at Elon University, who say that...

Slack snack sales puncture Lance. (Money Matters).
June 1, 2003... In the past year, investors in Lance Inc. have watched its stock price crumble like one of its Toastchee crackers under a hard shoe. The Charlotte-based snack maker lost half its value amid falling sales and profits. Sales dipped 2.5% to $543...

Famous artist may have to get back to her roots. (Tar Heel Tattler).(Maya Ying Lin)
June 1, 2003... Where some see art, others see compost. For the second time in a year, Charlotte must deal with disposing of public art -- this time, nine giant holly bushes in a driveway. In the first episode, the local community college caused connoisseurs...

CNET/Business North Carolina Index.(Brief Article)
June 1, 2003... CNET/BUSINESS NORTH CAROLINA INDEX All three indexes have shown improvement in the past two months, but all still negative returns for the 52-week period. Leading the uptick were retailers and drug makers. 52-week return ...

Tattle tables.
June 1, 2003... * Strike one: Moore County swung and missed in its first attempt at using eBay to sell about 32,000 of the 165,000 sports cards that a resident had donated when the only bid didn't meet the reserve price of nearly 3 cents a card. Finance...

Data Bits.
June 1, 2003... DATA BITS SLAUGHTERHOUSE PRIDE North Carolina's turkey crop ranked second in the nation -- trailing only Minnesota's -- in 2001. Cash N.C. receipts rank County (millions) 1 Duplin ...

Board couldn't bank on its shareholders. (Tar Heel Tattler).(shareholders reject Bank of Floyd acquisition)
June 1, 2003... Leon Moore would be the first to admit that folks in and around Floyd, Va., are independent. But shareholders usually rubber-stamp bank buyout bids that directors endorse. So what happens when they're Floyd County residents? The chairman...

Correction.
June 1, 2003... Emu oil comes from the bird's fat, not its feet, as was reported in April's People section.

Woodard. (Regional Report: Eastern).(Brief Article)
June 1, 2003... MAXTON -- Furniture maker Woodard, a division of Chicago-based C.C. Industries, is closing its factory here. It employs 162. The shutdown is expected to begin in June, but officials are not sure how long it will take. A Woodard plant in...

Minges Bottling Group. (Regional Report: Eastern).(Brief Article)
June 1, 2003... AYDEN -- Minges Bottling Group consolidated its operations and moved to a 100,000-square-foot warehouse and headquarters here. The company distributes Pepsi in 14 Eastern North Carolina counties. The territory had been split among three...

Corning. (Regional Report: Eastern).(laid off 50 of 300 workers last fall)(Brief Article)
June 1, 2003... WILMINGTON -- New York-based optical-fiber manufacturer Corning laid off 50 of 300 workers it recalled last fall. The company cited poor sales in the still-slumping telecommunications industry. Corning mothballed its Concord plant earlier this...

Cape Fear Valley Health System. (Regional Report: Eastern).(closed a day-care center )(Brief Article)
June 1, 2003... FAYETTEVILLE -- Cape Fear Valley Health System closed a day-care center for sick children of employees, saying it was not used enough during its six months of operation. The shutdown will save about $170,000 a year. The day-care center's five...

Harriet & Henderson Yarns. (Regional Report: Eastern).(Brief Article)
June 1, 2003... CLARKTON -- Henderson-based manufacturer Harriet & Henderson Yarns is closing one of its two plants here, idling 120. The other local plant employs 132. The company blamed cheap imports for declining sales.

Raleigh-Durham International Airport. (Regional Report: Triangle).(Brief Article)
June 1, 2003... MORRISVILLE -- Raleigh-Durham International Airport lost six daily flights because of lagging passenger traffic caused by war with Iraq. Southwest Airlines canceled flights to Austin and San Antonio, Texas, United Airlines Express dropped two...

Syngenta Biotechnology. (Regional Report: Triangle).(Brief Article)
June 1, 2003... RESEARCH TRIANGLE PARK -- Syngenta Biotechnology moved its plant-gene research unit here, adding 19 employees -- mostly scientists from its La Jolla, Calif., operation -- to the 210-member staff. The Swiss company laid off 40 here last year.

Arsenal Digital Solutions. (Regional Report: Triangle).(Brief Article)
June 1, 2003... CARY -- Arsenal Digital Solutions, which sells data storage, raised $10.5 million in venture capital from existing investors. Among them are Durham-based Southeastern Interactive Technology Funds, Covestco of London and Connecticut-based...

YellowBrick Solutions. (Regional Report: Triangle).(Brief Article)
June 1, 2003... DURHAM -- YellowBrick Solutions cut its staff by half to 10. The company is redesigning its marketing software to work with a package being developed by Microsoft. YellowBrick has raised more than $16 million in venture capital since its launch...

WakeMed. (Regional Report: Triangle).(Brief Article)
June 1, 2003... RALEIGH -- WakeMed hired William Atkinson to replace CEO Raymond Champ, who will retire in July. Atkinson has been CEO of New Hanover Regional Health Network in Wilmington since 1997. The private nonprofit hospital did not reveal Atkinson's...

Butner. (Regional Report: Triangle).(Brief Article)
June 1, 2003... BUTNER -- A $96 million medium-security federal prison will bring as many 300 jobs here when it opens in 2005. It will be Butner's fourth prison and house 1,152 inmates.

R.H. Donnelley. (Regional Report: Triangle).(Brief Article)
June 1, 2003... MORRISVILLE -- Purchase, N.Y., telephone-directory publisher R.H. Donnelley will move most of its production operations here by the end of the year, adding 70 jobs to the 225 in place.

Crescent State Bank. (Regional Report: Triangle).(Brief Article)
June 1, 2003... CARY -- Crescent State Bank is buying Southern Pines-based Centennial Bank in a stock-and-cash deal valued at $9.1 million. Expected to close in September, it will boost assets of 5-year-old Crescent, which has four branches in Wake and...

Morganite. (Regional Report: Triangle).(Brief Article)
June 1, 2003... DUNN -- Citing declining sales, electrical-equipment manufacturer Morganite cut 29 jobs. The company is owned by England's Morgan Crucible. Morganite, which had about 1,100 employees here five years ago, now has about 735.

Quintiles Transnational. (Regional Report: Triangle).(Dennis Gillings)(Brief Article)
June 1, 2003... DURHAM -- If shareholders approve the deal in September, Quintiles Transnational Chairman Dennis Gillings will pay $1.7 billion for the contract-research organization he founded and take it private. In April, the board accepted his offer of...

Wyeth. (Regional Report: Triangle).(Brief Article)
June 1, 2003... SANFORD -- Madison, N.J.-based Wyeth will add 350 jobs at its plant here by the end of the year, which will bring employment to 1,100. The expansion is due to increased sales of Prevnar, the company's pneumonia vaccine.

Peopleclick. (Regional Report).(hired Stephen A. Sasser as CEO)(Brief Article)
June 1, 2003... Raleigh-based Peopleclick, which sells software to automate human resources processes such as recruiting and affirmative-action compliance, hired Stephen A. Sasser as CEO. The 320-employee; $36 million company, spun off from Raleigh-based...

Culp. (Regional Report: Triad).(Culp is making its first move into China )(Brief Article)
June 1, 2003... HIGH POINT -- Culp is making its first move into China with a $3 million investment. It leased a 65,000-square-foot plant near Shanghai and plans to finish and distribute fabrics designed by Culp and made by Chinese companies. Culp expects to...

Krispy Kreme Doughnuts. (Regional Report: Triad).(restructured its board of directors)(Brief Article)
June 1, 2003... WINSTON-SALEM -- Krispy Kreme Doughnuts restructured its board of directors to create an independent majority. Four franchisees left the board, leaving two insiders. Krispy Kreme added two independent directors -- Erskine Bowles, senior adviser...

Burlington Industries. (Regional Report: Triad).
June 1, 2003... GREENSBORO -- Anyone wanting to buy bankrupt Burlington Industries has until July 10 to submit a bid to Miller Buckfire Lewis & Co., the New York-based investment-banking firm overseeing the auction. The company will go on the block July 21.

BB&T. (Regional Report: Triad).(bought Old Colony Insurance Service in Louisville and Ludt-Bell in Lexington)((Ludt-Bell))(Brief Article)
June 1, 2003... WINSTON-SALEM -- BB&T entered the Kentucky insurance market by buying Old Colony Insurance Service in Louisville and Ludt-Bell in Lexington, which together own Cromwell Insurance Agency in Lexington. The acquired companies employ 75. Terms were...

Steven D. Bell & Co. (Regional Report: Triad).(planned to open McCarthy Court - retirement community in New Bern)(Brief Article)
June 1, 2003... GREENSBORO -- Steven D. Bell & Co. planned to open McCarthy Court, a $5.6 million retirement community in New Bern, in May. The 46-unit development is adjacent to Homeplace of New Bern, an assisted-living center that Bell opened two years ago.

Karastan. (Regional Report: Triad).(cut 45 jobs at its rug mill)(Brief Article)
June 1, 2003... EDEN -- The Karastan division of Calhoun, Ga.-based Mohawk Industries cut 45 jobs at its rug mill, leaving about 600 production employees, plus about 100 people who work at its warehouse here. A spokesman says the poor economy and competition...

Parks & Woolson Machine. (Regional Report: Triad).(planing to open new jobs)(Brief Article)
June 1, 2003... KING -- Springfield, Vt.-based Parks & Woolson Machine opened a service-and-repair center that employs 10. By the end of the year, Parks & Woolson, which makes textile-finishing equipment, plans to move its headquarters and manufacturing here,...

Wake Forest University's Babcock Graduate School of Management. (Regional Report: Triad).(best of its kind)(Brief Article)
June 1, 2003... WINSTON-SALEM -- The entrepreneurship program at Wake Forest University's Babcock Graduate School of Management was chosen the best of its kind by entrepreneurship faculty members at colleges and universities nationwide. Wake's program was...

GuardiaNet Systems. (Regional Report: Triad).(was bought by 3M)(Brief Article)
June 1, 2003... GREENSBORO -- Minnesota-based manufacturing giant 3M bought GuardiaNet Systems, which makes software for public libraries. The deal was announced in April, but terms were not disclosed. Among the myriad products 3M makes are self-service...

Flynt Fabrics. (Regional Report: Triad).(is shutting down )(Brief Article)
June 1, 2003... GRAHAM -- Cloth maker Flynt Fabrics is shutting down after 31 years of operation, putting 235 employees out of work. The company filed for Chapter 11 bankruptcy protection in January and announced in April that the plant would close in May. A...

Targacept. (Regional Report).(completed a $60 million second round of financing)(Brief Article)
June 1, 2003... Targacept, which searches for medical uses for nicotine, completed a $60 million second round of financing. Investors include Boston-based Oxford Bioscience Partners and Houston-based Cogene Biotech Ventures. The money will be used to develop...

Rowan Regional Medical Center. (Regional Report: Charlotte).(exceeded state and national norms in three of four treatment measures for congestive heart failure.)(Brief Article)
June 1, 2003... SALISBURY -- Rowan Regional Medical Center is telling the public how its treatment compares with that of other hospitals, based on Medicare data. It is the first Tar Heel hospital to make the information public, industry observers say. The...

Goodrich. (Regional Report: Charlotte).(is going to sell some of assets to reduce debt)(Brief Article)
June 1, 2003... CHARLOTTE -- Goodrich, which makes aerospace products, will sell about $500 million in assets this year to reduce debt. It is refocusing on military contracts. In an unrelated development, the company announced it would cut 1,700 jobs this...

The Keith Corp. (Regional Report: Charlotte).(will build office and industrial building in West Winds Business Park)(Brief Article)
June 1, 2003... CONCORD -- Charlotte developer The Keith Corp. will build a $2.5 million office-and-industrial building in West Winds Business Park, near the NASCAR Research and Development Center. The 40,000-square-foot building, to be finished by September,...

The N.C. Banking Commission. (Regional Report: Charlotte).(Bank of Granite Corp.)(First Commerce Corp.)(Brief Article)
June 1, 2003... CHARLOTTE -- The N.C. Banking Commission approved the $21.1 million buyout of First Commerce by Granite Falls-based Bank of Granite. The deal must still pass Securities and Exchange Commission muster and be approved by First Commerce...

Presbyterian Healthcare. (Regional Report: Charlotte).(Brief Article)
June 1, 2003... HUNTERSVILLE -- Despite opposition from nearby Lake Norman Regional Medical Center, state regulators gave Presbyterian Healthcare approval to build a 50-bed hospital here. The state originally approved the hospital in May 2002, but Lake Norman...

PPG Industries. (Regional Report: Charlotte).(laid off about 100 at its plant )(Brief Article)
June 1, 2003... SHELBY -- Pittsburgh-based PPG Industries laid off about 100 at its plant here, which makes fiberglass used in products such as boat hulls. The company blamed slow sales. About 1,300 workers remain.

Timken. (Regional Report: Charlotte).(Timken will spend $3.5 on its production in North Carolina)(Brief Article)
June 1, 2003... LINCOLNTON -- In its third expansion in four years, Canton, Ohio-based Timken will spend $3.5 million to add to its production line here. About 20 jobs will be added to the 650 in place. The plant makes brakes and related parts for cars and...

Corinthian Properties. (Regional Report: Charlotte).(planned to begin construction )(Brief Article)
June 1, 2003... CONCORD -- Corinthian Properties planned to begin construction this month on a $15 million, 200,000-square-foot complex of three office and industrial buildings in Airport Business Park. The company hopes to lure NASCAR- related companies.

SPX. (Regional Report: Charlotte).(sold its Inrange Technologies subsidiary to Computer Network Technology)(Brief Article)
June 1, 2003... CHARLOTTE -- SPX has sold its Inrange Technologies subsidiary to Minneapolis-based Computer Network Technology for $190 million. Inrange makes and markets components for computer networks.

Harris Welco. (Regional Report: Charlotte).(Brief Article)
June 1, 2003... KINGS MOUNTAIN - Harris Welco, which makes and distributes welding supplies, will dose its plant this month, idling 23.

Salisbury Mall. (Regional Report: Charlotte).(Samco bought Salisbury Mall)(Brief Article)
June 1, 2003... SALISBURY -- Deerfield Beach, Fla.-based Samco bought Salisbury Mall for $14.5 million and plans to renovate the shopping center, which was built in 1986.

A Federal Energy Regulatory Commission. (Regional Report).(Brief Article)
June 1, 2003... A Federal Energy Regulatory Commission report concluded that Charlotte-based Duke Energy did not manipulate power supplies to drive up prices in the California energy crisis, which officials there had contended. California wants $8.9 billion...

Eight of the 14 North Carolina companies on the Fortune 500 are based in Mecklenburg County. (Regional Report).(Brief Article)
June 1, 2003... Eight of the 14 North Carolina companies on the Fortune 500 are based in Mecklenburg County. U.S. Revenue * rank (billions) 23 Bank of America $45.7 60 Lowe's 26.5 ...

American DataMed. (Regional Report: Western).(Brief Article)
June 1, 2003... ASHEVILLE -- Newport Beach, Calif.-based American DataMed opened a 10,000-square-foot customer-service center. American DataMed is an electronic-data warehouse specializing in insurance and litigation records. Employment is expected to grow...

Plasticard-Locktech International. (Regional Report: Western).(Brief Article)
June 1, 2003... ASHEVILLE -- Plasticard-Locktech International, a maker of key cards for hotels, moved from a 32,500-square-foot building to a 54,500-square-foot one and added 16 jobs, bringing its work force to 71.

Key City Furniture. (Regional Report: Western).(relocate)(Brief Article)
June 1, 2003... WILKES BORO -- North Wilkesborobased Key City Furniture more than doubled production space with its purchase of a 231,000-square-foot building here. The company, which makes upholstered furniture, will consolidate production in the building by...

PolyChem Alloy. (Regional Report: Western).(plans)(Brief Article)
June 1, 2003... LENOIR -- PolyChem Alloy, which makes chemical additives for plastic products, plans to invest $2 million in new equipment and, by the end of the year, add 10 jobs to the approximately 20 it has here.

Macon County Airport. (Regional Report: Western).(got money from the federal government for airport improvements)(Brief Article)
June 1, 2003... FRANKLIN -- Macon County Airport will get $900,000 from the federal government for runway improvements. The county's airport authority wants to widen the runway from 75 to 100 feet, lengthen it from 4,400 feet to 5,000 and strengthen it. The...

MountainBank. (Regional Report).(CNB Holdings)(Brief Article)
June 1, 2003... After shareholders of one Virginia bank spurned a merger proposal, Hendersonville-based MountainBank found a more receptive partner. Shareholders of Pulaski, Va.-based CNB Holdings approved MountainBank's $13.8 million purchase of CNB, which...

'30s-style tax structure no longer fits the state. (Capital).
June 1, 2003... If he could get one good budget year under his belt, Mike Easley probably would feel like someone who has won the lottery. The governor, of course, fantasizes a lot about a state lottery, but that's another story. This one is about the current...

Growth stock: the nation's largest greenhouse takes great panes to cash in on North Carolina's most-lucrative crop. (Feature).(Metrolina Greenhouses Inc. in Huntersville)(Brief Article)(Company Profile)
June 1, 2003... Beauty is big business at Metrolina Greenhouses Inc. in Huntersville, the nation's largest greenhouse under one roof and possibly the world's most automated. Under glass and plastic, about 400 workers tend 92 heated acres, producing 70 million...

A fan's notes: an editor who bleeds Carolina blue frets over the damage done to UNC's brand of basketball. (Feature).(University of North Carolina)
June 1, 2003... Tangled up in blue." That's not just the title of a Bob Dylan classic. It's the way I feel about Carolina basketball right now. It's not that I'm unhappy about having Roy Williams as coach of the Tar Heels. I'm thrilled. It's not that I'm...

Top of the heap: David Griffin builds a name for himself -- and burnishes that of the company his dad created -- at ground zero. (Building North Carolina).(Biography)
June 1, 2003... At the edge of a rutted, pot-holed parking lot on the outskirts of Greensboro lies a rusting 16-foot-long steel beam as wide as a picnic table. Nothing distinguishes it from the rest of the junk littering the yard surrounding D.H. Griffin...

One's company: small builders play a big role in residential construction. Like many, Greg Dimmer keeps his business to himself. (Building North Carolina).(Biography)
June 1, 2003... For the sixth time in less than two hours, Greg Dimmer is interrupted by a ring or beep from one of his links to the world. His cell phone, which also has a two-way radio, starts beckoning at about 7 a.m. most weekdays. This time, it's his...

Hickory: a new perspective. (Regional Focus).(Advertisement)
June 1, 2003... After being pummeled by rough economic seas for three years, Hickory's efforts to rescue itself are slowly starting to pay off. The city is reinventing itself, and officials say they're focused on a brighter future. "We're looking across...

His customers don't stick to the point. (People).(Walter Triplette, Triplette Competition Arms Inc.)
June 1, 2003... Walter Triplette got a long way on a bad ankle. Thirty two years ago, he injured one of his, ending his soccer career at IJNC Chapel Hill. So he took up fencing. One thing led to another, and today Triplette is known more for his fencing...

National Spinning. (Regional Report).( closing its Kinston plant )(Brief Article)
June 1, 2003... Washington-based yarn maker National Spinning is closing its Kinston plant and consolidating production at its Beulaville factory, about 25 miles away. The move will cost 69 lobs. The 100-year-old Kinston plant, which employed 85, began closing...