Business North Carolina articles from October 2005

Business North Carolina archives from October 2005

No way out.(UP FRONT; travel and evacuation problems )
October 1, 2005... Getting there, they say, is half the fun. Getting back can be no fun. Getting away, when you must but can't, is hell. The latter two are lessons I learned during three consecutive weeks in August. My wife and I flew to Maine on vacation....

Trend.(Illustration)
October 1, 2005... [GRAPHIC OMITTED] [GRAPHIC OMITTED] [GRAPHIC OMITTED] [GRAPHIC OMITTED] % change Latest Previous Previous from last ...

Stock watch.(Illustration)
October 1, 2005... SPOTLIGHT Triad Guaranty's price dropped 23% in three months. Most of it came after an 8% dip in second-quarter earnings. [GRAPHIC OMITTED] [GRAPHIC OMITTED] Highest price/earnings ratios ...

Study links ideas and taking risks to growth.(ECONOMIC OUTLOOK)(Interview)
October 1, 2005... The Cassopolis, Mich.-based Edward Lowe Foundation and the U.S. Small Business Administration's Office of Advocacy recently studied the link between innovation and entrepreneurship for 394 Census Labor Markets. Researchers found those rich in...

Bakery will cause employment to rise.(EASTERN)
October 1, 2005... The Cheesecake Factory will spend $17 million to open a 100,000-square-foot bakery in Rocky Mount. It should be completed in early 2006 and employ about 500 by 2010. The bakery will produce cheesecakes and other baked goods for the company's...

Army.(EASTERN)
October 1, 2005... SPOUT SPRINGS -- The Army will spend an estimated $425 million to build 1,500 housing units, two elementary schools, a middle school, shops and other amenities, starting in July 2007. The development is part of a plan to boost the number of...

Metal Spinners.(EASTERN)
October 1, 2005... TABOR CITY -- Metal Spinners, an Angola, Ind.-based maker of metal parts used in a variety of industries, will spend $600,000 to open a factory and create 27 jobs here. The average salary will be $520 a week, slightly more than the Columbus...

Hobby World Development.(EASTERN)
October 1, 2005... BEAUFORT -- Little Ferry, N.J.-based boat maker Hobby World Development, which operates as True World Marine, plans to move here by year-end. The company will employ 25, 15 of whom will move from New Jersey.

Fortron Industries.(EASTERN)(building and facilities)(Brief Article)
October 1, 2005... WILMINGTON -- Fortron Industries, a joint venture of Dallas-based Celanese, and Tokyo-based Kureha Chemical, will spend $65 million to expand its plant here by 2007. The factory will make a plastic used in airplane wings, cars and circuit...

Festival of Flight.(EASTERN)
October 1, 2005... FAYETTEVILLE -- The nonprofit Festival of Flight has settled its accounts from its 2003 celebration of the Wright Brothers' first flight. Its $263,000 debt was satisfied after one creditor accepted $20,000 for a $98,360 bill and another took...

Working capital.(REGIONAL REPORT)
October 1, 2005... Source: Employment Security Commission, June. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the average in 2000. [GRAPHIC OMITTED]

Plant will take more drugs and jobs.(TRIANGLE)
October 1, 2005... British drug maker GlaxoSmithKline will invest $92 million to increase production at its factory in Zebulon in the next four years. It won't expand the size of the 918,000-square-foot plant, which opened in 1983, but will increase employment...

Cree.(TRIANGLE)
October 1, 2005... DURHAM -- Cynthia Merrell, 44, will resign as chief financial officer of semiconductor maker Cree by February 2006, sooner if a replacement is found. Merrell, who has been CFO since 1998, cited "changes in the public corporate environment in...

LipoScience.(TRIANGLE)(Brief Article)
October 1, 2005... RALEIGH -- LipoScience, which created a test that predicts a patient's risk of heart disease, got a boost from Burlington-based diagnostic-testing giant Laboratory Corporation of America Holdings. LabCorp agreed to offer the $91 test...

Respirics.(TRIANGLE)
October 1, 2005... RALEIGH -- Respirics won federal approval to market its first product, a device that helps users of inhalers manage their doses. The device should go on sale later this year. Respirics predicts a market of more than $50 million a year.

Stock Building Supply.(TRIANGLE)
October 1, 2005... RALEIGH -- Stock Building Supply bought Vegas General Construction, a $240 million supplier of building materials and framing services to home builders in Las Vegas. Terms weren't disclosed. Stock, part of Theale, England-based Wolseley,...

Motricity.(TRIANGLE)
October 1, 2005... DURHAM -- Motricity, a distributor of music, games and other content for wireless devices such as cell phones, bought LaJolla, Calif.-based M7 Networks. Terms weren't disclosed. M7 builds and maintains networks that link customers, wireless...

Tekelec.(TRIANGLE)
October 1, 2005... MORRISVILLE -- Tekelec, which makes telecommunications equipment, bought a German developer of routing software, iptelorg, for $11 million.

James River Group.(TRIANGLE)
October 1, 2005... Chapel Hill-based James River Group, a holding company for property-and-casualty insurers, netted $74.4-million in its initial public offering of stock. James River was started in 2002 and wrote its first policy in 2003.

Culp.(TRIAD)
October 1, 2005... HIGH POINT -- Culp, which makes fabric for furniture and mattresses, will consolidate its manufacturing by closing factories in Graham and Shelby, and idling about 100 workers, before the end of the month. The shutdowns will leave it about...

CK Technologies.(TRIAD)
October 1, 2005... MOUNT AIRY -- CK Technologies, a Montpelier, Ohio-based maker of plastic parts for buses and trucks, will spend $19 million to build and equip a 165,000-square-foot factory here. When it opens in mid-2006, the factory will employ about 50 at...

Alcan Packaging.(TRIAD)
October 1, 2005... REIDSVILLE -- Millville, N.J.-based Alcan Packaging will spend $42.6 million to build a 200,000-square-foot cigarette-packaging plant here. When it opens in 2006, the factory will employ 170 at wages averaging $700 a week.

Leggett & Platt.(TRIAD)
October 1, 2005... LINWOOD -- Carthage, Mo.-based Leggett & Platt, which makes metal parts for furniture, added 100 jobs here in the first eight months of 2005, bringing employment to about 500. The plant makes bed frames, rails and other products.

Austin Foam Packaging.(TRIAD)
October 1, 2005... WINSTON-SALEM -- Austin Foam Packaging, a Texas-based maker of packaging materials for electronics and furniture manufacturers, planned to open a factory here, employing about 30. Among its customers is Round Rock, Texas-based Dell, which was...

APL Logistics.(TRIAD)
October 1, 2005... WINSTON-SALEM -- Oakland, Calif.-based APL Logistics planned to open a supply center for Dell in September. The center, about three miles from the factory, will house inventory for suppliers that provide parts for Dell. During the next three...

Border Concepts.(TRIAD)
October 1, 2005... LEXINGTON -- Border Concepts, a Charlotte-based maker of wrought-iron products for yards and gardens, is spending $3 million to buy and equip a 101,000-square-foot building here. It employs 30 here and expects to hire at least 12 more by the...

Jeld-Wen.(TRIAD)
October 1, 2005... LEXINGTON -- Jeld-Wen, a Klamath Falls, Ore.-based door and window maker, added 30 employees, bringing employment to 245. It started a production line to make fiberglass doors.

N.C. Department of Commerce.(TRIAD)
October 1, 2005... Bolstered by an 11.5% hike in Yadkin County, tourism spending in the Triad increased 4% in 2004 from the previous year, according to the N.C. Department of Commerce. Travelers spent $1.9 billion in the region. Every county recorded increases,...

Report: top execs kneaded the dough.(TRIAD)
October 1, 2005... Krispy Kreme Doughnuts' long-awaited internal investigation (cover story, August) contained few surprises. The Winston-Salem doughnut maker released a 24-page summary of a report it gave to a federal prosecutor and the U.S. Securities and...

Waltrip drives deal for development.(CHARLOTTE)
October 1, 2005... Cornelius approved zoning for a $10 million Waltrip Racing World on 8.2 acres off Interstate 77. NASCAR driver Michael Waltrip is leading an investment group, which includes Denver-based ARK Group, that wants to redevelop the property to house...

National Gypsum.(CHARLOTTE)
October 1, 2005... MOUNT HOLLY -- Charlotte-based National Gypsum will build a $125 million wallboard factory and create 100 jobs here by 2007. The plant will use a gypsum byproduct of Duke Power's four coal-fired plants in North Carolina to create a billion...

Crate & Barrel.(CHARLOTTE)
October 1, 2005... LINCOLNTON -- Crate & Barrel, a Northbrook, Ill.-based furniture and housewares retailer, opened an $8.7 million distribution center in Lincoln County Industrial Park, creating 20 jobs. The 210,467-square-foot center distributes furniture, most...

MedCath.(CHARLOTTE)
October 1, 2005... CHARLOTTE -- Charles Slaton, 48, will succeed John Casey, 60, as CEO of MedCath this month. Slaton joined MedCath, which builds and operates heart hospitals, as chief operating officer in 2003. Casey will remain chairman.

American & Efird.(CHARLOTTE)
October 1, 2005... CHARLOTTE -- Thread maker American & Efird, part of Charlotte-based Ruddick, agreed to buy Fair-view, N.J.-based Robison-Anton Textile for an undisclosed price. Robison-Anton Textile will specialize in embroidery thread.

Lance.(CHARLOTTE)
October 1, 2005... CHARLOTTE -- Clyde Preslar, 51, ended a nine-year run as chief financial officer of snack maker Lance to take the same job at Cott, a Toronto-based soft-drink supplier.

Group adds baseball team to its lineup.(WESTERN)
October 1, 2005... An investment group headed by William Davidson, owner of the Detroit Pistons of the National Basketball Association, agreed to buy the Asheville Tourists minor-league baseball team for $6 million. Palace Sports & Entertainment, which also owns...

The Nature Conservancy and Carolina Mountain Land Conservancy.(WESTERN)(Brief Article)
October 1, 2005... LAKE LURE -- Two land conservancies bought nearly 1,600 acres in Rutherford, Henderson and Polk counties. Executives of The Nature Conservancy and Carolina Mountain Land Conservancy say they scrambled to raise $16 million in five weeks to keep...

Borg Warner Turbo Systems.(WESTERN)
October 1, 2005... ASHEVILLE -- Borg Warner Turbo Systems, a German maker of automobile parts, will spend $40 million to expand its factory and create 111 jobs here during the next three years. The new jobs will pay an average of $725 a week, well above the...

Neptco.(WESTERN)
October 1, 2005... GRANITE FALLS -- Pawtucket, R.I.-based Neptco, which makes plastic tape, will produce a new line here, doubling employment to about 28. The company will invest more than $900,000 in equipment.

Eastern Band of Cherokee Indians.(WESTERN)
October 1, 2005... CHEROKEE -- A $3 million project by the Eastern Band of Cherokee Indians will remake the business district. Construction will be finished by April, in time for the summer tourism season. Features will include kiosks explaining Cherokee history,...

Progress whitewashes telco's wrong number.(TAR HEEL TATTLER)
October 1, 2005... Remember how Tom Sawyer tricked the neighborhood kids into paying him to let them whitewash his aunt's fence? Tom got an apple, a kite, a dead rat and a string to swing it with, a key that didn't unlock anything, a kitten with one eye and...

This move might be a shore thing.(TAR HEEL TATTLER)
October 1, 2005... Chuck Hayes, the fiery-tempered executive who wrenched Guilford Mills Inc. into the big time, must be rolling over in the grave at Lake Lure where they laid him three years ago. That they've dropped Mills from the name--just call it...

Headquarters get ahead of themselves.(RBC Centura Banks Inc.)(Brief Article)
October 1, 2005... If Raymond Chandler had written a book about RBC Centura Banks Inc.'s Aug. 30 announcement that it was moving its headquarters from Rocky Mount to Raleigh, he might have titled it The Long Hello. The first clue came in September 2002, about a...

Ireland: A Novel.(WHAT THEY'RE READING)
October 1, 2005... Bob Wright, chairman, Kimley-Horn and Associates Ireland: A Novel by Frank Delaney I started this historical novel shortly before a trip to Ireland. It's rich in history and fable as it describes a young boy's search for himself and...

The Queen's Fool.(WHAT THEY'RE READING)
October 1, 2005... Dale Halton, CEO, Pepsi-Cola Bottling Company of Charlotte The Queen's Fool by Philippa Gregory This is a historical novel that begins in the winter of 1553 and follows a 14-year-old Jewish girl who flees her home country only to...

The World is Flat.(WHAT THEY'RE READING)
October 1, 2005... Bob Winston, CEO, Winston Hotels The World is Flat by Thomas Friedman A brief history of the 21st century that details how small the world has become. It is very eye-opening and a must-read for any executive today. [ILLUSTRATION...

Crash course.(TATTLE TALES)(measures at railroad crossings)(Brief Article)
October 1, 2005... Crash course: Norfolk Southern officials set up a tour for about 100 guests, including elected officials and school administrators, to show that motorists often don't stop at railroad crossings. Four people were hurt when the train clobbered a...

Too old to care.(TATTLE TALES)
October 1, 2005... Too old to care: Roxboro turned 150 years old in January, but no one there realized it until the North Carolina League of Municipalities sent congratulations seven months later.

Quick learners.(TATTLE TALES)
October 1, 2005... Quick learners: When Lenovo bought IBM's PC division, which has about 1,900 jobs in Research Triangle Park, few doubted it would take the Chinese owners long to get up to speed. It didn't. Unless Durham, Durham County and North Carolina fork...

On the ball.(TATTLE TALES)(Brief Article)
October 1, 2005... On the ball: When burglars broke into Center Street Pharmacy in Lexington, they didn't grab OxyContin, Vicodin or other pills favored by druggies. They smashed owner Rick Green's display case and made off with a baseball signed by Jackie...

Suffer little children.(TATTLE TALES)
October 1, 2005... Suffer little children: The owner of a Kernersville apartment complex wanted to fill empty units with Hurricane Katrina refugees, but aldermen wouldn't waive zoning rules to allow healthy younger people to stay there. "Evacuees that are...

Data bits.(property-tax rates)(Brief Article)(Illustration)
October 1, 2005... Four of the five counties with the highest property-tax rates per $100 of value are in the East. Scotland $1.10 Edgecombe .93 Vance .92 Hertford .91 Camden .90 The five with the lowest are in the mountains...

When downsizing has gone too far.(Cartoon)
October 1, 2005... Is there anyone left here who has even the vaguest idea what our company does to make money? [ILLUSTRATION OMITTED] WWW.BRADVELEY.COM

Figuratively speaking.(Brief Article)
October 1, 2005... * Percentage of Americans who think small-business owners work harder than the general population: 82. Of American employers that are small businesses: 99. Number of small businesses in the U.S.: 24 million. * Percentage of chief financial...

Executive burnishes region's golden arches.(PEOPLE)(Bob Jackson )
October 1, 2005... Bob Jackson stays on the move, whether in his job as senior vice president and general manager of one of McDonald's largest operating regions or in his favorite sideline: running marathons. Jackson, 45, spends three to four nights a week...

He doesn't like races profiling his channel.(PEOPLE)(Hunter Nickell)
October 1, 2005... For Hunter Nickell, it all came back to cars. He was born in Detroit, the center of the U.S. automotive-manufacturing universe. Now he's executive vice president and general manager of Speed Channel in Charlotte, a city that claims to be the...

Entrepreneur strikes oil in restaurants.(PEOPLE)
October 1, 2005... When it comes to being an environmentalist, Brian Winslett walks the walk. Well, not exactly. "I mostly try to ride a bicycle," says the 29-year-old general director and part owner of Asheville-based Blue Ridge Biofuels Cooperative. When he has...

Canes hope lost season hasn't iced fans' fervor.(SPORTS SECTION)
October 1, 2005... Remember the National Hockey League? The Carolina Hurricanes hope so. The NHL starts regular-season play again this month after losing a year to labor strife, and it could be a crucial time for Raleigh's only major-league sports franchise. ...

Logo motion: the eyes have it when sponsors spend fortunes to stick their names on NASCAR's 200 mph moving billboards.(PICTURE THIS)
October 1, 2005... NASCAR goes loco over logos. And why not? Plastering sponsors' names all over cars (and drivers) pumps plenty of financial fuel into the more-than-$15-million-a-year tank that teams need to compete in stock-car racing's highest division, the...

Show them no quarter: taking the long view, many private companies refuse to be held prisoner by Wall Street's shortsightedness.
October 1, 2005... It's a long way from Wall Street in New York City to Lee Avenue in Sanford--MapQuest says 561 miles. That doesn't stop some of the Street's best and brightest investment bankers from making regular calls on the headquarters of Static Control...

Carolina Business Review's: 2005 Triangle CEO Summit.(Triangle Business Community)(Interview)
October 1, 2005... November 10, 2005 * NC State University, McKimmon Conference and Training Center Honoring the Triangle Business Community North Carolina's Triangle Region is home to some of the nation's most prominent CEOs. To honor this distinctive...

Tyrannous Rx: a formula for making sluggish sales seem healthy created a monster that nearly destroyed aaiPharma.(marketing strategy)(Cover Story)
October 1, 2005... The fortresslike office at 2320 Scientific Park Drive offers a foreboding front befitting its stature as a storehouse of trade secrets--and now as the home of a company under siege. Inside the Wilmington headquarters of aaiPharma Inc., Ph.D.s...

Far East: leaders discuss how to orient the region's assets to promote growth.( Charles Broadwell, Jim Chesnutt, Tom Eagar, Phillip Horne, Darlene Waddell)
October 1, 2005... Twice the size of New Jersey, Eastern North Carolina is an expanse filled with contrasts. Its seashore booms with tourism and million-dollar beach houses. But large swaths of the interior are mired in poverty, and 12 of the region's 41 counties...

Bricks & mortar.
October 1, 2005... Asheville's Mutt and Jeff--the Westall and Jackson buildings--have rubbed elbows since 1925, built side-by-side to share an elevator shaft. The 15-floor Jackson was western North Carolina's first skyscraper. It and its ornate, eight-story pal...