Business North Carolina articles from October 2008

Business North Carolina archives from October 2008

Sin of omission.(UPFRONT)
October 1, 2008... Needless to say," Charles Flowers e-mailed me, "this is a troubling letter." He was referring to one that Will Sears, a Boone real-estate broker, had written about the cover story in our August issue on Bobby Ginn and Laurelmor, the mammoth...

NCtrend.(unemployment rates)(Statistical table)
October 1, 2008... EMPLOYMENT Latest Previous Previous % change from month month year last year Employed (000s) 4,288.9 4,293.5 4,312.9 (0.6) Civilian labor force...

Stockwatch.(Statistical table)
October 1, 2008... BUSINESS NORTH CAROLINA INDEX 52-week return N.C. large caps (33.4)% N.C. small caps (31.2)% S&P 500 (13.0)% SPOTLIGHT Shares of Pike Electric surged 21 % in three months while; the-company completed its '...

Economicoutlook.
October 1, 2008... North Carolina's society has become multicultural, its economy has become more diverse, and the state has prospered in recent decades. But leaders must adjust their policies for a more metropolitan economy .--focused on cities and suburbs--and...

Eastern North Carolina leaders say the region must exploit its natural advantages and spark growth by adapting to change.(IN TRANSITION)
October 1, 2008... Nearly 16,000 military and civilian workers will be added at Fort Bragg, Camp Lejeune and the New River and Cherry Point air stations by 2012. That could strengthen Eastern North Carolina's economy at the same time it taxes its infrastructure....

He rests his case with Edwards.(FINEPRINT)
October 1, 2008... I never meant for there to be a sequel to my August column about the newspaper business. But after John Edwards and Rielle Hunter teamed up not only to make whoopee (as well as a baby, allegedly) but also to make my point for me, that previous...

Change you can't believe in.(CAPITALGOODS)(Patrick McCrory and Beverly Perdue)
October 1, 2008... Charlotte Mayor Pat McCrory is a danger to the middle class. Just ask Lt. Gov. Beverly Perdue. As for Perdue, she's part of the power elite, one of five or six people who control everything in the state. McCrory says so. To hear Democrat Perdue...

Offshore drilling may not be such a gusher.(Eastern)
October 1, 2008... Offshore drilling has created a $70 billion-a-year industry and more than 300,000 jobs in Louisiana It also has fueled a heated debate over tapping oil and natural-gas deposits off the North Carolina coast, though few have asked what kind of...

Working capital.(Eastern)
October 1, 2008... EASTERN REGION Jobs: 1,074,182 YTD change: 17,287 Index: 112.4 Source: Employment Security Commission, June. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the average...

A sluggish economy.(Eastern)
October 1, 2008... A sluggish economy has shrunk bulk shipments through the port at Morehead City. In Wilmington, trade with China has helped keep tonnage up. [GRAPHIC OMITTED]

New Bern.(Eastern)
October 1, 2008... NEW BERN -- Brunswick cut 325 jobs here and in Edenton. The Lake Forest, Ill.-based boat maker didn't specify how many were eliminated at each plant. Before the layoffs, it employed more than 950 here and about 95 in Edenton.

Kinston.(Eastern)
October 1, 2008... KINSTON -- Reliance Industries no longer will open a resin factory here next year. The Mumbai, India-based company, which was eligible for up to $6.2 million in state and local incentives, did not give a reason. It would have employed about...

Greenville.(Eastern)
October 1, 2008... GREENVILLE -- Atlanta-based Cox Enterprises plans to sell 11 newspapers, three of them in North Carolina. They are The Daily Reflector in Greenville, The Daily Advance in Elizabeth City and the Rocky Mount Telegram. It will use proceeds to...

Raeford.(Eastern)
October 1, 2008... RAEFORD -- Quantico Tactical Supply moved its headquarters from Woodbridge, Va. It planned to employ more than 15 by the end of September. The company also will move its distribution center within a year. That will employ about 100.

Tabor city.(Eastern)
October 1, 2008... TABOR CITY -- Atlantic Automotive Enterprises will move its parts-re-manufacturing business from Little River, S.C., by January. It hopes to employ nearly 25 within a year.

Wilmington.(Eastern)
October 1, 2008... WILMINGTON -- Beltsville, Md.-based SunEdison plans to build a solar-energy farm on the site of a Progress Energy plant. Raleigh-based Progress agreed to buy the power SunEdison produces.

Wilmington.(Eastern)
October 1, 2008... WILMINGTON -- Cape Fear Bank and dissident investor Maurice Koury settled their differences over the bank's performance. A new board of directors will include four members picked by Koury and four holdovers. It won't include CEO Cameron Coburn,...

Fayetteville.(Eastern)
October 1, 2008... FAYETTEVILLE -- Goodyear Tire & Rubber closed its local factory for two weeks. It employs about 3,000. Goodyear also stopped production briefly in Lawton, Ohio; Napanee, Ontario; Gadsden, Ala.; and Union City, Tenn., to cut inventory. For...

Educators learn tough lesson.(Triangle)(North Carolina Central University)
October 1, 2008... In Durham, N.C. Central University lives up to its name--sitting just one county away from the geographic center of the state. So what would you call its campus outside Atlanta? Trouble. [ILLUSTRATION OMITTED] Four years ago, N.C....

Lab fails pols' tests.(Triangle)(Life sciences research)(Brief article)
October 1, 2008... In a region proud of its life-sciences industry, a lab employing hundreds might seem like a good fit--the kind of economic-development project that politicians would salivate over. But many in the Triangle have turned their backs on one...

Working capital.(Triangle)
October 1, 2008... TRIANGLE REGION Jobs: 928,395 YTD change: 1,472 Index: 112.6 Source: Employment Security Commission, June. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the average in...

Moncure.(Triangle)
October 1, 2008... MONCURE -- Performance Fibers plans to lay off about a third of its 400 local employees by early next year. The Richmond, Va.-based company, which makes polyester to reinforce tires and for industrial fabric, blamed slumping sales, foreign...

Research Triangle Park.(Triangle)
October 1, 2008... RESEARCH TRIANGLE PARK -- Talecris Biotherapeutics, which makes drugs and other products from blood plasma, agreed to be acquired by Australian rival CSL for about $3.1 billion. It employs about 2,100 at its headquarters and a plant in Clayton....

Durham.(Triangle)
October 1, 2008... DURHAM -- The Durham Bulls minor-league baseball franchise is the nation's 17th most valuable, according to Forbes magazine, which estimated its worth at $17.2 million.

Cary.(Triangle)
October 1, 2008... CARY -- Software maker SAS Institute purchased IDeaS Revenue Optimization of Minneapolis, which makes software for hotel chains. Customers include Hilton, Hyatt International, Mandarin Oriental, Intercontinental Hotels Group and Fairmont...

Cary.(Triangle)
October 1, 2008... CARY -- Epic Games is working with Redwood, Calif.-based Electronic Arts to develop a video game. They wouldn't say what kind. Epic, which employs more than 100, developed the hit Gears of War and is preparing to release a sequel next month....

Morrisville.(Triangle)
October 1, 2008... MORRISVILLE -- Raleigh-Durham International Airport will open a $570 million terminal late this month. It will replace a smaller one built in the 1980s for an American Airlines hub and be used by passengers on American, American Eagle, United,...

Durham.(Triangle)
October 1, 2008... DURHAM -- TrueBridge Capital Partners began operations after raising $310 million, exceeding its goal of $250 million. TrueBridge plans to invest primarily in venture-capital funds.

Raleigh.(Triangle)
October 1, 2008... RALEIGH -- Three hospitals are competing for 41 beds state regulators say will be approved in Wake County this year. WakeMed wants to build a women's hospital in north Raleigh. Winston-Salem-based Novant Health proposes a community hospital in...

Durham.(Triangle)
October 1, 2008... DURHAM -- Dow Reichhold Specialty Latex, which makes products used in textiles and construction, will shut down by the end of the year. It employs more than 200, with more than 50 jobs at the headquarters here. It is a joint venture between...

Raleigh.(Triangle)
October 1, 2008... RALEIGH -- N.C. State University raised $1.4 billion in a seven-year fundraising campaign, more than double its goal of $600 million. The money will be used, among other things, for construction, faculty research and more professors.

Chapel Hill.(Triangle)
October 1, 2008... CHAPEL HILL -- New UNC Chapel Hill Chancellor Holden Thorp cut ties with Durham-based Hatteras Venture Partners and put his equity sttake into a blind trust. His brother, Clay, is general partner.

Durham.(Triangle)(Quintiles Transnational Corp.)(Brief article)
October 1, 2008... DURHAM -- Quintiles Transnational sued a former vice president for breach of a noncompete agreement. The drug researcher wants a court to prevent Elaine C. Messa from working for Washington-based competitor Becker & Associates for six months...

Cary.(Triangle)
October 1, 2008... CARY -- Qimonda, a German maker of computer memory chips, cut about 20 jobs at its North American headquarters, leaving it 280. It blamed a glut of chips.

Durham.(Triangle)
October 1, 2008... DURHAM -- InnerPulse, which is developing a new defibrillator, laid off 18 of its 50 workers after the device suffered a testing setback. Engineers are trying to redesign a faulty part.

Durham.(Triangle)(Mechanics and Farmers Savings Bank F.S.B.)(Brief article)
October 1, 2008... DURHAM -- Mechanics & Farmers Bank laid off 10 employees, leaving it with 90. It also closed two branches in Durham and one in Charlotte. All of those it acquired from Mutual Community Savings Bank in March remain open. For a daily roundup...

State stacks package to keep on trucking.(Triad)
October 1, 2008... Mack Trucks Inc. could get $8.5 million in state incentives for moving its headquarters from Allentown, Pa., to Greensboro. That's if the truck maker creates at least 493 jobs in three years--and keeps them. And if Volvo Trucks North America...

Working capital.(Triad)
October 1, 2008... TRIAD REGION Jobs: 763,132 YTD change: (1,825) Index: 99.9 Source: Employment Security Commission, June. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the average in...

Allison relinquishes reins to a final fellow fomenter.(BB&T)
October 1, 2008... Come Jan. 1, BB&T Corp.'s "original five" will be down to one, at least for day-to-day operations. That's when John Allison turns over the job of chief executive of the Winston-Salem-based bank to Chief Operating Officer Kelly King. They are...

Greensboro.(Triad)
October 1, 2008... GREENSBORO -- Four food-service executives purchased restaurant-food supplier Southern Foods. Terms were not disclosed. The ownership group, which includes top executives of Norcross, Ga.-based Service Foods, says it will maintain Southern's...

Greensboro.(Triad)
October 1, 2008... GREENSBORO -- New York-based ELSAG North America Law Enforcement Systems is adding manufacturing to its 20-employee research center. The move could bring 100 jobs within a year. ELSAG makes a licenseplate recognition system used by...

Greensboro.(Triad)
October 1, 2008... GREENSBORO -- Graphic Packaging International plans to close its factory here by the end of the year and lay off 98 workers. The Marietta, Ga.-based company is closing several other plants to cut costs after acquiring Elk Grove Village,...

Asheboro.(Triad)
October 1, 2008... ASHEBORO -- City and Randolph County officials offered Kennametal $370,000 to keep its factory open and expand. The plant employs 170 and could add 70 more jobs. The Latrobe, Pa.-based tool and equipment maker had not decided by early...

Ramseur.(Triad)
October 1, 2008... RAMSEUR -- The N.C. Rural Economic Development Center will invest $350,000 in Brisco Apparel, which makes T-shirts and other garments. The company will add 33 jobs by early 2010, which will give it nearly 120 in North Carolina.

Winston-Salem.(Triad)
October 1, 2008... WINSTON-SALEM -- Hanesbrands cut 15 information-technology jobs at its headquarters. The apparel maker also plans to close two distribution centers and lay off 155 in Pennsylvania early next year in a consolidation of domestic operations. It...

Winston-Salem.(Triad)
October 1, 2008... WINSTON-SALEM -- Mobys Coffee moved its headquarters from Mount Airy, kicking off a wave of expansion for the coffeehouse chain. It employs about 100 and plans to grow from five shops to 25 in five years.

Winston-Salem.(Triad)(John D. McConnell has been appointed at Wake Forest University Baptist Medical Center )(Brief article)
October 1, 2008... WINSTON-SALEM -- Wake Forest University Baptist Medical Center hired John D. McConnell, 54, as its first CEO. The position grew out of a March 2007 restructuring that put the medical center under a single board. It employs about 11,000....

Winston-Salem.(Triad)
October 1, 2008... WINSTON-SALEM -- Novant Health refinanced $198 million in debt, saving the company about $17 million.

Burlington.(Triad)
October 1, 2008... BURLINGTON -- Blue Water Automotive, which operates the Injectronics plant here, entered Chapter 11 bankruptcy. The Marysville, Mich.-based maker of automobile parts is trying to find a buyer for the factory, which employs about 120.

Greensboro.(Triad)
October 1, 2008... GREENSBORO -- Glenn Waters quit as chief operating officer of Moses Cone Health System to become president of Morton Plant Mease Health Care in Clearwater, Fla. Waters had been at Cone six years. No replacement had been named.

Lexington.(Triad)(Diebold Inc.)(Brief article)
October 1, 2008... LEXINGTON -- Canton, Ohio-based Diebold plans to shift production of security equipment from Newark, Ohio, by the first quarter of 2009. But it also will move production of automated-teller machines from here to China and Hungary, and some...

Winston-Salem.(Triad)
October 1, 2008... WINSTON-SALEM -- Wake Forest University will begin offering a master's degree in bioethics next year. The degree program will cover issues such as human cloning, euthanasia, genetic testing for deadly diseases and living wills.

Winston-Salem.(Triad)
October 1, 2008... WINSTON-SALEM -- Reynolds American will cut 570 jobs, most by the end of the year, after a self-analysis completed in September. The cuts will leave the company more than 3,100 employees in Forsyth County.

Jamestown.(Triad)
October 1, 2008... JAMESTOWN -- Guilford Technical Community College will use a $243,958 grant from Charlotte-based Duke Energy to establish a training program in fall 2009 for avionics technicians at Piedmont Triad International Airport near Greensboro. For...

Tight money squeezes condos.(Charlotte)
October 1, 2008... Three years ago, downtown Charlotte's condo market was cooking. At least seven developers had high-rise projects planned or under way (Skyline Drive, June 2005). But one of four things, local real-estate marketer Emma Littlejohn warned, could...

Sweet charity.(Charlotte)
October 1, 2008... After news of its president's hefty compensation ignited a public firestorm, the United Way of Central Carolinas board gave Gloria Pace King 30 days to resign or be fired, notwithstanding that the board--a who's who of the Queen City's business...

Working capital.(Charlotte)
October 1, 2008... CHARLOTTE REGION Jobs: 1,046,238 YTD change: (625) Index: 108.8 Source: Employment Security Commission, June. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the...

Charlotte.
October 1, 2008... CHARLOTTE -- Time Warner Cable plans to spend nearly $3.7 million to expand and add almost 200 jobs within four years. That will give it more than 1,000 here. The New York-based cable-television provider is eligible for nearly $3.2 million in...

Charlotte.
October 1, 2008... CHARLOTTE -- TIAA-CREF cut 158 local jobs as part of a company-wide cost-cutting effort. The New York-based pension giant still employs more than 2,800 here.

Kannapoli.(Charlotte)
October 1, 2008... KANNAPOLIS -- Harmony Labs, which makes skin-care products, says it will expand its factory and add 50 jobs by the end of 2009. That would bring employment to about 275. Kannapolis approved $43,000 in incentives.

Charlotte.
October 1, 2008... CHARLOTTE -- Fluor, an Irving, Texas, engineering and construction contractor, plans to add 100 employees by February. That will bring employment here to about 280.

Mount holly.(Charlotte)(Daimler Trucks North America)(Brief article)
October 1, 2008... MOUNT HOLLY -- Portland, Ore.-based Daimler Trucks North America will cut 675 jobs this month--leaving 470--because of decreased demand for medium-duty trucks. On the bright side, about 650 of the 1,500 workers laid off in June from its truck...

Charlotte.
October 1, 2008... CHARLOTTE -- Nucor bought Auburn, Ind.-based Ambassador Steel for $185 million in cash and $136 million in debt retirement. Because of growing demand for rebar in the Southwest, the steel maker also plans to spend $30 million to start...

Charlotte.
October 1, 2008... CHARLOTTE -- Mecklenburg County hired John Allen as its first economic-development director. Allen, who will be paid $96,000 a year, had been filling the same role in Winston-Salem.

Charlotte.
October 1, 2008... CHARLOTTE -- Cato promoted John Howe, 46, to chief financial officer. He has worked for the women's apparel company since 1986, most recently as controller, and has been interim CFO since Tom Stoltz resigned in April.

Kannapoli.(Charlotte)
October 1, 2008... KANNAPOLIS -- Defunct textile maker Pillowtex reached a settlement with Concord, Kannapolis and Cabarrus County on back property taxes. It will pay about $550,000, instead of the $1.75 million it owes.

Charlotte.
October 1, 2008... CHARLOTTE -- Tree.com, formerly Lending Tree, was spun off by New York-based IAC/InterActive, which bought it in 2003. Founder Doug Lebda is CEO of the online mortgage marketplace.

Charlotte.
October 1, 2008... CHARLOTTE -- Cogdell Spencer, a real-estate investment trust, will team with Milwaukee-based Northwestern Mutual to buy medical-office buildings. The two could spend up to $350 million nationwide.

Gastonia.(Charlotte)
October 1, 2008... GASTONIA -- PSNC Energy compromised with consumer advocates and will ask to raise the typical residential natural-gas bill by 0.11%--or 28 cents a month--rather than the 3% proposed in March. If approved by the state Utilities Commission, the...

Charlotte.
October 1, 2008... CHARLOTTE -- Wachovia plans to open its first branch in downtown Los Angeles early next year. It plans to open 30 branches in California this year and about that many in California, Arizona and Nevada in 2009.

Charlotte.
October 1, 2008... CHARLOTTE -- MedCath, which builds and operates heart hospitals, will add weight-loss surgery and other procedures to expand its business. It will build larger hospitals with more than 100 beds.

Gastonia.(Charlotte)
October 1, 2008... GASTONIA -- Gaston Memorial Hospital will continue to collaborate with two larger hospital systems nearby but will not merge with either. It heard proposals from Winston-Salem-based Novant Health and Charlotte-based Carolinas HealthCare System....

Hickory.(Charlotte)
October 1, 2008... HICKORY -- Diversified Structural Composites doubled its work force to 30. The Erlanger, Ky.-based company makes parts for wind turbines and fiberglass sheets for marine products.

Gastonia.(Charlotte)
October 1, 2008... GASTONIA -- The city won't sell its golf course to Richard Duffie, who has been course director since 1995. It considered the sale to shed a $150,000 annual subsidy of the course. For a daily roundup of business news in the Charlotte...

Teapot museum is still steeped in controversy.(Western)
October 1, 2008... Sparta's little teapot museum is short of funds, so it won't be as stout as imagined. And unless it can get a handle on some more money or new contributors, it might not have many, if any, spouts to tout. [ILLUSTRATION OMITTED] The...

Working capital.
October 1, 2008... WESTERN REGION Jobs: 504,770 YTD change: 4,080 Index: 103.9 Source: Employment Security Commission, June. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the average in...

A late freeze shrank.
October 1, 2008... A late freeze shrank the region's apple crop last year, but better weather this year has growers expecting a big rebound. [GRAPHIC OMITTED]

Marion.(Western)
October 1, 2008... MARION -- Swift Galey plans to close its plant this month, putting about 280 out of work. The Atlanta-based textile maker cited international competition.

Valdese.(Western)
October 1, 2008... VALDESE -- Burke Mills will close Nov. 1, idling nearly 130. It dyes yarn used in the furniture and automotive industries, but too many customers had moved overseas and found other suppliers.

Marion.(Western)
October 1, 2008... MARION -- Maverick Boat closed its Cobia Boats plant here. Nearly 70 workers lost their jobs. The Fort Pierce, Fla.-based manufacturer blamed the slow economy.

Woodfin.(Western)
October 1, 2008... WOODFIN -- Federal immigration agents arrested 59 employees after raiding Mills Manufacturing's parachute plant. Agents say workers used fraudulent documentation to get jobs. The factory is not under investigation. It employs about 175.

Hendersonville.(Western)
October 1, 2008... HENDERSONVILLE -- Selee, which makes ceramics used in the automotive and defense industries, will add 23 jobs by mid-November. That will bring employment to about 200.

Cherokee.(Western)
October 1, 2008... CHEROKEE -- Principal Chief Michell Hicks vetoed a bid by the Tribal Council of the Eastern Band of Cherokee Indians to hold a referendum on selling alcohol at the tribe's casino. Proponents say alcohol would boost gambling revenue. For a...

Prevailing conditions: executives of the top private companies in the state discuss economic forces affecting their businesses.(FEATURE)
October 1, 2008... Earlier this year, Perfect Fit Industries Inc. went shopping, hoping to refinance its debt. The Charlotte bedding maker worried about the struggles of its primary lender and wanted to reduce costs. But it couldn't get a package it liked from...