Business North Carolina articles from September 2003

Business North Carolina archives from September 2003

Throwing in the towel.(Up Front)(Pillowtex Corp.)
September 1, 2003... In July 30, Kannapolis-based Pillowtex Corp. filed for Chapter 11 bankruptcy protection and shut down, triggering the biggest round of job losses in the state's history. Senior Editor Arthur Murray was there. Here are his thoughts about it. ...

Hard lesson.(Letter to the Editor)
September 1, 2003... Having been in education in two states as a teacher, observer and parent for the better part of 40 years, I regret that Ned Cline's comment--"What's most regrettable in that the federal government has had to force local school boards to do what...

Exporting jobs.(Letter to the Editor)
September 1, 2003... Three cheers to Nucor CEO Dan DiMicco (Economic Outlook, July). Since reading the interview with Thomas Oatley (Economic Outlook, April), I had been trying to compose a rebuttal. I'm glad I didn't because DiMicco made such an excellent...

BNC and ENC.(Letter to the Editor)
September 1, 2003... I have enjoyed your magazine for many years and recently been enamored with the discussion of the demise of Eastern North Carolina. I find it rather interesting that your Up Front column in the July issue speaks further about the struggles Down...

Trend.(Economic conditions)
September 1, 2003... Latest Previous month month EMPLOYMENT (1) Total employed (000s) 3,927.9 3,907.7 Civilian...

Study: most N.C. families don't make a living wage.(Economic Outlook)(Interview)
September 1, 2003... Sorien Schmidt, lawyer for the North Carolina Justice and Community Development Center in Raleigh, was shocked to learn that 60% of North Carolina parents earn less than their families need to live. That was a finding in a recent report site...

VF hopes it looks good in Nautica.(Money Matters)
September 1, 2003... Among the riches-to-rags tales of the Tar Heel textile and apparel industry lies a company cut from a different cloth. VF Corp. of Greensboro (NYSE: VFC) has not only avoided bankruptcy, it has kept generating operating profits, aided by its...

Tar heel stock watch.(Money Matters)(Illustration)
September 1, 2003... Expensive stocks Highest price-earnings ratios among North Carolina stocks P/E 07/25/03 52-week Company ratio * price range Unifi ...

Group gets a shiner in lighthouse fight.(Tar Heel Tattler)(Currituck Beach Lighthouse battle)
September 1, 2003... Currituck Beach Lighthouse once guided ships through tricky currents off the North Carolina coast. Today the 162-foot structure itself is caught in the maelstrom between Currituck County and a nonprofit historic-preservation group battling to...

911 is the right number for pols.(Tar Heel Tattler)(taxing cellular calls to 911 )
September 1, 2003... With the state budget in crisis, lawmakers decided to dial 911 for emergency assistance. Quietly raiding the state's Enhanced 911 Wireless Fund, budget negotiators turned nearly $58 million in cellular-phone taxes into general revenue. The...

That sinking feeling.(Tattle Tales)(Titanic: The Artifact Exhibit)(Brief Article)
September 1, 2003... That sinking feeling: That's what some advertisers must have felt when they saw the story in The Charlotte Observer's travel section on "Titanic: The Artifact Exhibit" at the North Carolina Museum of Natural Sciences in Raleigh. It ran on the...

Pass/flail.(Tattle Tales)(No Child Left Behind Act)(Brief Article)
September 1, 2003... Pass/flail: When first-year results were released this summer, Durham had only one secondary school meet the standards of the No Child Left Behind Act. Problem is, the school board had decided to close CIS Academy, an alternative school for...

Trickle down.(Tattle Tales)(Brief Article)
September 1, 2003... Trickle down: A federal judge in Asheville awarded $2.5 million to lawyers who sued former PTL Ministries President Jim Bakker. Their 165,000 clients, who were swindled out of $1,000 vacation packages, each get $6.54.

If you can't beat' em.(Tattle Tales)(Unifi Inc. to form partnership with Kaiping Polyester Enterprises Group.)(Brief Article)
September 1, 2003... If you can't beat 'em: Just weeks after new American Textile Manufacturers Institute President Billy Moore, executive vice president of Greensboro-based Unifi, was railing against the Chinese for routinely violating trade agreements (August,...

Shhhh--fire.(Tattler Tales)(Brief Article)
September 1, 2003... Shhhh--fire: A Southport movie theater wound up in hot water with the Fire Department after employees decided not to evacuate the place during an electrical fire. "We didn't want people to panic," one explained. The damage: $10,000, plus a $100...

Supply and demand.(Tattle Tales)(Brief Article)
September 1, 2003... Supply and demand: Four years after the national company that bought it went out business, Cabarrus Creamery, founded in 1912, reopened in Concord--then had to shut down for two days after customers ate all the ice cream its first day back in...

Can't judge an author by his title.(Tattler Tales)(George Shinn, Never Give Up)(Brief Article)
September 1, 2003... Can't judge an author by his title: New Orleans Hornets owner George Shinn's latest book, Never Give Up, was to be published by Louisiana-based Pelican Publishing in October (Tattle Tales, August). But Shinn gave up on the tell-all about the...

Master of disaster.(Data Bits)(Illustration)
September 1, 2003... MASTERS OF DISASTER Only five states got more disaster relief from the Federal Emergency Management Agency in fiscal 2002. Relief (millions) 1 New York $1223.8...

Burlington's name doesn't measure up.(Tar Heel Tattler)(classification of Metropolitan Statistical Areas)
September 1, 2003... In 1771, Piedmont farmers chafing under the rule of royal officials took up arms against the militia in what came to be known as the Battle of Alamance. When Gov. William Tryon gave them an ultimatum--go home or fight--legend has it a Regulator...

Feud forces college to be radio active.(Tar Heel Tattler)(WNCW format changes)(Brief Article)
September 1, 2003... If heaven had a radio station, singer Emmylou Harris once said, it would be WNCW. But the Spindale station with the eclectic playlist that ranges from Ella Fitzgerald to Ziggy Marley and Ricky Skaggs--has gotten itself into a hell of a mess....

Telemarketing Concepts.(Eastern)(Brief Article)
September 1, 2003... NEW BERN -- It had nothing to do with a new federal law that lets people block unwanted calls, a local official says, but New York-based Telemarketing Concepts announced it is phasing out its call center here this summer, putting 77 workers out...

West Pharmaceutical Services.(Eastern)(Brief Article)
September 1, 2003... KINSTON -- West Pharmaceutical Services will pay a $100,000 penalty to the state and contribute $300,000 to local schools and charities to settle allegations that safety violations at its plant here caused an explosion that killed six in...

ECU School of Allied Health Sciences.(Eastern)(East Carolina University)(Brief Article)
September 1, 2003... GREENVILLE -- Stephen Thomas, a rehabilitation-studies professor at East Carolina University, was named dean of the ECU School of Allied Health Sciences in July. Health sciences includes the Brody School of Medicine, ECU's nursing school and...

Parris Frames.(Eastern)(Brief Article)
September 1, 2003... CONETOE -- Parris Frames, based in Asheboro, has begun operations here in a former apparel plant. Company and town officials say 80 jobs will be created. Parris makes wood frames for furniture companies such as Barcalounger in Rocky Mount and...

Wilmington -- Wachovia says it will sell the city the unfinished Governors Landing townhouse project for $2.1 million.(Eastern)(Brief Article)
September 1, 2003... WILMINGTON -- Wachovia says it will sell the city the unfinished Governors Landing townhouse project for $2.1 million. The city wants to turn the property into a park. However, some local real-estate brokers say the bank is in flaring the...

Army Corps of Engineers.(Eastern)(water quality)(Brief Article)
September 1, 2003... A $6.8 million Army Corps of Engineers project north of Wilmington that relocated Mason Inlet by nearly half a mile failed to improve water quality. So says a researcher at the University of North Carolina at Wilmington who studied the issue....

Working capital.(Regional Report)(unemployment rate)(Brief Article)
September 1, 2003... North Carolina's unemployment rate fell to 6.0% in May. Rates decreased in 70 counties, remained the same in six and increased in 24. Vance County, for the second straight month, had the highest rate at 12.8%. Currituck, at 1.7%, had the...

Oak Value Capital Management.(Triangle)(George Brumley)(Brief Article)
September 1, 2003... DURHAM -- George Brumley III, 42, chairman and CEO of investment company Oak Value Capital Management, was killed July 19 in a plane crash in Kenya, along with 11 family members.

Cree.(Triangle)(Brief Article)
September 1, 2003... DURHAM -- Cree, which makes light-emitting diodes and semiconductors, asked a federal judge to dismiss a $3.2 billion lawsuit filed by its co-founder, Eric Hunter. The lawsuit accuses the company and its chairman, Neal Hunter, of securities...

The Haskell Co.(Triangle)(Brief Article)
September 1, 2003... RALEIGH -- The Haskell Co., a Jacksonville, Fla.-based design and construction company, is closing its regional office here. Its 14 employees, mostly architects, were offered jobs at the company's headquarters.

Quintiles Transnational.(Triangle)(CV Therapeutics Inc.)(Brief Article)
September 1, 2003... DURHAM -- Drug researcher Quintiles Transnational sold the rights to Ranexa, a chronic-angina treatment in the final stages of U.S. Food and Drug Administration approval, back to Palo Alto, Calif.-based CV Therapeutics for 200,000 shares of...

SunTech Medical Instruments.(Triangle)(Brief Article)
September 1, 2003... MORRISVILLE -- SunTech Medical Instruments, which makes portable blood-pressure monitors, is moving its headquarters here from Raleigh. The move will give the company, which employs 50, space to add 75 employees. SunTech's parent company,...

Blue Cross and Blue Shield of North Carolina.(remaining non-profit)(Brief Article)
September 1, 2003... After 19 months of trying to become a for-profit company, Durham-based insurer Blue Cross and Blue Shield of North Carolina quit. Bob Greczyn, president and CEO, says he believes the company would have been subjected to unreasonable terms by...

Embrex.(Triangle)(Fort Dodge Animal Health)(Brief Article)
September 1, 2003... DURHAM -- Embrex, which inoculates chicks in the egg, received $5 million from Fort Dodge Animal Health, a division of Madison, N.J.-based Wyeth, to settle a breach-of-contract lawsuit. Embrex alleged that Fort Dodge had broken an agreement to...

Harriet & Henderson Yarns.(Triangle)(Brief Article)
September 1, 2003... HENDERSON -- Textile maker Harriet & Henderson Yarns closed its last plant here, putting 125 out of work, and filed for Chapter 11 bankruptcy. It has closed three other plants in its hometown during the past two years, eliminating about 325...

Dynamic Homes.(Triangle)(Brief Article)
September 1, 2003... ROBBINS -- Startup modular-homes manufacturer Dynamic Homes is locating its headquarters and plant here. The company, which received $125,000 in state and local incentives, planned to hire 40 initially and double that within a year.

Synthon Pharmaceuticals.(Triangle)(Brief Article)
September 1, 2003... CHAPEL HILL -- Synthon Pharmaceuticals has received FDA approval for an antidepressant that it hopes will challenge GlaxoSmithKline's Paxil. Synthon, the U.S. subsidiary of Netherlands-based Synthon Holdings, says its yet-to-be named drug could...

Trimeris.(Triangle)(Roche Holding Ltd.)(Brief Article)
September 1, 2003... DURHAM -- Trimeris says Switzerland-based Roche will be able to produce enough of Trimeris' new AIDs drug Fuzeon (cover, July) by the end of the year to treat 18,000 patients--about 20% more than it initially expected. Trimeris developed the...

The Triangle has six of the state's 10 cities with the highest percentage gains in population since 2001.(Triangle)(Illustration)
September 1, 2003... The Triangle has six of the state's 10 cities with the highest percentage gains in population since 2001. Change * (millions) 1 Clayton 9.9% 2 Apex ...

R.J. Reynolds.(Triad)(R.J. Reynolds Industries Inc.)(Winston Cup)(Brief Article)
September 1, 2003... WINSTON-SALEM -- Cigarette maker R.J. Reynolds is ending its 33year run as sponsor of The Winston Cup, NASCAR's top racing series, which was named for one of Reynolds' biggest brands. Cell-phone service provider Nextel will replace Reynolds...

Quality Associates.(Triad)(Brief Article)
September 1, 2003... REIDSVILLE -- Quality Associates, a Cincinnati-based packager, says it wants to open a plant here in October and create 200 jobs within a year. Plans won't be final until an economic incentive package is approved. A public hearing on the...

Bank of America.(Triad)(Brief Article)
September 1, 2003... HIGH POINT -- Bank of America plans to add as many as 350 jobs at its loan-servicing office here by the end of 2003, boosting employment at the call center to about 1,850. The bank built the center in 1993. Earlier this year, it decided to...

High Point Regional Health System.(Triad)(High Point Regional Health System )(Brief Article)
September 1, 2003... HIGH POINT -- High Point Regional Health System has cut its work force by 23 people, 1% of total employment. The nonprofit, which includes High Point Regional Hospital, lost $1.7 million in its last full fiscal year and $400,000 in the first...

Steven D. Bell & Co.(Triad)(DRA Advisors Inc.)(Brief Article)
September 1, 2003... GREENSBORO -- An ownership group led by Steven D. Bell & Co., in a joint venture with New York-based DRA Advisors, bought apartment complexes in Charlotte and Raleigh in July. Partnerships sponsored by Archstone-Smith Trust, one of the nation's...

Lexington Home Brands.(Triad)(Brief Article)
September 1, 2003... LEXINGTON -- Furniture maker Lexington Home Brands opened its first factory outlet in July. The store will sell showroom samples and discontinued items in an 8,000-squarefoot space on Main Street.

Confluence Watersports.(Triad)(Brief Article)
September 1, 2003... TRINITY -- Canoe and kayak maker Confluence Watersports added 41 manufacturing jobs to its plant here. Confluence, now with 208 workers, had laid off 100 in the past two years. A surge in demand pushed it to hire.

Burlington Industries.(Triad)(Berkshire Hathaway Inc.)(W.L. Ross & Co.)(Brief Article)
September 1, 2003... First, New York financier Wilbur Ross derailed a bid by rival Warren Buffet's company, Berkshire Hathaway, to buy Greensboro-based textile giant Burlington Industries in February. Then his company, WL Ross & Co., won Burlington managements...

Suncare Research Laboratories.(Triad)(Brief Article)
September 1, 2003... WINSTON-SALEM -- Suncare Research Laboratories moved its headquarters here from Memphis, Tenn. Suncare does research on sunscreens and other skin products for manufacturers. It was founded in 1999 and has five employees.

Unifi.(Triad)(E.I. du Pont de Nemours and Co.)(Brief Article)
September 1, 2003... GREENSBORO -- An arbitration panel ordered yarn maker Unifi to pay $16 million to Delaware-based chemical giant DuPont. DuPont had sought $85 million, claiming an alliance begun in 2000 obligated Unifi to buy a type of polyester yarn from...

Pillowtex.(Charlotte)(Brief Article)
September 1, 2003... KANNAPOLIS -- Troubled textile maker Pillowtex shut down its manufacturing and distribution operations in July, laying off more than 6,000 workers nationally. Most were North Carolina residents, including more than 4,300 in Cabarrus and Rowan...

Kemet.(Charlotte)(KEMET Corp.)(Brief Article)
September 1, 2003... SHELBY -- Electrical component maker Kemet is closing its plant here, idling 109 workers, as part of a companywide restructuring. The Simpsonville, S.C.-based company will cut 500 more jobs nationally as it moves manufacturing to Mexico and...

Baker & Taylor.(Charlotte)(Baker and Taylor Inc.)(Willis Stein and Partners L.P.)(Brief Article)
September 1, 2003... CHARLOTTE -- Book mad music distributor Baker & Taylor has been acquired by Chicago-based private-equity firm Willis Stein & Partners in a $255 million secondary buyout. Its previous owner, The Carlyle Group, had planned to take Baker & Taylor...

Saber Cargo Airlines.(Charlotte)(Brief Article)
September 1, 2003... CHARLOTTE -- Saber Cargo Airlines, based at Charlotte/Douglas International Airport, filed for Chapter 7 bankruptcy after 12 years in business. The airline, which operated DC-3 freighters, a Falcon 20F turbojet and a JetRanger helicopter,...

Duke Energy.(Charlotte)(Duke Energy Corp.)(Fluor Daniel Inc.)(Brief Article)
September 1, 2003... CHARLOTTE -- Duke Energy ended its 14-year partnership with Aliso Viejo, Calif.-based engineering and construction company Fluor Daniel following a drop in demand for new power plants. The joint venture completed 43 construction projects...

Meineke Car Care Centers.(Charlotte)(Brambles Parts Industries)(Brief Article)
September 1, 2003... The management of Charlotte-based Meineke Car Care Centers, the nation's second-largest specialty auto-service franchise, is buying the company from Australia-based parent Brambles Parts Industries. The buyout, led by CEO Ken Walker, is backed...

Cheyenne International.(Charlotte)(Brief Article)
September 1, 2003... GROVER -- Cheyenne International has begun production of its Cheyenne line of discount cigarettes in the former Wirtz Manufacturing building here. The brand, sold throughout the Southeast, comes in 11 varieties including full-flavor, nonfilter...

Only six companies worldwide made more money than Charlotte-based Bank of America in 2002.(Charlotte)(Illustration)
September 1, 2003... Only six companies worlwide made more money than Charlotte-based Bank of America in 2002. Net income * Rank (billions) 1 ExxonMobil $15.9 ...

Unisource Health.(Charlotte)(WellPath Community Health Plans Holdings L.L.C.)(Brief Article)
September 1, 2003... HICKORY -- Unisource Health, a coalition of 44 employers here trying to improve the cost and quality of the region's health-care options, signed an exclusive contract agreement with Chapel Hill-based health insurer WellPath. The insurer will...

Mayflower Vehicle Systems.(Charlotte)(Brief Article)
September 1, 2003... Kings Mountain -- Mayflower Vehicle Systems plans a three-year, $882,000 expansion of its plant here, which makes tractor-trailer cabs. It will create 15 full-time jobs. The factory employs 140.

SPX.(Charlotte)(GFI GENFARE)(Brief Article)
September 1, 2003... CHARLOTTE -- A division of manufacturing conglomerate SPX won a contract to supply the Canadian cities of Montreal and Laval with automatic fare-collection systems for their buses. GFI Genfare's two-year contract is worth $25.9 million.

Barker Industries.(Charlotte)(Brief Article)
September 1, 2003... CHARLOTTE -- Custom chemical manufacturer Barker Industries is establishing a global distribution hub here with the purchase of a $1.4 million, 78,000-square-foot building. The company, which makes inorganic chemicals for the pharmaceutical,...

Kendro Laboratory Products.(Western)(Brief Article)
September 1, 2003... WEAVERVILLE -- Kendro Laboratory Products plans to move its corporate headquarters to its plant here, adding about 115 jobs. The company is now based in Newtown, Conn., and about 80% of the new jobs will be office and clerical. Kendro, which...

Asheville -- real-estate groups in Buncombe, Madison, Haywood, Henderson and Transylvania counties will form a multiple-listing service for residential and commercial properties.(Western)(Brief Article)
September 1, 2003... ASHEVILLE -- Real-estate groups in Buncombe, Madison, Haywood, Henderson and Transylvania counties will form a multiple-listing service for residential and commercial properties. The move comes as the U.S. Census Bureau is expanding how it...

Perfect Air Control.(Western)(Brief Article)
September 1, 2003... MARION -- Perfect Air Control, a Clearwater, Fla.-based maker of parts for heating and air-conditioning systems, has begun moving into a former textile building here and will create about 200 jobs over the next two years. Officials described...

Coats North American.(Western)(Brief Article)
September 1, 2003... ROSMAN -- Industrial-thread maker Coats North American, based in Charlotte, is closing its plant here effective Sept. 30, idling about 228. Brian Coats, vice president of manufacturing, blamed competitive pressures. He said employees would get...

Chemtronics.(Western)
September 1, 2003... A Swannanoa site where Kennesaw, Ga.-based Chemtronics once made chemicals for industrial and government use might be removed from the U.S. Environmental Protection Agency's list of Superfund pollution sites, although cleanup efforts continue....

Biotech center breathes life into state's economy.(Capital)(North Carolina Biotechnology Center)
September 1, 2003... The North Carolina Biotechnology Center, little known or understood but increasingly important to the state's economy, is sprouting branches. The intent is two-tiered: to encourage more higher-level university and industry research, which, in...

Last resort: Pat Corso revived Pinehurst, then also ran its owner's other getaways until a shake-up shrank his domain.(Feature)(Pinehurst Resort and Country Club)
September 1, 2003... You owe us an apology," Pat Corso snarled at his billionaire boss. "I'm not apologizing to you," Robert Dedman shot back. "Fine," Corso replied, "this dinner's over for me." Nine years ago, Corso, president of Pinehurst Resort and Country...

A new day dawning in Fayetteville.(Regional Focus)
September 1, 2003... The future is bright for a North Carolina town whose leaders and citizens are committed to change. Armed with a new, robust economic development platform and a strong sense of community spirit, Fayetteville is succeeding in improving both its...

Success spotlight: Cingular[R] Wireless.(Regional Focus)(Cingular Wireless' Fayetteville offices)
September 1, 2003... Fayetteville's skilled work force, industrial real estate, job-training and education programs and proactive economic developments plans don't just look good on paper. They are real qualities that attract real business. Those...

Fayetteville's total package shines bright.(Special advertising section: regional focus)
September 1, 2003... Fayetteville offers numerous benefits that attract business and industry. But the city also has a rich quality of life, with comprehensive health care, education and entertainment available. "Fayetteville offers a total package," says...

You get what you pay for: well, not always, our study of CEO compensation shows. But performance isn't the only reason pay keeps rising.
September 1, 2003... Visions of handcuffed executives from Enron, Tyco International and Adelphia Communications haunted boardrooms. Martha Stewart's day in court had yet to come, but her suspiciously timed stock sale had wags wondering if the home-fashion diva's...

Pay vs. performance.(Illustration)
September 1, 2003... PAY VS. PERFORMANCE 2003 rank Exchange/ Base 2002 CEO/ Ticker/ salary rank Company City (000s) ...

Candy land: it's a sweet deal for this Boone business--making a mint of money by making millions of mints each day.(Feature)(Hospitality Mints )(Brief Article)
September 1, 2003... Nearly 30 years ago, when Hospitality Mints LLC began making restaurant mints and needed a boost, Gordon Gallagher gave it a big one. He landed a contract to supply the giant Culver City, Calif.-based Sizzler Family Steak House chain. "That was...

Insurance: is your business covered?(Special Advertising Section)(Knauff Insurance Inc. )(Advertisement)
September 1, 2003... Although insurance is one of the most important investments a business will make, it sometimes receives less attention than an order of office supplies. The inherent complexities, legalities and complicated jargon associated with business...

Ex-Hornets exec manages to make Bobcats' scratch.(People)(Tom Ward)
September 1, 2003... Charlotte has a new National Basketball Association franchise (the Bobcats), with a new owner (billionaire Bob Johnson), new colors (blue and orange) and a new arena under construction (downtown). It's a different team, but the game's the same,...

Brokerage owner has funds in the sun.(People)(Rodney Bowman)
September 1, 2003... "I am a poster child for the Wilmington Chamber of Commerce," says the CEO of Coastal Capital Markets LLC. Five years ago, Rodney Bowman ditched his "corporate prison" and fled the cold winters of Detroit for sunnier shores. Former chief...

Prominent lawyer stays on the case.(People)(Tom Ellis)
September 1, 2003... Tom Ellis is not the retiring type, even though he turned 83 in August. Four months earlier, he left Maupin Taylor & Ellis PA, the Raleigh law firm he formed in 1960, to join union-busting Haynsworth Baldwin Johnson & Greaves LLC. ...

He bases business on dollars scents.(People)(Owen Williams and American K9 Interdiction Inc.)
September 1, 2003... The bombing of the USS Cole in 2000 made Owen Williams angry. "Those terrorists took a $2 device and blew up a billion-dollar warship," he says. In 2001, he formed Moyock-based American K9 Interdiction Inc. to provide special dog teams for...