Business North Carolina articles from September 2008

Business North Carolina archives from September 2008

Chasing stories.(UPFRONT)(www.BusinessNC.com)(newspaper Web sites )(Viewpoint essay)
September 1, 2008... My insomnia continues. The Boss wrote about it 16 months ago in this space and how it played into a change in our Web site--www.BusinessNC.com. That's when I started posting The Daily Digest, a roundup of links to the top business and politics...

Paper losses.(READERSWRITE)(Letter to the editor)
September 1, 2008... Yes, times have changed for the printed press (Fine Print, August) and for the networks that have always controlled and manipulated the news with their biased views. The public has become tired of the situation, and it was only logical that...

Rising in the East.(READERSWRITE)(Letter to the editor)
September 1, 2008... As a 16-year employee of Pitt County Memorial Hospital, I would like to thank you for recognizing University Health Systems of Eastern Carolina in your July issue (cover story). I am proud to work for a growing and vibrant hospital that is...

Nctrend.(Statistical table)
September 1, 2008... Latest Previous Previous %change from month month year last year EMPLOYMENT Employed (000s) 4,293.8 4,312.1 4,303.5 (0.2) Civilian labor 4,559.6 4,557.0...

Stockwatch.(earning ratios)(Statistical table)
September 1, 2008... HIGHEST PRICE/EARNINGS RATIOS Company P/E ratio 7/25/08 52-week (3) price range Hatteras Financial 159.0 $23.85 $18.83-27.18 RF Micro Devices 153.0...

On a need-to-know basis.(FINEPRINT)(Biotechnology laboratories)
September 1, 2008... There's a fellow living near Butner, where the federal government is considering building a germ-defense lab, who is prone to dress in a white suit and red cape with a large BS emblazoned on his chest. He's Bio-Safety Man, and he must be a...

The wages of sin taxes.(CAPITALGOODS)
September 1, 2008... Smoke hovered in the hallways in 1999 when farmers from across the state came to Raleigh to have their say on how legislators should use money from the multibillion-dollar national tobacco settlement. Back then, the Legislative Building was...

Thomas J. Fazio.(Golf)(Golf Course Designer )
September 1, 2008... No living designer has more credits on Golf Digest's list of America's 100 Greatest Golf Courses than Tom Fazio. His company has created 17 courses in North Carolina, among them Bright's Creek, named best new course for 2007 by the North...

Bobby Long.(Golf)
September 1, 2008... Six years ago, Bobby Long was described in print as "the most successful businessman in Greensboro that you've never heard of." A few months later, he and his partner made headlines by selling their specialty-insurance brokerage. Business--he's...

E. Spencer Robbins.(Golf courses designer )
September 1, 2008... He's no golf historian, but like many an older fan, Spencer Robbins can recall Jack Nicklaus getting the better of Arnold Palmer a time or two. And Robbins can tell another story about them that's rarely told: It involved Jack besting Arnie...

William Mangum.
September 1, 2008... When the textile and furniture industries landed in the rough, the brush strokes of William Mangum's water-colors became more defined. "There were a couple of projects I had devoted considerable time to that fell through. Businesswise, it made...

Kelly Miller.(Marital property)(Brief article)
September 1, 2008... He married into one of the state's great golf families, and it's natural to assume that Kelly Miller married into money. While becoming the son-in-law of Peggy Kirk Bell and Warren "Bullet" Bell in 1982 had its perks, deep pockets weren't among...

Blackwater tightens security.(Eastern)(Blackwater USA)(Company overview)
September 1, 2008... Camden County doesn't make a splash on world maps. But changes on the world scene--not to mention domestic politics--could fuel one of its biggest economic-development engines. Blackwater Worldwide LLC, which is already the county's largest...

Popping corn.(Eastern)
September 1, 2008... This might be remembered as the year corn got creamed. Blame falling prices, soaring expenses and bad weather. The bright side? It would have been worse last year. Driven by ethanol-fueled prices, farmers planted 1.1 million acres of corn...

Working capital.(Eastern)
September 1, 2008... EASTERN REGION Jobs: 1,063,316 YTD change: 6,421 Index: 111.3 Source: Employment Security Commission, May. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the average in 2000. ...

Anne's House of Nuts.(Eastern)
September 1, 2008... ROBERSONVILLE -- Anne's House of Nuts will expand its plant, adding 263 jobs in three years to give it about 470. The Jessup, Md.-based snack packager will spend $2.3 million.

Fountain Powerboat Industries.(Eastern)
September 1, 2008... WASHINGTON -- Fountain Powerboat Industries plans to spend $12 million to expand its factory. It will add about 250 jobs in five years, for a total of more than 575. Fountain bought the Baja Marine boat line from Brunswick earlier this year.

Reuel.(Eastern)
September 1, 2008... GOLDSBORO -- Reuel, which makes molded electrical insulators, began a $3 million expansion that could nearly double employment to 100. It is boosting production of power-traction equipment for rail systems.

EUE Screen Gems Studios.(Eastern)
September 1, 2008... WILMINGTON -- New York-based EUE Screen Gems Studios is building a 37,500-square-foot film and television production stage, which it says will be the largest on the East Coast. The stage will include a 3,600-square-foot, 10.5-foot-deep tank for...

The North Carolina Eastern Region Military Task Force.(Eastern)
September 1, 2008... JACKSONVILLE -- The North Carolina Eastern Region Military Task Force received a federal grant of nearly $1.6 million to plan for Marine Corps expansion. The number of troops and dependents on three bases is expected to grow nearly a third to...

Nokia Siemens Networks.(Eastern)
September 1, 2008... GREENVILLE -- Finland-based Nokia Siemens Networks took over operation of an 83-employee call center for Embarq, a Kansas-based phone company. No layoffs are planned. Terms were not revealed. For a daily roundup of business news in the...

Credit stunts growth of tallest building.(Triangle)
September 1, 2008... Soleil means sun in French. And the Soleil Center hotel-condo tower proposed for northwest Raleigh would reach closer to it than any of its immediate neighbors. When finished, it will be the city's tallest building-43 stories and 480 feet. But...

Working capital.(Triangle)
September 1, 2008... TRIANGLE REGION Jobs: 924,240 YTD change: (2,683) Index: 112.1 Source: Employment Security Commission, May. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the average in 2000. ...

HCL Technologies.(Triangle)
September 1, 2008... RALEIGH -- HCL Technologies plans to open an office that will employ more than 500 in Wake County within five years. The technology consultant, based in Noida, India, hasn't picked a location.

Novant Health.(Triangle)
September 1, 2008... HOLLY SPRINGS -- Winston-Salem-based Novant Health wants to build a 46-bed, $110 million hospital that would employ more than 200. But it must win state approval before it can begin construction, and other hospital systems likely will oppose...

N.C. State University.(Triangle)
September 1, 2008... RALEIGH -- N.C. State University is reviewing more than 800 employment contracts because it misunderstood a UNC system policy on raises. The system must approve raises of more than 15% and $10,000. An 88% raise given to N.C. State instructor...

Uniboard Canada.(Triangle)
September 1, 2008... MONCURE -- Uniboard Canada plans to spend $120 million to build a fiberboard factory that will employ more than 100. The Laval, Quebec-based manufacturer also bought a particleboard plant that employs nearly 160 here. No layoffs are planned....

IBM.(Triangle)
September 1, 2008... RESEARCH TRIANGLE PARK -- IBM will spend $360 million to build a data center as part of its cloud-computing effort, which uses a scattered network of computers to process data. In an unrelated development, the Armonk, N.Y.-based computer...

Eaton.(Triangle)
September 1, 2008... YOUNGSVILLE -- Eaton opened a plant that employs about 100. The Cleveland-based electrical-equipment maker occupies part of a factory once used by Flextronics International, which closed last year.

GlaxoSmithKline.(Triangle)
September 1, 2008... ZEBULON -- GlaxoSmithKline will lay off 90 workers by October--leaving about 875-as part of a companywide cost-cutting measure. The British drug maker employs about 5,500 in the Triangle.

Charles & Colvard.(Triangle)
September 1, 2008... MORRISVILLE -- Bob Thomas, 60, resigned as CEO and chairman of Charles & Colvard. The maker of moissanite gemstones saw first-quarter sales drop more than 41% in 2008. President Dennis Reed will lead the company while it searches for a CEO.

Etrials Worldwide.(Triangle)
September 1, 2008... MORRISVILLE -- Eugene Jennings, 54, resigned after a year as CEO of etrials Worldwide. The software developer says Jennings left for family reasons. Its first-quarter loss doubled to $2 million this year.

Addrenex Pharmaceuticals.(Triangle)
September 1, 2008... DURHAM -- Addrenex Pharmaceuticals reached a development deal potentially worth more than $200 million with Atlanta-based Sciele Pharma. Addrenex is working on treatments for hypertension and hot flashes caused by menopause.

Sensus Metering Systems.(Triangle)
September 1, 2008... RALEIGH -- Sensus Metering Systems, which makes electric meters, is expanding its headquarters here and plans to add 40 workers, nearly doubling employment. The expansion was expected to be completed this month, and the new workers should be in...

Nextreme.(Triangle)
September 1, 2008... DURHAM -- Nextreme, which is developing devices to cool electronic parts, raised $13 million in a round of financing led by Chart Venture Partners of New York. It employs about 40. Other investors include Research Triangle Institute, which spun...

Capitol Broadcasting.(Triangle)
September 1, 2008... RALEIGH -- Capitol Broadcasting plans to buy six radio stations in Wilmington from Greenwood Village, Colo.-based NextMedia Group for $12 million. It still needs regulatory approval.

UNC Health Care System.(Triangle)
September 1, 2008... SILER CITY -- UNC Health Care System purchased Chatham Hospital for $11.3 million. It has managed the 25-bed hospital since 2006.

ChannelAdvisor.(Triangle)
September 1, 2008... MORRISVILLE -- ChannelAdvisor, which helps businesses sell products online, purchased New York-based software developer RichFX for about $3 million. RichFX customers include Wal-Mart, Brooks Brothers and Saks.

Midwest Airlines.(Triangle)
September 1, 2008... MORRISVILLE -- Midwest Airlines will end service from Raleigh-Durham International Airport this month when it scraps two daily flights to Milwaukee. It blamed high fuel costs.

Slate Pharmaceuticals.(Triangle)
September 1, 2008... DURHAM -- Slate Pharmaceuticals raised $5 million to boost sales of a testosterone pellet that can be planted under the skin. It will require fewer doctor visits than other treatments. For a daily roundup of business news in the Triangle...

Artist wants to scratch pact.(Triad)
September 1, 2008... Despite a marriage that has produced the most successful furniture line ever, artist Bob Timberlake and Lexington Home Brands just can't get along. Their often-stormy relationship (cover story, May) has taken another bad turn, with what amounts...

Wooden slips.(Triad)
September 1, 2008... When the story broke, some said it resembled a Johnny Cash song: One Piece at a Time. That's the one about an autoworker who smuggled out enough parts to build a composite '49, '50, '51, '52-you get the picture--Cadillac. Now it sounds like a...

Working capital.(Triad)
September 1, 2008... TRIAD REGION Jobs: 762,642 YTD change: (2,315) Index: 99.8 Source: Employment Security Commission, May. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the average in 2000. ...

Stanley Furniture.(Triad)
September 1, 2008... LEXINGTON -- Virginia-based Stanley Furniture plans to close its factory by October, putting about 350 out of work. It plans to move production to its plant in Robbinsville and add about 200 jobs to the 315 there.

Triad Guaranty.(Triad)
September 1, 2008... WINSTON-SALEM -- Mark Tonnesen, 56, resigned as CEO of Triad Guaranty. The mortgage insurer has been hit hard by delinquencies and foreclosures. Chairman William Ratliff III took over as interim CEO.

Sealy.(Triad)
September 1, 2008... TRINITY -- Mattress maker Sealy named Lawrence J. Rogers, 59, CEO and president. He had been interim CEO since David Mcllquham, 53, resigned in March.

U.S. Corrugated.(Triad)
September 1, 2008... GREENSBORO -- U.S. Corrugated closed its factory, idling about 75. The New Jersey-based cardboard maker gave no reason.

Morehead Memorial Hospital.(Triad)
September 1, 2008... EDEN -- Robert Enders, 52, resigned after more than 20 years as CEO of Morehead Memorial Hospital. His temporary replacement, Murray L. Brown, 67, was CEO of a hospital in Chanute, Kan., for 32 years.

R.P. Machine Enterprises.(Triad)
September 1, 2008... LEXINGTON -- R.P. Machine Enterprises in Statesville acquired Fletcher Machine for an undisclosed amount. It kept all 50 Fletcher employees and changed that company's name to R.P. Fletcher Machine.

UNC Greensboro.(Triad)
September 1, 2008... GREENSBORO -- UNC Greensboro sold its Journal Finder search tool for $350,000 to WT Cox Subscriptions, a Shallotte-based provider of content for electronic libraries. Journal Finder is used by 43 libraries. For a daily roundup of business...

Preserving battlefield is another lost cause.(Charlotte)(cases between historic preservationists and Atlanta developer Richard Combs and Trading Ford Historic District Preservation Association )
September 1, 2008... In the waning days of the Civil War, Union Gen. George Stoneman's cavalry raided parts of the Piedmont After plundering Salisbury and burning its military prison, the Yankees turned their attention to a railroad bridge over the Yadkin River...

Working capital.(Charlotte)
September 1, 2008... CHARLOTTE REGION Jobs: 1,045,852 YTD change: (1,011) Index: 108.7 Source: Employment Security Commission, May. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the average in 2000. ...

Wachovia's senior management.(Charlotte)
September 1, 2008... CHARLOTTE -- Wachovia's senior management continued a shake-up started when Bob Steel replaced Ken Thompson as CEO. Tom Wurtz, 46, plans to step down as chief financial officer and Don Truslow, 50, as chief risk officer as soon as replacements...

Lowe's Motor Speedway.(Charlotte)
September 1, 2008... CONCORD -- Lowe's Motor Speedway struck a deal with about 35 nearby hotels to lower rates 15% and eliminate minimum-stay requirements during the track's NASCAR race in October. It also cut prices for some ticket packages by 30%. The nation's...

Sencera International.(Charlotte)
September 1, 2008... CHARLOTTE -- Sencera International, a maker of solar panels, plans to spend $36.8 million to build a factory that will employ 65 in three years. It also plans to move its headquarters and 10 other employees into the building. The company...

Kings Mountain Herald.(Charlotte)
September 1, 2008... KINGS MOUNTAIN -- Republic Newspapers of Knoxville, Tenn., sold the Kings Mountain Herald, The Cherryville Eagle, The Belmont Banner and The Mount Holly News to Gemini Newspapers of Port St. Joe, Fla. Terms were not disclosed. Republic acquired...

Sennebogen.(Charlotte)
September 1, 2008... LINCOLNTON -- Germany-based Sennebogen plans to open a $5.1 million warehouse and training center here by early next year. The company makes specialized equipment to handle scraps, logs and coal. The center will employ about 25 within two years...

Saddle Creek.(Charlotte)
September 1, 2008... HARRISBURG -- Saddle Creek plans to spend $11 million during the next three years to upgrade its distribution center. The Lakeland, Fla.-based logistics company will add about 30 jobs, bringing employment to more than 175.

Chris-Craft.(Charlotte)
September 1, 2008... KINGS MOUNTAIN -- Chris-Craft laid off 40 workers, about half its work force here. The Sarasota, Fla.-based boat maker cited slow sales.

Sensory Spectrum.(Charlotte)
September 1, 2008... KANNAPOLIS -- Sensory Spectrum plans to open an office at the North Carolina Research Campus this year. The New Providence, N.J.-based consulting firm tells food, beverage and drug companies how to make their products look better. It will...

Frye Regional Medical Center.(Charlotte)
September 1, 2008... HICKORY -- Michael Blackburn replaced Denny Bruns as CEO of Frye Regional Medical Center. Blackburn, 56, had been Carolinas regional vice president for Brentwood, Tenn.-based Quorum Health Resources. Bruns, also 56, retired earlier this year.

Catawba Valley Community College.(Charlotte)
September 1, 2008... HICKORY -- Catawba Valley Community College will drop its motor-sports program this fall. Only one student signed up for it, compared with about 100 in 2005. For a daily roundup of business news in the Charlotte region, go to...

Weak economy could forestall foreclosure.(Western)
September 1, 2008... Bobby Ginn's Laurelmor project is struggling financially, but he has one thing in his favor. The real-estate market is so bad that lenders aren't eager to foreclose--even on the high-dollar acreage of western North Carolina's largest...

Working capital.(Western)
September 1, 2008... WESTERN REGION Jobs: 501,225 YTD change: 535 Index: 103.2 Source: Employment Security Commission, May. Figures are not seasonally adjusted. The index is the number of jobs as a percentage of the average in 2000. ...

N.C. and Tennessee aren't acting very neighborly.(Western)
September 1, 2008... The image of North Carolina's mountains is usually that of clear streams and clean air. A less-agreeable view can be found in legislatures and legal documents. In June, Tennessee lawmakers urged North Carolina to do more to keep pollution from...

ContinentalAFA.(Western)
September 1, 2008... FOREST CITY -- ContinentalAFA, which makes trigger sprayers, planned to close its plant here in August. Nearly 220 will lose their jobs. The St. Peters, Mo.-based company blamed the poor economy.

Thomasville Furniture.(Western)
September 1, 2008... LENOIR -- Thomasville Furniture plans to add about 100 workers by the end of the year, increasing employment to more than 800. The furniture maker says the rising cost of doing business in Asia prompted expansion in North Carolina.

Bank of Granite.(Western)
September 1, 2008... GRANITE FALLS -- Two former executives of Bank of Granite agreed to pay the federal government $225,000 to settle accusations that they made false statements in bank records. Former CEO Charles Snipes and former vice president Gary Prewitt did...

Kellex.(Western)
September 1, 2008... VALDESE -- Kellex will reopen a Hickory Hill furniture factory that closed in July. The North Ridgeville, Ohio-based furniture supplier will invest $1.7 million and create about 50 jobs in three years. About 165 worked there before the...

Galexe Pharma Sciences.(Western)
September 1, 2008... LENOIR -- Galexe Pharma Sciences plans to renovate a building and open its headquarters by the end of the year. The subsidiary of Reston, Va.-based PharmSci will spend $8.6 million and employ about 55.

Haywood Regional Medical Center.(Western)
September 1, 2008... CLYDE -- Haywood Regional Medical Center might affiliate with another hospital or sell itself. It lost about $10 million in the first half of 2008, mostly because Medicaid and Medicare temporarily stopped reimbursements over concerns about how...

Hasco.(Western)
September 1, 2008... ARDEN -- Hasco plans to cut 40 of 50 jobs during the next several months. The German machine-parts maker is phasing out U.S. manufacturing to focus on sales and distribution.

Hawksnest Ski & Snow Tubing.(Western)
September 1, 2008... SEVEN DEVILS -- Hawksnest Ski & Snow Tubing will only open for tubing this winter. Owner Lenny Cottom is frustrated with town officials over a planned expansion. He and his partners have owned the resort since 1992. For a daily roundup of...

The candy man can; Dead men tell no tales, but J. Brooks West III dug up one--who had never been alive--to promote his company.(FEATURE)
September 1, 2008... Even in Momeyer, a place that smells like peaches year round despite the lack of orchards, some find him odd. He has been known to stroll around this Nash County hamlet of some 300 souls and down the road in Nashville--population 4,000-dressed...

Parting is such sweet sorrow; When their boards of directors sour on them, getting the old heave-ho can be quite lucrative for some CEOs.
September 1, 2008... It was clear Ken Thompson was in trouble, just not how much. Shares of Charlotte-based Wachovia Corp. had plunged, losing more than half their value as its 2006 purchase of mortgage lender Golden West dragged down earnings and the nation's...

Gain amid the pain.(Top 75 Chief executive officers)(Statistical table)
September 1, 2008... Ken Thompson wasn't the only chief executive of a big Tar Heel company forced out in the past year, and given the pain shareholders are feeling, more might go. Forty-eight of the 75 largest public companies based in North Carolina produced a...

Boots & saddles; A horse farm in apex provides boarding, grooming and lessons to anyone willing to pony up the dough.
September 1, 2008... The horse is half a ton of contradiction. Properly trained and guided by a skilled rider, it can combine the grace and finesse of dressage with the explosive power and agility of cross-country jumping. It's a muscular giant on a ballerina's...

Bricks&Mortar.
September 1, 2008... Talk about cold calls. Old Salem Tavern was built in 1784 by the Moravian Church on the outskirts of Salem to keep its guests--mostly business travelers, or "strangers," as they were called--from mingling with the theocracy's God-fearing folk....