Lowe’s reported quarterly earnings and revenue that topped analysts’ expectations, but same-store sales were weaker than anticipated. The company reduced its estimates for profit over the next year. The Mooresville-based company also said it plans to end its Mexican retail operations.
The best way to jump start your business day.
Subscribe to the Daily Digest and get all of the latest business news from all around North Carolina straight to your inbox… for free!
RTI International, a nonprofit research firm headquartered at Research Triangle Park, acquired Chicago-based Medical Review Officers Certification Council, a nonprofit that issues credentials to qualified physicians. Financial details were not disclosed.
Greensboro-based Progressive Business Media, which owns Furniture Today magazine and other home-furnishing publications, was acquired by Minneapolis’ BridgeTower Media. Financial details were not disclosed. Progressive has 94 full-time employees. Catherine Silver, vice president of sales at Progressive, will become president of the company. BridgeTower owns N.C. Lawyers Weekly and the Mecklenburg Times in North Carolina.
Winston-Salem-based apparel manufacturer Hanesbrands signed a lease at a former Ralph Lauren distribution center in High Point. The company plans to hire 200 to work at the facility, which will be operational by January.
Austrian-based wood materials supplier Egger has broken ground of its first U.S. manufacturing plant in Linwood. The company says it will invest $700 million and add 770 jobs at the new Davidson County site. Construction on the particleboard manufacturing facility is expected to be finished by 2020.
The N.C. State Ports Authority is planning to expand at a 29-acre property along the Cape Fear River in Wilmington. Port of Wilmington had 38% year-over-year container growth and 18% year-over-year general cargo growth during the 2018 fiscal year that ended June 30.
Broker Moss Withers is leaving Raleigh-based commercial real-estate brokerage NAI Carolantic after a decade to open the first Triangle office for Lee & Associates, a California-based real-estate investment firm. Withers has been among the nation’s top producing brokers over the last few years. NAI Carolantic broker Karah Jennings is joining him at the new company.
Raleigh-based venture capital firm One Better Ventures invested $7 million in Green Mountain CBD, a Vermont hemp farming company. The company, which will change its name to Sunsoil early next year, produces organic CBD products. One Better Ventures recently invested $2 million in a Raleigh-based media website, Remedy Review, that publishes content and information about the growing CBD market.
Charlotte-based mobile and cloud software provider Payzer raised $9.2 million in a Series C round of equity. Investors include Route 66 Ventures and Grotech Ventures. The company plans to use the funds to focus on the HVAC, plumbing, electrical, solar and specialty trade industries.
Durham-based clean energy company American Efficient has purchased energy analytics firm PlotWatt, also based in Durham. Financial details were not disclosed. The companies help clients save money on energy in the U.S., Canada and New Zealand.
Winston-Salem-based clothing manufacturer Hanesbrands is opening a Champion brand store in Boston, the company’s fourth U.S. retail location. Hanesbrands opened Champion stores in Los Angeles, New York and Chicago earlier this year. Champion was recently announced as the official uniform and apparel supplier for the Harlem Globetrotters.
The Charlotte Hornets NBA team signed whiskey distiller Jack Daniels as a new team sponsor. A Jack Daniels-branded bar was constructed at the Charlotte Spectrum Center. The deal comes as the Hornets’ sponsorship agreement with Crown Royal expires after this season.
Charlotte-based Bank of America revealed its first new logo in 20 years and introduced an ad campaign, “What would you like the power to do?” Bank of America, which employs 15,000 in the Charlotte area, is the second-largest bank in the U.S. by assets.
Vaccine maker Seqirus broke ground on a $140 million plant expansion in Holly Springs. The plant plans to double output of vaccine to 40 million doses daily. The plant, which has about 600 employees, plans to add another 120 by 2020.
Investment firm Sovereign’s Capital raised $20.2 million. The company, headed by former Bandwidth CEO Henry Kaestner, is headquartered in Los Gatos, Calif., but has its back office and operations center in Raleigh.
Raleigh-based First Citizens Bank is purchasing Coconut Grove, Fla.-based Biscayne Bancshares for $990 million. This is First Citizens’ third acquisition this year. First Citizens, which has $35 billion in assets, has 28 branches in Florida.
Charlotte-based MapAnything raised $42.5 million in Series C funding for use in expanding in key markets, research and development and building closer ties with some partners. The company’s “location awareness” product helps sales and service workers plan, track and complete their duties, automating some processes. GM Ventures and Arizona entrepreneur Andrew Leto invested for the first time in MapAnything, joined by four existing investors.
San Francisco-based bank Wells Fargo is laying off 116 employees in the Charlotte metro area as part of a nationwide effort to cut its workforce by 5-10% over the next three years. The bank announced that it cut 1,000 jobs nationwide. Wells Fargo employs 25,000 in the Charlotte region.
The Department of Defense says it has more than $343 million worth of construction projects underway at Fort Bragg and another $699 million projected for the next six years. One of the projects includes a large entertainment complex known as Freedom Crossing at Fort Bragg which will feature a movie theater, restaurants and retail. The U.S. military has spent $6 billion on construction at Fort Bragg since 1985, according to The Fayetteville Observer.
Wake County was prepared to offer Amazon its largest-ever incentive package if the online retail giant had picked Raleigh for its HQ2. Records show the county offered a grant that could have been worth as much as $277 million over 15 years in exchange for 61,875 full-time net new jobs with an average annual wage of more than $100,000 and a capital investment of $6 billion.
Charlotte-based Atrium Health has reached an agreement with the U.S. Department of Justice in a lawsuit over the company’s language in certain health-insurance contracts. Atrium was accused of using its dominant position to suppress competition from lower-cost providers. Atrium Health, formerly Carolinas HealthCare System, will not have to pay any penalties or fines.
Southwest Airlines will offer a once-a-week, nonstop flight from Raleigh-Durham International Airport to San Jose, Calif. The airline also will add additional daily service to Austin, Texas. The flights will begin next summer.
CANarchy Craft Brewery Collective, which owns several craft breweries across the country, has bought Lexington Avenue Brewery in downtown Asheville. The company plans to add a restaurant, remodel the brewpub and launch the newly dubbed The CANarchy Collaboratory in March. CANarchy also owns Oskar Blues Brewery, which has a production facility in Brevard.
Winston-Salem-based apparel manufacturer Hanesbrand’s Champion brand has become the official uniform and apparel provider for the Harlem Globetrotters. Champion will provide uniforms, warm-ups and travel apparel and will have the rights to sell Globetrotter-branded apparel at existing stores and retailers internationally. The company will create the Globetrotters’ first new uniform design in 20 years.
Morrisville-based drug-development company Synteract acquired KinderPharm, a pediatric drug-developer. Financial details were not disclosed. KinderPharm founder and CEO Martin Graham will become vice president of pediatric development and scientific innovation at Synteract.
The Food and Drug Administration is expected to announce it may ban menthol-flavored cigarettes, according to a senior agency official cited by the Wall Street Journal. It could take a year or two for the action to take effect in the marketplace. Winston-Salem-based Reynolds American is among the leading producers of the minty cigarettes, which are popular with younger and African-American smokers.
The government has extended many of the assistance deadlines for homeowners, renters, businesses and nonprofit organizations for Hurricane Florence damages and losses. Disaster loans, physical loss loans, economic loss loans and renters assistance are still available. State estimates indicate Hurricane Florence caused nearly $17 billion in damages to homes, businesses, farms and government buildings.
The N.C. Office of the Commissioner of Banks granted charter approval for a new community bank in Monroe called American Bank & Trust. Its the first bank startup in the state since Jacksonville’s Coastal Bank and Trust in 2009. Randy Adcock, who will serve as president and CEO, says the bank expects to open in early spring.
Novant Health opened a new brain and spine surgery clinic in Thomasville. Brain and Spine Surgery-Thomasville is led by Gerald Zupruk, who previously worked on the neurosurgery team at UNC High Point Regional Physicians.
A worker died Monday at the former MillerCoors site in Eden in an apparent industrial-related accident. The identity of the worker has not been released. The investigation is ongoing. MillerCoors closed the plant in 2016 and it is in the process of being deconstructed.
Software firm ImageQuix, which previously had its headquarters in Cary and Greenville, S.C., is being purchased by California private equity firm Alpine SG and moving its headquarters to Raleigh. Fourteen employees will work at the new office.
Charlotte-based software consulting firm Levvel Holdings LLC raised $1.5 million from 15 investors. The company previously raised $2.3 million in March 2017. Levvel, founded in 2013, has more than 200 employees and offices in Australia and Singapore.
Charlotte officials said the city will release public records related to its bid for Amazon’s HQ2 within 25 business days. Charlotte was among 238 cities vying to be selected for online retailer Amazon.com’s second headquarters, but the company picked New York City and northern Virginia to house its dual second headquarters.
The American Academy of Family Physicians and the North Carolina Academy of Family Physicians recognized East Carolina University’s Brody School of Medicine for producing the highest percentage of family doctors in the state in the last decade. Nearly 19% of Brody graduates entered into family medicine residency programs. Only one other U.S. medical school — the University of North Dakota — produced a higher percentage of family doctors.
Charlotte-based refrigeration-gasket distributor The Seals has acquired Raleigh’s The Gasket Guy. Financial details were not disclosed. Gasket Guy owner Andrew Thompson will serve as vice president of production for The Seals. The Seals was started by Charlotte commercial real-estate broker Andy Dinkin and has 13 employees.
Durham-based biotechnology firm Ribometrix has raised $30 million in a financing led by Germany-based M Ventures. The company, which develops small molecule therapeutics that target RNA to treat diseases, was co-founded by UNC Chapel Hill graduate Kevin Weeks. Ribometrix previously raised $7.5 million in October 2017.
Las Vegas-based Allegiant Air is adding twice-weekly nonstop service from Asheville Regional Airport to Sarasota-Bradenton International Airport in Florida. The new flight will begin Feb. 22, with introductory one-way fares starting at $45. It’s the sixth new route announced at the airport this year.
Atlanta-based airline DAL Global Services will lay off 320 employees at Raleigh-Durham International Airport as the result of a canceled contract between the company and Delta Air Lines. DGS, a Delta subsidiary, has more than 19,000 employees at 170 U.S. locations.
The Greensboro-Randolph Megasite near Liberty is bisected by a 2-mile section of a Duke Energy transmission line, complicating the site’s ability to attract a large manufacturing plant, the Carolina Journal reported. State officials favored the site for a proposed Toyota/Mazda plant in 2017, but the Japanese companies selected Alabama for a new factory. Duke officials agreed to move the line had the site been selected. The N.C. Railroad Co., Randolph County and the Joseph M. Bryan Foundation pledged $48 million if the automakers chose the Liberty site. The state is also prepared to provide $1 billion in incentives for “transformational” new developments.
Raleigh Convention Center named Kerry Painter general manager and director. Painter has more than 30 years of experience in event management and previously served as assistant general manager at Cox Business Center in Tulsa, Okla. She replaces Doug Grissom, who will serve as concert venues manager.
Two trailblazing female craft-beer entrepreneurs opened the Rocky Mount Brewery, joining about 260 local beer-making establishments in North Carolina. Briana Brake, founder of Spaceway Brewery, and Celeste Beatty, founder of Harlem Brewing, are collaborating at the 150-acre Rocky Mount Mills mixed-use development. Three other craft-beer companies are already operating at the project’s business incubator.
Asheville city officials are discussing a potential sales tax increase and a food and beverage tax that would help pay for public transportation services and infrastructure costs. The sales tax increase would generate an estimated $13 million annually, and the food and beverage tax could bring in $8 million to $9 million. The proposals will be discussed at a pubic hearing on Nov. 27.
Jonathan Hayes, founder and CEO of Cary awards management technology startup RewardStock, will make a pitch for additional funding on ABC’s Shark Tanka television show. It will air on Sunday at 8 p.m. RewardStock has raised a total of $350,000 so far, according to CrunchBase.
The city of Hickory has launched its Hickory Trail redevelopment project to link Lenoir-Rhymes University to downtown Hickory and Lake Hickory. Officials hope the 5-mile redevelopment zone will attract $500 million in investments, 8,500 new jobs and 3,500 new residents through 2035.
Renee Christine Borunda, former manager of a Wilson company that offered behavioral health services to Medicaid recipients, was sentenced to more than three years in prison for Medicaid fraud. Borunda has been ordered to pay back more than $225,000 to the N.C. Medicaid program.
UNC Health Care has received approval for two new outpatient clinics in the Triangle totalling $32 million. One clinic in Chapel Hill is set to be completed by April 2020. Another one will be built in Raleigh, and is scheduled to be complete by July.
Homes sales in Charlotte dropped nearly 10% last month compared with the same month last year. It’s the sixth month in a row year-over-year sales have declined. Despite the decrease, the average list price and final sales jumped about 6%. Realtors attribute limited housing inventory as the cause of the price spike.
Amazon.com will name New York City and Northern Virginia as the sites for its second and third headquarters as soon as today, the Wall Street Journal reported. Other finalists in the company’s site search may also land major facilities, the paper said.
Duke Energy Carolinas issued $1 billion worth of bonds that will finance solar and other clean-energy investments over the next several years. The average yield on the bonds is 3.74%.