A longtime Monroe manufacturer is doubling the size of its presence with a $40 million truck-hub factory near the Charlotte-Monroe Executive Airport. Consolidated Metco Inc., which already has about 500 employees at a 220,000-square-foot plant closer to downtown Monroe, will bring 100 additional jobs to the new facility. Incentives from the city of Monroe, Union County and the state total $2.7 million.
A federal court has ruled that Wells Fargo & Co. is liable for a negligence penalty in a tax case that involved foreign tax credits, but the bank prevailed in another part of the case that could mute any payment. The case involves Structured Trust Advantaged Repackaged Securities, or STARS. In other developments, Wells Fargo will increase recruitment bonuses to financial advisers after competitors announced plans to cut back on such payments. Wells Fargo Advisors will hike recruiting offers by as much as 50%, according to individuals briefed on the changes.
Blue Cross and Blue Shield of North Carolina, the state’s largest health insurer, is proposing a 22.9% rate increase on Affordable Care Act plans in 2018, in what will be the fifth year of the federal health insurance mandate. However, Blue Cross says its rate increase proposal would be 8.8% if the U.S. Congress continued fully funding the ACA in 2018. So far, Republicans in Congress have debated how to dismantle the law and replace it with a less costly alternative.
Charlotte-based Coca-Cola Bottling Co. Consolidated will open a 135,300-square-foot facility at the McConnell Center in Greensboro, with plans to add up to 20 new jobs and invest $4 million in the operation. The new jobs will add to the company’s presence in Greensboro, where the firm employs 230.
Tech giant Lenovo reports a 5% increase in quarterly revenue to $9.6 billion, the company’s first gain after five consecutive quarters of declines. Lenovo, which has dual headquarters in Beijing and Morrisville, says net income totaled $107 million, which was down from $180 million a year ago. However, analysts polled by Bloomberg News had expected net income of $97.9 million in the latest quarter. Lenovo has 3,000 workers in the Triangle.
The Alexander Co. will redevelop the former Proximity Printworks Mill in Greensboro with a $58 million project that will feature 217 apartments scattered over five buildings, a restaurant and retailer, and an 80,000-square-foot, climate-controlled storage business. The Wisconsin-based company, which specializes in urban redevelopment and historic preservation, bought the run-down property on 18 acres for $1.25 million last week.
Raleigh-based software company Red Hat has agreed to acquire Codenvy, a maker of cloud-based developer workspace tools. Financial terms of the agreement weren’t disclosed. San Francisco-based Codenvy, founded in 2012, raised $9 million in 2013 from investors Toba Capital and Auriga Partners, both of which frequently invest in enterprise IT startups.
N.C. Ports officials have named a new chief operating officer. Brian Clark has 20 years of experience in the maritime industry and most recently was managing director for APM Terminals at Port Elizabeth in New Jersey. He replaces Jeff Miles, who has been COO at N.C. Ports for the past 12 years. N.C. Ports did not provide a reason for Miles’ departure.
The NBA has finalized an agreement to bring the 2019 All-Star Game to Charlotte. The league, which relocated the 2017 All-Star Game to New Orleans in protest of House Bill 2, announced its decision Wednesday to bring the game to the Queen City less than two months after the state legislature repealed the so-called “bathroom bill.” Local tourism executives predict visitors to the February 2019 event will spend $60 million on hotel rooms, meals, transportation and other costs in Charlotte.
North Carolina’s economy grew by 8.6% over the last decade, a modest rate change compared with other East Coast states. North Carolina’s growth rate from 2007-16 ranked seventh among the 18 states and District of Columbia where Pittsburgh-based PNC Bank mostly operates, according to economist Mekael Teshome.