The High Point City Council voted 8-1 on Monday to move forward with plans for a $30 million baseball stadium, agreeing to spend $5 million on related design and demolition costs. The move comes less than a week after Guilford County Commissioners voted to delay a decision on helping High Point pay for the stadium, the focal point of a plan to transform a blighted section of downtown into a thriving center that features a hotel, apartments, a children’s museum, a park and an events center.
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Swedish vehicle manufacturer Volvo Cars is expanding its plans for an automobile plant under construction in Charleston, S.C., a little over two years after the company passed on North Carolina to set up operations. Volvo announced in May 2015 that it would invest $500 million in the 1,900-employee plant, which would produce the first Volvos in the United States. Now, the company says it will spend $1.1 billion to bring two models to market, eventually employing nearly 4,000.
Cree Inc. has named Greg Lowe, the former head of Freescale Semiconductor Inc. of Austin, Texas, to succeed the Durham-based lighting company’s longtime CEO Chuck Swoboda. Lowe’s arrival comes nearly four months after Swoboda announced that he was leaving the company after 16 years for personal reasons. Cree employs 2,600 people in Durham and around 6,000 in total. Freescale Semiconductor was acquired by NXP Semiconductors in 2015.
Wells Fargo & Co. has agreed to settlement negotiations to resolve a class-action suit that contends the bank made unauthorized loan modifications on mortgages held by customers in bankruptcy. Wells denied the allegations brought in the case, which was filed in federal bankruptcy court in Charlotte. In other developments, Wells Fargo has hired law firm Sidley Austin to prepare Chief Executive Tim Sloan for his appearance before the U.S. Congress on Oct. 3, when he is scheduled to answer questions about a year-long sales practices scandal.
The Duke Human Vaccine Institute, a division of Duke University School of Medicine, has landed a $41.5 million contract renewal from a division of the National Institutes of Health. Under the seven-year agreement, Duke will provide quality assurance programs for HIV/AIDS research. North Carolina ranked sixth in the nation last year in terms of NIH funding, receiving more than $1.15 billion.
Winston-Salem clothing manufacturer Hanesbrands Inc. has gone outside the company for its next chief financial officer, hiring Tempur Sealy International CFO Barry Hytinen. He succeeds Richard Moss, who announced in April that he would retire at year’s end. As part of his compensation package, Hytinen, 42, will receive a starting annual base salary of $600,000, along with eligibility for up to $510,000 in annual incentives and up to $1.2 million in a long-term incentive program.
Durham-based Dova Pharmaceuticals Inc. has submitted its lead candidate drug avatrombopag for approval by the U.S. Food and Drug Administration. The drug is intended to treat low levels of blood platelets in patients with chronic liver conditions. Dova began trading on the Nasdaq exchange in June.
Greenville-based health care tech company RFPI Inc. has raised $3.5 million in a private stock offering, according to a filing with the SEC. The company, which raised $3.2 million from investors in March, markets medical technology aimed at decreasing post-procedural blood-related complications. In other developments, Black Mountain-based solar chemical company Phytonix Corp. has raised $1.7 million in equity and options. The company produces sustainable chemicals and fuels from carbon dioxide.
Tennessee-based NN Inc. will move its corporate headquarters to the Waverly mixed-use development in south Charlotte, creating 200 jobs over the next five years with an average annual wage of $130,000. The company, which markets metal and plastic components for the medical, aerospace and automotive sectors, is eligible for some $4 million in state incentives. The city and county have tentatively agreed to provide $288,166 in property tax rebates.
Raleigh-Durham International Airport will hire a consultant to negotiate the purchase of land at the north end of a planned runway, including parts of a former Superfund site. It is unclear how much property will be required for the project, which will replace the airport’s current 10,000-foot runway, but the airport says it will most likely need the Estes Express Line trucking terminal and at least part of the formerly hazardous waste site once owned by Ward Transformer Co.