Statewide: Triad region, February 2014
STATEWIDE Triad Region
Cache and carry
Wal-Mart Stores will open a perishable-grocery distribution center near Mebane, investing more than $100 million and hiring 450 workers by 2018. It will serve more than 120 Walmart stores in North Carolina and surrounding states. The Bentonville, Ark.-based retailer has topped Business North Carolina’s annual ranking of largest private employers in the state since 2002 (page 57). It already employs more than 52,000 people in 186 Walmart and Sam’s Club stores across the state and at distribution centers in Henderson, Hope Mills and Shelby. Alamance County and the cities of Graham and Mebane will buy the 186-acre site, valued at more than $4.3 million, and convey ownership to Wal-Mart. The county also will pay $1 million toward water and sewer service to it. If the company meets investment and employment goals, it will get a grant of up to $1.1 million from the state’s One North Carolina Fund. Average pay for the jobs will be $35,374, slightly higher than Alamance County’s average of $34,858. Construction will begin in spring 2015, and the distribution center will open in late summer 2016.
HIGH POINT — BNC Bancorp, the holding company for Bank of North Carolina, will acquire South Street Financial, parent of Home Savings Bank of Albemarle, for $23.7 million and Community First Financial Group, parent of Chapel Hill-based Harrington Bank, for $24.2 million. Pending regulatory and shareholder approval, both mergers are expected to close in the second quarter.
WINSTON-SALEM — BB&T Corp. will acquire 21 of New York-based Citigroup’s retail branches in Texas, including all those in the Austin, San Antonio and Bryan-College Station markets. The $36 million deal, expected to close in the second quarter, will give BB&T 81 branches in Texas, boosting its market share from 38th to 20th. BB&T entered the state in 2009.
RURAL HALL — Ellwood Advanced Components will close its local plant by April 2016, idling its workforce of 144. Ellwood, Pa.-based Ellwood Group bought the company, which makes turbine blades for steam and industrial gas turbines, from Nuremberg, Germany-based Leistritz AG nearly two years ago.
WINSTON-SALEM — Orthopaedic Specialists of the Carolinas will join OrthoCarolina, a Charlotte-based practice that treats nearly 1 million patients each year. With the addition of Orthopaedic Specialists’ 20 physicians, OrthoCarolina will have more than 140 doctors in 33 offices in the western half of the state. Financial terms of the deal were not disclosed.
WINSTON-SALEM — Novant Health will partner with Memorial Health in Savannah, Ga. to open the Children’s Hospital of Savannah. The agreement expands an operational partnership that began in August 2012 between the Winston-Salem-based hospital system and the academic medical center. They will share governance and strategic planning and Memorial will manage operations of the $28 million children’s hospital.
GREENSBORO — The Sales Factory, a local marketing firm with offices in New York and San Francisco whose clients include Wake Forest University and Sherwin-Williams, will acquire Woodbine, a Winston-Salem brand-revitalization agency, for an undisclosed amount. Sales Factory + Woodbine will be based here and employ more than 50 full- and part-time workers.