Thursday, May 26, 2022

Regional Report Charlotte February 2013


Apple juice

Apple Inc. amped up the fuel-cell operation at its Maiden data center from 4.8 to 10 megawatts. The expansion, scheduled to be completed in January, gives the Cupertino, Calif.-based tech giant two of the nation’s largest renewable-energy installations, both in Catawba County.



CHARLOTTEBelk will add 150 workers to the roughly 1,000 at its headquarters here to help with online commerce and information technology. The department-store chain will lease additional space nearby to accommodate the growth.

SALISBURY Gildan Activewear will open a yarn-manufacturing plant here, investing $50 million and creating about 170 jobs within two years. The Montreal-based apparel manufacturer employs 394 at a distribution center in Eden and a yarn-spinning plant in Clarkton.

CHARLOTTE Bank of America will pay Washington, D.C.-based Fannie Mae nearly $10.4 billion to settle claims it misrepresented the quality of loans it sold to the mortgage lender. The bank will pay Fannie Mae $3.6 billion in cash and repurchase nearly $6.8 billion in mortgage loans. The loans were sold between 2000 and 2008 by Countrywide Financial, which BofA bought in 2008.

LINCOLNTON TENOWO will expand its plant, investing $7.2 million and adding 26 to its workforce of 67 within three years. The company, founded here as HOF Textiles in 1992 but now a subsidiary of Germany-based eswegee Vliesstoff, makes textiles for the automobile and apparel industries. Average annual wages will be $32,538, higher than Lincoln County’s average of $31,252.

CHARLOTTE Ridgemont Equity Partners acquired Houston-based J.A.M. Distributing, a distributor of fuel, lubricant and other products, for an undisclosed amount. Bank of America spun off the private-equity firm in 2010.

CHARLOTTE — Human-resources company Infinisource will acquire Qqest, a local company that provides time and attendance software, for an undisclosed amount. Infinisource moved here last year from Coldwater, Mich., and focuses on small to mid-market businesses.

STATESVILLE Paumac Tubing will open a 75,000-square-foot plant, investing $3 million and creating 75 jobs. The Marysville, Mich.-based company, which fabricates steel, stainless steel and aluminum tubing, plans to have
the plant fully operational by the second quarter. 

CHARLOTTE Chiquita Brands International named Brian W. Kocher chief operating officer, a new position. He had been chief financial officer. The banana giant had not named a replacement for him by mid-January.

CHARLOTTE — Tampa-based real-estate investment company Elco Landmark Residential and Toronto-based Timbercreek Asset Management purchased a 476-unit apartment complex here and a 250-unit one in Chapel Hill as part of a $95.4 million deal in which they also acquired two out-of-state complexes from Birmingham, Ala.-based Colonial Properties Trust.

Core Technologies

The story behind Core Technology Molding

I was at a manufacturing industry conference (MFGCON) last week in Durham. That’s where I heard Geoff Foster talk about the company he founded in 2006, Core Technology Molding Corporation in Greensboro.  
Fayetteville Tech Sundial Fountain

Fayetteville Tech’s president prepares for retirement

Larry Keen is retiring as president of Fayetteville Tech, the state’s third-largest community college, effective Jan. 1. Here is his story, one that is not widely known. 

Supreme Court justice cites hire as reason to oust chief judge

N.C. Supreme Court Justice Phil Berger Jr. isn’t on the ballot this year, but he’s taking an active role in determining which GOP candidates for appellate courts make it to the November election. Berger, whose father is...

Culbertson: How to negotiate with David Tepper

This is a column by John Culbertson, owner of Cardinal Real Estate Partners LLC in Charlotte. He's a veteran real estate adviser and investor. How do you negotiate with someone who has 17.7 billion dollars?...

Deal would double Atrium Health’s size

Atrium plots Midwest expansion
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