Statewide: Charlotte region, August 2014
STATEWIDE Charlotte Region
Simon adds to its shopping list
CHARLOTTE — Bank of America laid off 540 employees here in its Legacy Asset Servicing division. The unit was created in 2011 to handle 1.4 million mortgage loans that were at risk of foreclosure. Fewer delinquent mortgages were cited as the reason for the job cuts.
CHARLOTTE — Starwood Capital Group bought Northlake Mall from Bloomfield Hills, Mich.-based Taubman Centers as part of a $1.4 billion deal that included seven shopping malls in five states. The local mall opened in 2005. Greenwich, Conn.-based Starwood manages $36 billion of assets.
CHARLOTTE — Pamlico Capital and Sikeston, Mo.-based Clarity Telecom will acquire some of WideOpenWest Finance’s broadband systems in South Dakota for $262 million. WideOpenWest, owned by New York-based Avista Capital Partners, sells cable, Internet and phone services in 13 states. Pamlico, founded here in 1988, manages about $2 billion of assets. The deal is expected to close in the third or fourth quarter.
CHARLOTTE — Snyder’s-Lance acquired Baptista’s Bakery for about $195 million. The Franklin, Wis.-based company makes tortilla chips and other snacks. Snyder’s also sold its private-brands unit to Massillon, Ohio-based Shearer’s Foods for $430 million.
CHARLOTTE — YG-1 America, a subsidiary of South Korea-based YG-1, will invest $13.8 million in a local manufacturing plant and create 53 jobs over three years. The company makes drills and other tools for the aerospace, medical and electrical industries. Jobs will pay an average of $59,831 a year, slightly more than Mecklenburg County’s $59,046.