Advance Auto inks deal for space at new North Hills building
(Raleigh News and Observer)
Advance Auto Parts, which moved its corporate headquarters to Raleigh last year from Roanoke, Va., will lease seven floors in Kane Realty’s newest North Hills tower. The building is expected to be completed in late 2020 and be named Advance Auto Parts tower. Company offices are now on East Millbrook Road, where it leases about 177,000 square feet.
Industrial operation could bring 250 jobs, $65.3M investment to Orange County
(Triangle Business Journal)
Documents indicate a “light industrial operation” named “Project Tomorrow” is considering Orange County for a 250-job project. Few details, including the name of the company, were available. Should Project Tomorrow pick Orange County, it’s expected to invest $65.3 million over five years. The county is holding a public hearing on September 10 to discuss a $1.8 million incentive package to seal the project. In 2019, 864 jobs have been announced by expanding companies in neighboring Durham County and 800 in Wake County.
Look for Honeywell staff to top 1,000 in Charlotte, CEO says
(The Charlotte Observer)
Honeywell International Inc. the Fortune 500 company that has moved its headquarters to downtown Charlotte, expects to eventually employ more than 1,000 people in the city, CEO Darius Adamczyk said. Charlotte and Mecklenburg County have offered the company $46 million in incentives based on a pledge to add 750 jobs. It’s a record incentives package for the region. Honeywell moved employees into a temporary office in the downtown Barings building in July.
Culp describes ‘tumultuous’ year in letter to shareholders
(NC Business News Wire)
High Point’s Culp Inc., a global supplier of fabrics for mattresses and upholstery, cited low-priced mattresses from China, international tariffs and the death of its founder Rob Culp III as some of the headwinds the company has faced over the past fiscal year, according to a letter to shareholders released last week. Mattress fabric sales declined 24.6% while the company generated free cash flow of $11.5 million for fiscal 2019. Culp says it predicts soft retail demand trends and uncertainty around tariffs to continue through the second half of 2019. It has expanded production in Haiti and China to meet customer demand and is developing strategic supplier relationships in Vietnam.
New Highwoods Properties CEO’s base salary rises 36%
(NC Business News Wire)
Theodore Klinck is stepping up to lead Raleigh’s Highwoods Properties Inc. after CEO Edward Fritsch announced his retirement earlier this year. Klinck’s transition from chief operating officer, a position he’s held at the company since 2015, comes with a 36% base salary increase to $625,000. He is eligible to receive long-term equity incentive awards equal to 275% of his annual base salary starting next year.
Construction begins for $7M Boxyard RTP project
(WRAL TechWire)
Construction on Boxyard RTP kicked off with a groundbreaking ceremony Tuesday morning at the office park at N.C. 54 and Davis Drive. The $7 million project, spearheaded by the Research Triangle Foundation, is set on 12 acres of the former IBM campus and involves converting 38 shipping containers into a complex of retail stores, restaurants, an amphitheater, dog park and sculpture gardens. Fullsteam Brewing will be the anchor tenant.
N.C. attorney general expands fight against youth vaping
(WUNC)
Josh Stein, North Carolina’s attorney general, filed eight lawsuits against e-cigarette companies and manufacturers of vaping products, asking courts to shut down marketing and sales to underage people. Stein says flavored juices are helping fuel an epidemic of smoking by targeting young people. The announcement follows Stein’s May lawsuit against the company that makes the market-leading Juul brand.
Duke Energy selects 5 N.C. counties for development
(NC Business News Wire)
Duke Energy selected Carteret, Cumberland, New Hanover, Rockingham and Rutherford counties to participate in its 2019 Site Readiness Program. The company will collaborate with county officials to create strategic plans to improve sites for future development and potential expansion activity. Each site is able to apply for a $10,000 grant from Duke Energy to improve their plans.
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