Business

Business news and information from Charlotte and the Carolinas. 

Duncan McFadyen

A new company says it will turn the former Philip Morris plant in Concord into a high tech manufacturing facility. Executives from Alevo made the announcement Tuesday. They will use the space to build large-scale battery arrays that, they say, will “redefine energy.”

Julie Rose

For months, Chiquita’s board has been spurning an offer to merge with financial company Safra and juice maker Cutrale. Monday, Chiquita announced it will take the buyout by the two Brazilian companies.

So what does this mean for Charlotte? 

Duke Energy/Flickr

North Carolina utilities are paying less in taxes to due to the legislature’s tax overhaul last year. The NC Utilities Commission says companies no longer have to pass on those savings to customers but Duke Energy still plans to.

Mike Mozart/Flickr

Bank of America broke roughly even in its third quarter earnings, despite paying part of the massive, more than $16 billion settlement with the federal government over mortgage fraud that helped spur the financial crisis.


Ben Bradford / WFAE

Electric cars were largely novelties until Tesla introduced its Roadster in 2008. Now, a few small start-ups are trying to repeat Tesla’s success in another sector of the electric vehicle industry. They’re building trucks, hoping to sell them en masse to government and business fleets.


Magnum Energy

The nation’s largest wind farm in Wyoming would connect to  one of the largest energy storage facilities in Utah to power Los Angeles, in a proposal announced Tuesday by four companies, including Duke Energy. The project’s scale is more akin to a nuclear plant.


Strata Solar

The nation’s largest power company will also be one of the largest solar providers. Duke Energy wrapped up six months of shopping for solar projects today, and announced it will increase its North Carolina capacity by more than a third. Despite the increase, solar remains a tiny fraction of overall generation.


Michael Tomsic

 A software company founded in Charlotte is expanding to create about 600 jobs. AvidXchange will also build a new headquarters at the Music Factory.

AvidXchange's first office was in an old fire station on the corner of Ninth and Brevard in uptown Charlotte. When Michael Praeger co-founded the company in 2000, he said that office consisted of five desks in what looked like a small, brick warehouse.

Slew Of Mergers Not Unique To Charlotte

Sep 10, 2014
Jeremy Brooks https://creativecommons.org/licenses/by-nc/2.0/

The discount chain Dollar General officially launched a hostile takeover bid for Matthews-based rival Family Dollar today. Ten miles up the road, banana giant Chiquita signed an agreement to open its books to Cutrale-Safra—a collaboration of Brazilian companies—which threatened a hostile takeover. The merger battles are part of a larger, post-recession economic trend.


Icahn Exits, Family Dollar Considers Rival Bids

Sep 4, 2014
Courtesy of Carl Icahn's Twitter page

The future of Family Dollar is uncertain—it’s in the midst of a bidding war as its board of directors decides whether to sell the company to Dollar Tree or Dollar General. But this much is certain: The billionaire investor who helped spur this pending ownership change is now cashing in.


Pages