Charlotte Business Reports

This is for Charlotte business making news.

April 26, 2008
Nucor Corp.

American Metal Market has named Nucor Corp. the top steel manufacturer in the United States.

The ranking by the magazine, its first in recent years, tracks which company produces the most steel.

Nucor topped the list with more than 22 million tons manufactured last year.

Good news for Goodrich

In the face of deepening trouble for domestic airlines, aerospace manufacturer Goodrich Corp. continues to report strong earnings and has raised its forecast through the end of 2008.

First-quarter net income increased 58 percent to $158 million, or $1.24 per diluted share, on sales of $1.75 billion. In the first quarter of last year, Goodrich reported $100 million in net income, or 78 cents per diluted share, on $1.55 billion in sales.

From the Charlotte Business Journal

The SportsOneSource Group has moved its headquarters to Charlotte from West Palm Beach, Fla.

The company, which publishes trade publications for the sports industry, has leased 5,500 square feet at 2151 Hawkins St. in South End.

The SportsOneSource Group also has offices in New York City and West Palm Beach.

The Charlotte office has 15 employees. The company plans double the size of its local work force by the end of 2009.

"When it came down to it, Charlotte offered us a good location equidistant from our two established East Coast centers and provides convenient travel options to the West Coast and Europe," says James Hartford, chief executive. "We have also found it is a very desirable location for recruiting from both the Northeast and West."

The SportsOneSource Group has four divisions that focus on media, research, career services and events.

Deal may spark sale of local theaters
JEN ARONOFF
jaronoff@charlotteobserver.com
Regal Cinemas and Consolidated Theatres will have to sell movie theaters in Charlotte, Raleigh and Asheville to proceed with their proposed merger, the U.S. Department of Justice announced Tuesday.

Otherwise, their proposed $210 million deal would "substantially lessen competition among first-run commercial movie theaters" in the affected markets, leading to "higher ticket prices and a decreased quality viewing experience for moviegoers," the Department said in a news release.

The sell-offs are required as part of a proposed settlement the Justice Department's Antitrust Division filed Tuesday. If approved, the settlement would resolve the lawsuit and the competitive concerns, the news release said.

The two movie-theater companies announced plans to merge in January, and the deal had been expected to close by the end of June.

Regal and Consolidated have agreed to the settlement, but the Justice Department is required to accept public comment on the settlement for the next 60 days, the department said. After that period, the U.S. District Court in Washington can finalize the deal.

Regal and Consolidated compete in Charlotte and Raleigh and soon will in Asheville because of a new theater under construction there, the Justice Department said. The two chains operate the vast majority of first-run theaters in south Charlotte, the complaint said.

Under terms of the settlement, the two chains will sell Regal's Crownpoint Stadium 12 theater on Monroe Road in southeast Charlotte, as well as two multiplexes in the Raleigh area and one in Asheville.

Knoxville, Tenn.-based Regal has 540 theaters. Charlotte-based Consolidated has 28.

Consolidated referred calls about the settlement to Regal, which could not be reached by press time.


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Bids for three city-owned tracts close to $60 million; plans not revealed
Charlotte Business Journal - May 5, 2008 by Ashley M. LondonStaff writer


The checkered flag is waving on the city's plan to sell three of five tracts near the NASCAR Hall of Fame as buyers float potential uses such as an international hotel and high-end condos.

Two local developers and one out-of-state company got city approval this week to purchase the tracts -- ranging from 1.6 to 3.7 acres. The bidding, however, isn't over. Rivals have 10 days to submit higher offers.

Trader Joe’s plans to open its midtown Charlotte store in the Metropolitan development Oct. 10.