Greensboro Business News: Mergers, Acquisitions, and Closures

Strategic Insights -

Greensboro is abuzz with business activity as local companies make headlines with mergers, acquisitions, and closures. The city's thriving market is attracting national players, while local businesses are adapting to changing market trends. The recent deals announced include the acquisition of Jack Pickard Imports by Crown Automotive, the planned purchase of Steel Bar Corp. by Reliance Steel & Aluminum Co., and Duke Power Co.'s decision to close over 30 retail appliance stores due to unprofitability.

Key Takeaways:

  • Crown Automotive has acquired the Jack Pickard Imports dealership on Wendover Avenue, employing approximately 70 people, and selling new and used Volvos. The deal is expected to close on Thursday, making it Crown's 19th franchise in the chain.
  • Reliance Steel & Aluminum Co. has agreed to buy Steel Bar Corp., a private metals service-center company, which had revenues of about $13 million in 1997. The deal is expected to be completed within 10 days, and Steel Bar will become a subsidiary of Reliance through Phoenix Metals.
  • Duke Power Co. will close more than 30 retail appliance stores across the state due to unprofitability, with 14 closing by the end of the year, including locations in Kernersville, Madison, Elkin, and Eden.
  • Union Planters Corp., a Tennessee bank holding company, will replace NationsBank Corp. in the Standard & Poor's 500 Index after the close of trading today.
  • Crown Automotive owns 18 new-car franchises in 11 locations across Greensboro, Raleigh, Chapel Hill, and Richmond, Va.
  • Reliance Steel & Aluminum Co. has 3,100 employees and provides metals-processing services, with revenues of $962 million in 1997.

Statistics:

  • Steel Bar Corp. had revenues of about $13 million in 1997.
  • Duke Power Co. will close over 30 retail appliance stores across the state.
  • Reliance Steel & Aluminum Co. has 3,100 employees and revenues of $962 million in 1997.
  • Crown Automotive has 18 new-car franchises in 11 locations across Greensboro, Raleigh, Chapel Hill, and Richmond, Va.
  • The deal between Reliance and Steel Bar Corp. is expected to be completed within 10 days.

Sources:

  • Eleni Chamis: Crown Automotive buys Jack Pickard Imports.
  • Fran Daniel: Reliance Steel & Aluminum Co. to buy Steel Bar Corp.
  • Bloomberg News: Union Planters Corp. to replace NationsBank Corp. in S&P index.
  • Duke Power Co. press release: Closure of retail appliance stores.