Cone Health ends talks to acquire Randolph Health
Cone Health and Randolph Health said Thursday they have discontinued negotiations for a potential Cone takeover of the Asheboro hospital.
Cone began running the Asheboro hospital in 2016 as part of a management services agreement. The potential for the acquisition was disclosed in February 2017.
The chairs of the governing boards for both systems signed in May 2017 a non-binding letter of intent as part of a due-diligence process. The letter of intent would require Cone to make a more than a $100 million investment in Randolph Health, including upgrading facilities and technology within the system and adding new services in the county.
“After much consideration, we found that combining our organizations would require that many current and future Cone Health priorities and projects would need to be scaled back or put on hold,” Terry Akin, chief executive of Cone Health, said in a statement.
Pratt & Whitney gains
$2B defense contract
Pratt & Whitney, an aerospace division of United Technologies Corp., and the U.S. Department of Defense said Thursday that the manufacturer has been awarded a $2 billion contract.
The contact is for the 11th lot of F135 propulsion systems, a total of 135 F135 engines that powering all three variants of the F-35 Lightning II aircraft. The contract also covers program management, engineering support, production support, spare modules, and spare parts.
“Since 2009, we have reduced the production cost of the F135 by more than half and are now pursuing additional affordability initiatives to drive down engine production and sustainment costs even further throughout the F-35’s planned lifecycle,” said John Wiedemer, vice president of the manufacturer’s F135 program.
To date, Pratt & Whitney has delivered 375 F135 engines. Deliveries of LRIP 11 engines will start this year.
UTC said May 24 that it remains on target for an early summer closing of its $30 billion purchase of Rockwell Collins Inc.
Rockwell had at last count about 1,600 employees at the Winston-Salem operations it acquired in April 2017 from B/E Aerospace Inc. There are plans to transfer 119 jobs to third-party operations in the Philippines.
N.C. Rural Center creates lending affiliate
The N.C. Rural Center has created a nonprofit affiliate aimed at expanding funding assistance to the state’s small business owners and entrepreneurs
Thread Capital will provide small-business loans of up to $50,000, along with access to loans of up to $5 million through a network of statewide lending partners.
Thread also will offer coaching and business planning services, and a support network. For more information about Thread Capital, go to www.threadcap.org.
Keurig Green Mountains cuts 35 jobs in Vermont
Keurig Green Mountain said Thursday it is eliminating 35 employees in its home state of Vermont, mostly in manufacturing.
Keurig is a sister food-manufacturing company with Krispy Kreme Doughnuts Inc. under the shared ownership of private-equity firm JAB Holdings Inc.
State Labor Commissioner Lindsay Kurrle said the job cuts are spread across three company locations in Vermont: Essex, Williston and Waterbury.
The company’s website says it had 6,000 employees as of fiscal year 2015.
The Associated Press, Richard Craver