Triad Business Journal Report
The Business Journal:
A poultry processing plant in Davie County will remain closed for the foreseeable future. The Triad Business Journal reports market conditions for chicken production must improve in order for Townsend's Mocksville poultry plant to re-open. The trouble extends to Randolph County which has the highest concentration of Townsends' contractors and supplied plants in Mocksville and Siler City.
Many of the growers there are saddled with a heavy debt load from chicken houses built to supply Townsends' plants that now sit idle. The president of the Randolph County Economic Development Corporation said they are actively looking to find a new owner for the plants.
Also, The Triad Business Journal reports the Department of Justice will dismiss criminal charges against a local bank if they hold to their end of the bargain. CommunityOne Bank was accused of fraud after an investigation showed they should have stopped a $40 million ponzi scheme running through some accounts. Federal prosecutors and the bank's attorneys asked a judge last Friday to approve an agreement to settle the matter.
CommunityOne agreed to pay $400,000 in restitution to victims.
This will allow investors who are helping CommunityOne avoid the bank's problems.
And United Furniture is expanding its deliveries along the East Coast and the Midwest. The Winston-Salem company opened a distribution center in Union Cross Business Park. Eighteen to 25 people will work at the location. A company who supplied parts to Dell used the building until the computer plant closed last year. United Furniture has 800 workers in the Triad.
For more Triad business headlines go to The Business Journal's website.
WFMY News 2