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The Briefcase: Ruger’s Mayodan plant gaining Marlin production

The Briefcase: Ruger’s Mayodan plant gaining Marlin production

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Ruger’s Mayodan plant gaining Marlin production

The Mayodan manufacturing plant of Sturm, Ruger & Co. Inc. will gain a significant portion of the production from the company’s acquisition of the Marlin firearms line, Ruger’s top executive told analysts this week.

Ruger agreed Sept. 29 to pay $30 million for the Marlin-branded firearms business from the bankrupt estate of Remington Outdoor Co. Inc.

Ruger has a major production plant in Mayodan, with 315 employees at last count. Its headquarters is in Southport, Conn.

Christopher Killoy, Ruger’s president and chief executive, said Thursday that the Marlin production is “more likely to be split between the Mayodan facility and the Newport (N.H.) facility.”

Killoy also told analysts that Ruger has been between 1,700 and 1,750 employees. That would be up from about 1,600 in October 2018.

Richard Craver

First Horizon plans to shorten corporate name

First Horizon National Corp. said in a regulatory filing Friday that its board of directors approved on Tuesday shortening its corporate name by removing National.

The bank said Tennessee law does not require the name change to be approved by shareholders.

The name change is expected to become effective Nov. 30. It will continue to trade on the New York Stock Exchange under the ticker symbol “FHN.”

The change comes after First Horizon completed on July 2 its $3.9 billion purchase of Iberiabank.

Richard Craver

Imperial Brands completes sale of Premium Cigars unit

Imperial Brands Plc, owner of ITG Brands LLC of Greensboro, announced Thursday the completion of the sale of a worldwide premium cigar business.

Imperial said April 27 it would sell Premium Cigars to an investment consortium for $1.52 billion. Imperial plans to use the net cash proceeds of $1.36 billion for debt reduction.

The sale took place in two transactions: one for the USA business, Premium Cigar USA, and another for the business in the rest of the world, Premium Cigar RoW.

Gemstone Investment Holding Ltd. bought Premium Cigar USA for $230 million. Allied Cigar Corp. SL bought Premium Cigar RoW for $1.29 billion.

Richard Craver

Technology manufacturer pledges 150 new jobs in Durham

Nuvotronics, an advanced technology manufacturer of microelectronics components and subsystems, said Friday it will create 150 jobs and spend $50 million on capital investments on an expansion in Durham over five years.

The 150 new jobs will include engineers, technicians, operators, managers, and administrative support staff. The average annual salary for all new positions is projected at $72,867.

By comparison, Durham County’s average annual wage is $71,756.

The company has been made eligible for up to $1.17 million in performance-based incentives over 12 years from the state’s Job Development Investment Grant program.

Richard Craver

BenchMark physical therapy chain opens Kernersville clinic

BenchMark Physical Therapy recently opened an outpatient clinic at 220 Market View Drive, Suite E, in Kernerville.

The clinic offers outpatient orthopedic physical therapy, including manual therapy, injury prevention, return to performance, total joint replacement, concussion management and vestibular rehabilitation programs.

Appointments are available from 7 a.m. to 7 p.m. Mondays through Thursdays, and from 7 a.m. to 3 p.m. Fridays. The clinic can be reached at (336) 992-1030.

It is the sixth BenchMark clinic in the Triad, joining two in Winston-Salem and one each in Greensboro, High Point and Thomasville.

Richard Craver

— Richard Craver

— Richard Craver

— Richard Craver

— Richard Craver

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