Business briefs, April 18
Argyle Social closes
DURHAM –Argyle Social, A Durham-based technology start-up behind social media marketing software, shut down earlier this week.
The company’s CEO, Adam Covati, said in an email that leaders made the final decision this week to close once it was clear that Argyle’s “fate was unavoidable.”
“It’s something that we’ve seen coming for awhile,” he said. “We looked at things from a number of angles, trying to find a way to make this work.”
The company employed 25 people at its largest, Covati said, but since December has been getting by with four people.
“Unfortunately the Argyle employees are getting laid off, but they are a fantastic group and we're working hard to find help find them good places to land here in the Triangle,” he said.
Covati said the company gave their employees 45 days notice, and is working with some social media companies to try to help smooth the transition.
Cambro to create 100 jobs in Alamance
RALEIGH — Cambro Manufacturing Co. plans to create 100 jobs and to invest more than $30.4 million in the next three years in a new manufacturing facility in Mebane.
The company provides trays, table service and display items, storage, shelving, merchandising and insulated transport products, according to a joint announcement by Gov. Pat McCrory and N.C. Commerce Secretary Sharon Decker.
Cambro plans to develop up to 450,000 square feet of the land in Mebane, according to the release. The first phase will include the purchase of 28 acres and nearly 220,000 square feet of construction with rail access to supply raw materials. The company plans to add seven injection molding machines to produce plastic products.
Salaries will vary by job function, but the average annual wage for the new jobs will be $44,200 plus benefits. The Alamance County average annual wage is $35,789.
The project was supported by a performance-based grant from the One North Carolina Fund of up to $250,000. In the program, companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. The program also requires local matching grants.
TIAA-CREF opens new Durham office
DURHAM – The financial and retirement planning organization TIAA-CREF has moved into a new Durham office and is looking to grow.
The office is at 300 W. Morgan St. in the tower across from the Carolina Theatre that also houses the Duke Clinical Research Institute. The Durham office had been at American Tobacco.
David Wilder, a wealth management advisor for TIAA-CREF, said the company has 10 to 12 employees in Durham, but expects to grow. He said he expects need for financial and retirement planning to grow as more people reach retirement age.
A firm held a ribbon-cutting ceremony Thursday at the new location.
TIAA-CREF stands for Teachers Insurance and Annuity Association – College Retirement Equities Fund. It provides retirement services in the academic, research, medical and cultural fields. The organization’s office in the Triangle opened in 1999. Offices opened in Durham and Chapel Hill in 2004, said Al Gonzalez, who is also a wealth management advisor.