DURHAM — Talecris Biotherapeutics posted a 12.9 percent increase in its third-quarter earnings Monday, up to $395.7 million from a year ago.
For the first nine months of 2009, Talecris’ revenue increased by 17.5 percent to $1.14 billion from $972.9 million for the first nine months of 2008.
“Our third-quarter results reflect the continued demand for Gamunex, our brand of IGIV, as well our success in building a vertically integrated plasma supply chain to ensure a continual supply of Gamunex,” said Lawrence Stern, chairman and CEO of Talecris.
The company, headquartered in Durham’s Research Triangle Park, also completed a $1.1 billion initial public offering this fall and a subsequent $600 million debt refinancing.
Talecris will be holding its third-quarter earnings call today.
Cree now owns China facility
DURHAM — Cree Inc. announced Monday morning that it has bought a 592,000-square-foot facility in Huizhou, Guangdong Province in China.
The LED light maker plans to turn the existing facility into its first chip-production facility outside of North America. The new facility will come on line in 2010 and is targeted to also house the company’s future components manufacturing expansion.
The company currently has a manufacturing facility there that makes LED components.
“This investment enables us to expand our presence in China and demonstrates our commitment to serving the growing demands of both our local and global LED customers,” said Chuck Swoboda, Cree chairman and CEO.
More than half of the Research Triangle Park-headquartered company’s employees work in China, mostly at the current Huizhou factory. Cree declined to give the number of employees there on Monday. The company recognized the support of Party Secretary YeBin Huang and Huizhou Mayor RuQiu Li during the site selection process.
Huizhou is also joining the Cree LED City program, the company’s initiative to promote LED lighting.
Banks to tighten terms on cards
WASHINGTON — Banks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate hikes, the Federal Reserve said Monday.
A quarterly survey by the Fed found that many banks expect to increase rates, reduce credit limits and raise annual fees for both prime borrowers — those with sound credit histories —as well as more risky “non-prime” borrowers, who have tarnished credit. Banks also expected to raise minimum credit scores for non-prime borrowers, the Fed said.
Banks already have been pushing through rate increases in anticipation of the new rules. Because of that, the House recently approved legislation to speed up the law’s effective date and have the provisions take effect immediately, although prospects are dim for Senate passage.
— From staff and wire reports
