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Atwood Oceanics Inc. was named as the fastest growing company by Fortune magazine.

The Houston-based offshore driller was founded in 1968 and has about 1,000 employees.

Fortune reported Atwood (NYSE: ATW) posting 24 percent revenue growth, and 85 percent earnings per share growth, in the past three years. It slipped from a No. 45 rank last year.

Austin-based Luminex was the fastest-growing Texas firm on the list, coming in at No instant payday loan. 42 with 32 percent revenue growth over three years. No other Houston firms made the list.

Canada-based Eldorado Gold topped the list with 42 percent revenue growth in three years, followed by Vermont-based Green Mountain Coffee Roasters and Georgia-based Ebix.

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Restaurant chain Saladworks has signed a franchise deal that will introduce the company’s salads, soups, wraps and Fusion sandwiches to the Triangle.

Conshocken, Pa.-based Saladworks said in a news release Tuesday that the father-and-son team of Baldev and Unmesh Patel will develop three Saladworks restaurants in Wake County. The company did not specify when or where in the county the restaurants would open.

The Patels are moving to the Triangle from southern New Jersey, where they own and manage locations for Dunkin Donuts, Hampton Inn, Comfort Inn, and Howard Johnson’s, Saladworks spokeswoman Erin Salvadore said No teletrak payday loan. The Saladworks locations will be the Patels’ first franchise locations in North Carolina, Salvadore said.

Saladworks operates more than 100 restaurants in 11 states, and the chain currently has another 60 locations in development.

Entrepreneur Magazine named Saladworks the nation’s top salad franchise for 2009 and 2010.

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The U.S. economy continued to grow during the second quarter, the government reported Friday. But the pace slowed more than economists were expecting, raising concern about growth - or even another recession - in the months ahead.

Gross domestic product, the broadest measure of the nation’s economic activity, rose at a 2.4% annual rate during the three months ended June 30, the Commerce Department said.

The sluggish pace was down from the upwardly revised 3.7% growth rate in the first quarter, and missed economists’ forecast for a 2.5% increase.

Still, the figure marked the fourth straight quarter of growth and gave credence to some economists’ views that the recession that began in December 2007 likely ended at some point in mid-2009.

"This solid rate of growth indicates that the process of steady recovery from the recession continues," said Christina Romer, chair of the White House Council of Economic Advisers, in a statement.

"Nevertheless, faster growth is needed to bring about substantial reductions in unemployment," she added. "Much work clearly remains to be done before the U.S. economy is fully recovered."

Most troubling to economists - particularly in the months ahead - was a slowdown in consumer spending, which accounts for 70% of economic activity.

Nigel Gault, chief U.S. economist at IHS Global Insight, said the subdued consumer spending, pressured by high unemployment and debt as well as a lack of income and credit access, could lead to slower growth - or even another downturn.

"People are continuing to cut back, and that could mean that third-quarter growth will be the worst since the end of the recession," Gault said. "The slowing growth path leaves the possibility of a double-dip recession on the table."

The report showed consumer spending rose at a modest 1.6% rate last quarter. That compares to a 1.9% rise during the first quarter, revised down from a previously reported 3%.

A surge in imports also weighed on domestic growth, the government said. Imports spiked 28.8% during the second quarter, up from an 11.2% hike in the previous quarter.

But that increase was mostly due to 17% jump in business investments, as business increased spending by 22% on software and equipment, which Gault said are primarily produced outside of the United States.

"Businesses reduced spending very sharply last year during the recession by cutting costs and employees," Gault said. "The pullback helped them prop up profits. Companies are sitting on huge piles of cash, which they’re now putting to work."

While they’re willing to refresh their technology equipment, Gault said businesses are still cautious when it comes to hiring, and that will continue to strain the economy.

He added that the quarter’s significant increases in housing and government spending were driven by temporary factors and will likely reverse into declines in the current quarter.

The report showed that residential investment climbed 28% during the second quarter, as Americans rushed to buy homes ahead of the expiration of the homebuyer tax credit.

And government spending rose 9.2% during the quarter, up from 1.8% in the first quarter. Gault attributed that growth to spending related to the decennial census.

Recession deeper than previously thought

Revisions to annual GDP rates also released Friday indicated that the economic downturn was worse than the government previously estimated, and the recovery was more slack.

Between the fourth quarter of 2007, when the recession officially began, and the second quarter of 2009, when many economists say it ended, GDP dropped by 4.1%, marking the deepest recession since 1947. The government’s prior estimate for the overall decline during the period was 3.7%.

"It now appears that the financial crisis may have affected production substantially more quickly than was previously reported or realized at the time," Romer said.

The most significant factor in the downward revisions was muted consumer spending, but the data also showed that the consumer savings rate is higher than expected.

Annual growth rates for 2007, 2008 and 2009 were all revised lower.

In 2007, the government said the economy grew at a rate of 1.9%, down from the 2.1% it reported earlier. In 2008, economic activity was flat instead of ticking up 0.4%. And in 2009, the economy shrank at a rate of 2.6%, weaker than the 2.4% rate previously estimated.

"While the recession was somewhat deeper than originally thought, the recovery was also much more tepid that previously thought and is slowing rather than accelerating," said Martin Regalia, chief economist for the U.S. Chamber of Commerce, which has been critical of Obama administration business policies.

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The chairman and president of Export-Import Bank, the official export credit agency of the United States, will speak in Wichita on Aug. 12.

Fred Hochberg’s visit is partly the result of a recent Brookings Institute report that ranked Wichita as the top community in the United States in export growth.

Hochberg will talk about the importance of competing in a global marketplace. He also will discuss export financing and its role in helping businesses create jobs.

Hochberg will speak at a noon luncheon at the Hyatt Regency. Tickets are $40 and can be purchased online at the Kansas World Trade Center Web site at kansaswtc.org.

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Energizer Holdings Inc. posted a profit of $104 million in its third fiscal quarter, up 43 percent from $72.7 million a year earlier.

Net sales for the quarter ended June 30 increased 8 percent to nearly $1.1 billion from $997.5 million, thanks to a favorable impact of currencies totaling $18 million, the launch of the new Schick Hydro shaving razor and the inclusion of Edge and Skintimate shaving products, which added $41 million to net sales for the quarter, the Town and Country, Mo.-based company (NYSE: ENR) said.

Earlier this year, Energizer Chief Executive Ward Klein unveiled the Schick Hydro — the company’s most advanced razor yet — after five years and $150 million in research and development.

The product launch is an escalation of its razor war with market leader Procter & Gamble, which also has operations in St. Louis.

"We are pleased with the initial launch results of the new Schick Hydro men's shaving system," Klein said in the earnings release Tuesday. "Our distribution build was the fastest we have ever executed, and this true innovation in men's shaving is being well received by consumers No teletrack payday loans."

But negative trends continue in the battery category, prompting Energizer to start a "thorough review of our household products division," Klein said.

An increasing number of devices are using built-in rechargeable battery systems, particularly in developed markets, hurting demand for primary batteries. "This trend, coupled with aggressive competitive activity in the U.S. and other markets, could put additional pressure on segment results going forward," Energizer said in its earnings release Tuesday. "In light of this trend, the company is evaluating a number of initiatives to better position its Household Product business including options related to capacity requirements, the mix of product offerings, go-to-market strategies and investment initiatives. We expect this evaluation to continue for the next three to six months."

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Exploration Place on Friday announced that Sharon Miles has joined the staff as director of development.

Miles, a certified fundraising executive, will oversee all aspects of fundraising and membership and volunteer programs at the museum.

She was most recently Wichita State University’s senior director of development and led philanthropic efforts for the school’s Fairmont College of Liberal Arts and Sciences easy payday loans.

Miles, who holds a degree in finance and economics from WSU, also is the immediate past president of the Greater Wichita Chapter of the Association of Fundraising Professionals.

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SurModics Pharmaceuticals, a Birmingham subsidiary of SurModics Inc., has agreed to license a biodegradable polymer implant technology being developed to treat sun-induced skin disorders to an Australian pharmaceutical firm.

SurModics licensed the SCENESSE implant formula to Australian-based Clinuvel Pharmaceuticals. The two companies have collaborated on developing the formula that is a prophylactic treatment for a range of UV and light-related skin disorders for several years.

“We are very pleased to announce the execution of this important license agreement with Clinuvel,” said Phil Ankeny, interim CEO of SurModics. “This announcement demonstrates the value of our sustained drug delivery technologies and reinforces how we partner with our customers to develop and bring to market compelling products that leverage our core technologies cash advance loans.”

Drugs released from the prophylactic causes melanin production in the skin to protect from ultraviolet rays. Estimates from the Royal Bank of Scotland projects the treatment could impact as many as 7 million people worldwide, according to a release from SurModics.

“Today’s announcement represents a natural progression of our relationship with Clinuvel,” said Arthur J. Tipton, senior vice president and chief scientific officer of SurModics. “Together, our teams have solved numerous scientific and technical issues over the years culminating in the signing of this licensing agreement. Clinuvel’s product provides a novel way to treat serious skin disorders.”

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HealthPlan Holdings Inc. said that it has acquired GEMGroup.

Financial terms were not disclosed in a release announcing the purchase.

GEMGroup, headquartered Pittsburgh, specializes in accounting, pension and 401(k) administration software and services to self-funded and Taft-Hartley employee benefit plans for unionized workers, the release said.

The acquisition enhances the outsourcing technology and services that HealthPlan provides to the nation’s largest Taft-Hartley benefit plans, the release said low fee payday loans. It also expands HealthPlan’s presence in the northeastern United States, where GEMGroup has five offices employing more than 120 people.

HealthPlan Holdings, headquartered in Tampa, provides outsourcing solutions to insurers in the individual, small business and union trust markets, and employs roughly 1,100 associates.

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ST. LOUIS — Boeing Machinists chose to remain on the job instead of walking out on strike — a move that was met with a mix of cheers and jeers inside the Chaifetz Arena on Sunday.

"The membership spoke," said Gordon King, president and directing business representative for the International Association of Machinists District 837. "Ultimately, it is their choice."

The union represents more than 2,500 Boeing Machinists in the St. Louis area. Union negotiators had recommended the workers reject the latest contract proposal, but King said he knew the vote could go either way.

The vote was 1,237 in favor of the contract and 838 opposed.
The result was a far cry from the vote taken just two weeks ago, when the union overwhelmingly rejected Boeing’s previous offer by a 3-to-1 margin. Since then, the fear of going on strike during a recession began to weigh more heavily on many union members, King and several union members said.

Boeing’s 4 1/2-year proposal will raise Machinists’ salaries an average of 3.6 percent a year and increase pension payments for those already employed by the company.

The latest company changes included removal of language requiring employees to pay for dependent medical care coverage during extended leaves of absence and caps to nonformulary name-brand drugs.

In a released statement, Boeing officials said the vote "allows us to keep delivering on our commitments to our customers." The Machinists in St. Louis work on the F/A-18 Super Hornet, the EA-18G Growler, the F-15 fighter jet and the C-17 Globemaster transport plane.

Boeing officials said their goal was to produce a contract that "recognizes both the significant contributions of our employees and the competitive environment in which we must compete to keep jobs here in St. Louis."

A strike would have only magnified what has been a difficult period for Boeing’s St. Louis-based defense business, which has been dealt setbacks in recent Pentagon budgets.

Defense Secretary Robert Gates opposes continued production of the C-17. Last year, the Pentagon scaled back Army modernization and missile-defense programs in which Boeing was a major player.

But Boeing also is working toward securing another multiyear order of locally built F/A-18 fighter jets.

As a strike loomed during the past week, Boeing offered a key concession, removing language requiring employees to pay for dependent medical care coverage during extended leaves of absence and capping the costs of nonformulary name-brand drugs.

But the most contentious issue — pension benefits — was left unchanged empire payday loans. Instead of a pension, Boeing will offer new hires after January 2012 an enhanced 401K contribution plan.

Though they accepted the provision in the new contract, current Machinists and retirees worry that the change means that their pensions, too, will be placed in peril in the future.

"I’m scared to death that they’re going to freeze the defined-benefit pension plan we have right now and end up selling it to an insurance company and turn it into an annuity," King said. "And then what’s going to happen from there, a good possibility of losing what they’ve got."

Maintenance worker Herman Ward of Florissant, a 24-year Boeing employee, said he was relieved the contract was accepted. He was concerned that a work stoppage would have resulted in the elimination of his job. He said he supported the company’s contract offer in both votes this month.

"There’s a possibility that when you go out, you won’t get back in," Ward said of a strike. "There are outside contractors ready to take our jobs … I could not afford to take a chance of losing everything that I’ve worked so hard to get just because another decision someone else wanted to make for us."

Several groups of workers gathered in the Chaifetz Arena parking garage following the vote. Some refused to give their names to reporters. Few would say how they voted. Many expressed relief that the negotiations were over.

"We have a job," said one Machinist between sips of beer. "The way things are right now, you should be thankful you have a job."

But Boeing flight mechanic Peggy Chapin of Granite City said she was disappointed by the outcome — even though both she and her husband, Tom, also a Boeing Machinist, would have been on strike at the same time.

"I think they’re scared," she said of fellow union members moments after Sunday’s vote. "I can understand the economic times and everything. Everybody’s scared. Sometimes you’ve got to stand up and fight for what you believe in."

U.S. Sen. Christopher "Kit" Bond, R-Mo., said in a statement that he was glad that fight did not take the form of a strike, noting the importance of Boeing’s contributions to national defense. "Our nation’s warfighters and our allies depend on the dedicated and skilled Machinists of Boeing," he said.

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The mortgage meltdown is hitting the African-American and Latino communities harder than whites, a new study has found.

Of borrowers who took out mortgages between 2005 and 2008, some 8% of both African-American and Latino borrowers have lost their homes to foreclosure, compared to 4.5% of non-Hispanic whites, according to a study by the Center for Responsible Lending, released Friday.

The racial and ethnic disparities continued even after controlling for income differences. The center’s research shows that African-American and Latino borrowers were about 30% more likely to get higher rate subprime loans than white borrowers with similar risk characteristics.

Of the total pool of homeowners, 17% of Latinos have lost their homes to foreclosure or are at imminent risk of losing their homes, while 11% of African-Americans are in that position. By comparison, 7% of non-Hispanic whites have lost their homes or are about to.

The reason for the disparity is that African-Americans and Latinos were marketed riskier, higher cost loans that became unaffordable during the mortgage and economic crisis, said Keith Ernst, the center’s director of research.

"These are more expensive mortgages," he said. "They are more likely to fail."

African-American and Latino communities are likely to lose $373 billion in declining property values between 2009 and 2012.

The report also found that an estimated 2.5 million foreclosures were completed between 2007 and the end of 2009. This is roughly one in every 20 mortgages outstanding at the time of the crisis.

More than eight in 10 of these foreclosures were on owner-occupied homes with mortgage originated between 2005 and 2008.

An estimated 5.7 additional foreclosures are imminent.

"This crisis still has a long way to go," Ernst said. 

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