JP Gets Purchased

[MZT]

fullcoverage.yahoo.com/s/ap/20051010/ap_on_bi_ge/lincoln_national_jefferson_pilot;_ylt=ArXBlEtOlGBe8zkMdoIKb1qs0NUE;_ylu=X3oDMTA3

bGI2aDNqBHNlYwM3NDk-

But I'm sure it will be all over the N&R front page tomorrow.

So... Anybody wanna move to Philly or Fort Wayne?

[Beany]

Jefferson-Pilot anticipates more jobs in Greensboro

[DanRNC]

Bad news for Gboro and JP-hopefully they will retain the JP name in some capacity. I guess the main men were waiting to be gobbled up for the big payoff.

[DigitalSky]

wow that's pretty big news for Gso

[A2]

I posted this in the Triangle thread. I am pissed at our local and state leaders for alowing this to happen..

From the Triangle thread:

Thank goodness that someone is commited to NC and wanting to stay in the Triangle. I feel so bad for the Triad in losing Jefferson Pilot. What a freggin shame. If I were the Chamber I would let the new CEO who was instrumental in the deal to pack his bags and never set foot in NC again !!! The deal is not even that great for shareholders. And to top it all off the CEO was not even in the role for a friggin year !!! Someone should pick up the phone and call our senators and figure out why they are not helping NC with retaining companies. I am all for NC and for a 100+ year old company to bend over and take it up the rear is ridiculous. This CEO should be ousted and the chamber and state leaders should be ashamed that they have not dome more to incent the company to stay in Greensboro.

A2

Fifteen years ago the Triad was home to 10 Fortune 500 HQ's, now that count is THREE !!! (and this is suppose to be a growing progressive state. I am sick of politicians playing politics and not doing their job. This is a HUGE shame for all of us that call NC home. From Charlotte, to the Triangle, we all need to be pro-active in making our state the best)

[sax184]

I posted this in the Triangle thread. I am pissed at our local and state leaders for alowing this to happen..

I am sick of politicians playing politics and not doing their job. This is a HUGE shame for all of us that call NC home. From Charlotte, to the Triangle, we all need to be pro-active in making our state the best)

Umm, what were they supposed to do? Hand massive corporate subsidies to an already profitable business which WANTED to become bigger to become more profitable? NC's business taxes are already among the lowest in the nation. A lot of people in NC are beside themselves with the amount of $$ thrown at Dell.

To suggest that politicians could have done (or should have done) anything about this is quite naive.

I think all the "more jobs going to Greensboro" talk post the acquisition is also unrealistic thinking. Yes, some jobs in whatever life insurance specialty will be relocated here. But how many jobs outside that specialty will go to Philadeplphia and Hartford? Ask any former Wachovia employees in Winston about this.

The JP higher-ups have wanted to do this for years, and they finally got their opportunity. It is the way the of the world. Like Winston, Greensboro will be hurt by the loss, survive it, and move on.

[intcvlcphlga]

Today's editorial in the Winston-Salem Journal (http://www.journalnow.com/servlet/Satellite?pagename=WSJ%2FMGArticle%2FWSJ_ColumnistArticle&c=MGArticle&cid=1128767526286&path=%21opinion%21article&s=1037645509163) sums it up best, because as everyone knows, W-S has been through this a number of times with Wachovia, Hanes, RJR Nabisco, Piedmont Airlines, etc. and it feels your pain. It is unfortunate that well respected, homegrown companies like Wachovia and JP do not remain independent and in W-S and GSO, but in some respect, it is a tribute to the quality of those 2 companies. They were highly respected in their respective fields and that is what made them all the more attractive to be taken over. Hopefully the 2 cities will be able to see the losses as a challenge to diversify, rebuild their economies and match the success stories of Charlotte and Raleigh-Durham.

[DanRNC]

What large companies are still in Greensboro? It will be very difficult to replace a company like JP that had such an influence on the Triad. My brother worked there for about 6 years during the 90s. He wasn't surprised by this move as the higher ups wanted to leave Gboro for the last 10 years. Greensboro is going to have to find its niche somehow to remain economically competitive-easier said than done.

[A2]

What large companies are still in Greensboro? It will be very difficult to replace a company like JP that had such an influence on the Triad. My brother worked there for about 6 years during the 90s. He wasn't surprised by this move as the higher ups wanted to leave Gboro for the last 10 years. Greensboro is going to have to find its niche somehow to remain economically competitive-easier said than done.

Vanity Fair is still in Greensboro.

They are still HQ'ed in Greensboro and are a huge Fortune 500 firm

http://www.vfc.com/

RF Micro Devices is a HUGE tech firm.

http://www.rfmd.com/

United Guarantee

http://www.ugcorp.com/

Operations are still in Greensboro albeit they were purchaced by AIG (one of the largest Insurance companies in the US)

A2

[DanRNC]

Yea, I forgot about those. I have heard both VF and RF Microsystems were struggling a bit. RF started out like gangbusters and just kind of fizzled ( I think the stock price is down near $5 a share).

[cityboi]

VF Corporation is now Greensboro's only fortune 500 Company but the city still has a number of major headqaurters such as Volvo Trucks of North America, RF Micro Devices and Lorillard Tobbaco Company. Its a blow to Greensboro's ego for losing the JP corporate headqaurters but actually Greensboro will end up getting more jobs. The Lincoln National Insurance operation will still be based in Greensboro and there is talk that More jobs will fill up the JP building and may require even more office space. Thiat could possibally mean another office building in downtown Greensboro at some point.