Saturday, Jan. 05, 2013

Business briefs

State closes investigation into Morrisville explosion

The state will not fine or cite organic chemical company Natland International following an Aug. 30 explosion that injured one worker at the company’s lab in Morrisville.

An investigator with the N.C. Department of Labor’s Occupational Safety and Health Division did not find any violations, and the case has been closed, said spokeswoman Dolores Quesenberry.

A Natland International employee told officials he was cleaning equipment when he improperly mixed sodium azide. The worker was taken to Duke Hospital for treatment.

Sodium azide is a toxic substance found in automobile airbags, chemicals in hospitals and labs, pest control and detonators, according to the Centers for Disease Control and Prevention.

The blast at 3000 Bear Cat Way caused about $5,500 in damages in a lab area, according to the Morrisville Fire Department.

Staff writer Aliana Ramos

Lenovo stock down 2 percent

Lenovo’s stock-like American depositary receipts fell 2 percent Dec. 28 after the PC maker reported that CEO Yang Yuanqing trimmed his ownership stake in the business.

Yang sold 29 million shares, lowering his stock holdings from 9.32 percent to 9.04 percent, Bloomberg News reported. Yang reaped $26 million (U.S. currency) from the sale.

“The share price has gone up quite a bit in the past few months, and Yang might be looking to pocket some gains,” Louis Tse of VC Brokerage in Hong Kong told Bloomberg. Lenovo shares have risen 39 percent on the Hong Kong stock exchange this year.

Lenovo is based in China but has an executive headquarters in Morrisville that employs about 2,000 workers.

Lenovo’s ADR closed at $18.50, down 36 cents, on Dec. 28.

The company has been the fastest-growing major producer of PCs for 12 consecutive quarters and is on the verge of becoming the undisputed No. 1 PC maker worldwide. Depending on which research firm you consult, Lenovo was either the No. 2 or No. 1 PC maker worldwide in the third quarter, up from No. 7 four years ago.

Staff writer David Ranii