Monroe manufacturer to lay off 123 workers

Perfect Fit Industries Inc. of Charlotte, a maker of mattress pads and bed pillows, will lay off 123 employees at its manufacturing location in Monroe in September.

The company filed notice with the N.C. Department of Commerce under the Worker Adjustment and Retraining Notification Act. The WARN notice said the Sept. 12 layoffs are expected to be permanent. The current number of workers at the facility wasn't available.

The company moved from Philadelphia to Monroe in the early 1950s. The company announced in December that its new owners, Michigan-based Anderson Group, had invested $2 million to upgrade the plant at 201 Cuthbertson St.

Perfect Fit has its corporate office in Charlotte, and other manufacturing facilities in New Hampshire and California. The company supplies bedding products to Target, Kmart, Bed Bath & Beyond and JCPenney. In December, the company announced it would extend its business beyond the traditional "big box" retailers and move into the hospitality and health care industries. Celeste Smith

Electrolux parent company announces drop in profits

Electrolux, the Swedish appliance maker with its North American major appliances unit in Charlotte, announced Tuesday its second-quarter net profit almost halved, the result of weaker demand and higher raw material costs. The parent company also warned the second half of 2011 "will remain difficult" for the group.

Tuesday's report showed a net profit of 561 million kronor ($85 million), down sharply from around 1 billion kronor ($153 million) a year ago. Sales also slipped in the quarter to the U.S. equivalent of $3.6 billion, from $4.19 billion in the same period in 2010. In the first quarter, Electrolux AB launched a cost-cutting program. The company says the program is "running according to plan." Associated Press

Rep. Myrick to host job fair

Charlotte residents looking for jobs can network with employers at a job fair hosted by Rep. Sue Myrick next month.

The fair will be held from 8:30 a.m. to 1 p.m. Aug. 2 at the Harris Conference Center on CPCC West Campus Drive. Admission is free, but those interested are encouraged to RSVP to myrickrsvp@gmail.com. A complete list of participating employers is available at www.myrick house.gov . Eleanor Kennedy

Charlotte's a major market

The Charlotte region is leading the way for economic development in the South, according to Southern Business and Development.

The magazine has named the area its 2011 Major Market of the Year. Deals with Siemens Energy, Hewitt Associates and Fifth Third Bancorp, which brought hundreds of jobs, propelled the region to the top spot. Last year the Charlotte region received an honorable mention, its fourth in six years.

The magazine called 2010 the second best year for economic development in the South since 1994. The previous year, 2009, was the worst in the magazine's 18-year history. Eleanor Kennedy

Also in the news...

Apple Inc. reported record earnings Tuesday, powered by its strongest-ever sales of its iPhone and iPad devices. Apple more than doubled its profit over the same quarter a year earlier, to $7.31 billion from $3.25 billion, and saw an 82 percent jump in revenue. Los Angeles Times

Coca-Cola Co. said its second-quarter net income rose 18 percent, to $2.8 billion, as it sold more drinks around the world and offset higher ingredient costs by raising some prices. AP