| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Intelligence for Virginia's Entrepreneurial Economy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Click here for a free subscription To update subscriber information click here. |
In This Issue... Expansions, Relocations & Launches, Who's Hot, Who's Not, Who's Winning Business, Deal Makers, Innovations, R&D / Intellectual Property, People,Trends, Commentary, Events, Click here to forward to a friend or colleague who might like this newsletter. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Expansions, Relocations & Launches | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Hardie Locates Siding Facility in Pulaski PULASKI--James Hardie, an international manufacturer of fiber-cement siding used in the construction industry, will invest $98 million to open its first Virginia plant in the Town of Pulaski. The project will create 200 new jobs within 30 months. The Netherlands-based company is the only manufacturer that maintains a research and development center devoted solely to fiber cement technology for siding, backerboard and pipe. Said CEO James Hardie: "Pulaski's strategic location on the East Coast brings us closer to our key suppliers and meets our company's market needs." More. Bostwick Labs Opens London Facility RICHMOND--Bostwick Laboratories, Inc., a medical laboratory specializing in the interpretation of prostate and urological biopsies, opened a laboratory in London, England. Bostwick has developed processes to diagnose biopsies with unparalleled speed and accuracy. Said the CEO, Dr. David Bostwick: "Our expansion into the U.K. is in response to the requests of British physician colleagues for more rapid tissue results reporting." More. AmerLink Expands Log Home Operations to Hillsville HILLSVILLE--AmerLink, Inc., a Rocky Mount, N.C., manufacturer of log homes, will invest $3 million to open its first Virginia plant in Carroll County. The project will create 200 new jobs. The company offers many distinct log styles and allows for personal modifications to standard plans. Said CEO Richard Spoor: "Our new sales and manufacturing location on Interstate 77 in Carroll County offers us high visibility, easy access to many of our building markets along the entire I-77 corridor, and a ready supply of economical raw material." More. Accounting Firm Unveils Expansion Plans WINCHESTER-Yount, Hyde and Barbour, the fourth-largest accounting firm based in Virginia, has announced plans to "significantly increase" the size and service capabilities of the firm over the next five years. With 15 shareholders and 115 total staff in offices in Winchester, Culpeper, Leesburg, Middleburg and Richmond, the firm is seeking to expand into other areas of the state through mergers and new business development. Potential cities being considered for expansion include Roanoke, Fredericksburg, Harrisonburg and Manassas as well as the Tidewater region and Eastern Panhandle of West Virginia. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Who's Hot... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Partners: |
Alpha Natural Resources IPO Valued at $560 Million ABINGDON--Alpha Natural Resources, a producer of steam and metallurgical coal, began trading on the New York Stock Exchange with a valuation of $560 million after pricing its initial public offering of 29,500,000 shares of common stock at $19.00 per share. The company will use the $519 million in net proceeds to repay indebtedness to certain of its stockholders. The company has also granted the underwriters an over-allotment option to purchase up to an additional 4,425,000 shares, the proceeds of which, if the option is exercised, will be distributed as a dividend to its existing stockholders More. Secure Raises $9.25 Million MCLEAN--Secure Software, a developer of IT security solutions, has raised $9.25 million in a Series B round of funding, bringing the total raised by the company to $14.50 million. Said John Burton, a general partner in investor Updata Partners: "Secure Software is the only company in this fast-growing market with the technology and management expertise to assist customers in fundamentally improving the code quality and security profile of their business critical applications." More. Dan River Out of Bankruptcy DANVILLE--Dan River Inc., a manufacturer and marketer of textiles for the home fashions market, has emerged from Chapter 11 bankruptcy after a nearly year-long reorganization process. Approximately $225 million in unsecured obligations will be converted into new equity in the reorganized company. The company's emergence financing was comprised principally of borrowings under a new senior secured financing facility syndicated by Abelco Finance in the amount of $120 million. More. In Brief... MCLEAN--Managed Objects, a business service management company, wrapped up its 2004 year with 60 percent year-over-year revenue growth, thanks to the addition of 25 new customers and expansion into the Asian Pacific market. More. Improve Your Search Engine Rankings RICHMOND--NetBaldwin and VA Newswire will host a seminar on Search Engine Optimization: "Getting Better Search Engine Rankings, Fact Versus Fiction, and Determining the ROI of a Website." The seminar will be held on Thursday, Feb. 17 at 7:30 a.m. at "The Place at Innsbrook", 4036-C Cox Road, Glen Allen. The cost of the event is $39.00 and registration is required. To register or for more information, click here or call (804) 915-1453. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Who's Not... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Circuit City Receives Takeover Offer RICHMOND--Circuit City Stores, Inc., a national consumer electronics chain, has received an unsolicited letter from Highfields Capital Management proposing to acquire Circuit City's for $17 per share, implying a market capitalization of $3.1 billion. The company said its board would examine the offer. "Though some steps have been taken to address the Company's operating performance and suboptimal capital structure, we are nevertheless disappointed that management has been unable to move more aggressively," said Highlands principals Jonathan S. Jacobson and Richard L. Grubman in the letter. The company would function more efficiently as a private company, they added. "Such a transformation would eliminate the public-company transparency into the company's operating strategy that is uniquely damaging in a highly competitive industry where Circuit City is going head-to-head with a tough and entrenched rival." More. Stihl Takes a Clipping VIRGINIA BEACH-Stihl, Inc., in cooperation with the U.S. Consumer Product Safety Commission, is recalling 45,000 of its KombiSystem multi-task tools used in yard tasks such sa hedge clipping and lawn maintenance. An internal clip may become dislodged and as a result, the clutch shoes could be projected from the clutch housing and strike consumers. Stihl has received no reports of such incidents. More. CONSOL Energy's Buchanan Mine Idled KEEN MOUNTAIN-CONSOL Energy has closed its Buchanan County mine in the aftermath of a large rock fall that created a large air pressure wave, disrupted ventilation and ignited methane gas. The company evacuated all employees working underground without serious injury. The mine employs more than 400 people and last year produced 4.4 million tons of coal, primarily metallurgical-grade. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Who's Winning Business... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northrup Grumman Wins $257 Million Carrier Job NEWPORT NEWS--Northrop Grumman Corporation has been awarded a $257 million contract to perform maintenance work on the aircraft carrier USS George Washington (CVN 73). The work, expected to take 10 and a half months, includes repair and refurbishment of the hull, sea chests, shafting, propellers and rudders; blasting and coating of numerous tanks; modernization of spaces to support the F/A-18 Super Hornet aircraft equipment and weapons stowage systems; enhancements to crew living areas; and scheduled maintenance on propulsion plant systems. More. Lockheed Martin to Upgrade Sub Sonars MANASSAS--The U.S. Navy has awarded Lockheed Martin a contract valued at more than $61 million for continued support to the Acoustic Rapid Commercial Off-The-Shelf Insertion (A-RCI) program. The A-RCI uses an open architecture to improve the processing of data from sensors using the towed array, hull array and sphere array. More. In Brief... RESTON-MAXIMUS, a provider of operations management services to government, has been awarded a 30-month, $15 million contract from the State of Israel to pilot welfare-to-work services for the Ashkelon and Sderot regions south of Tel Aviv. More. SALUDA--Xcelplus International Inc., a developer specialty lubcricants, has signed a distribution contract for its products in Southeast Asia potentially worth $3.5 million in business over the next two years. More. FALLS CHURCH--Terabeam Wireless, a developer and of broadband wireless solutions, has deployed an intelligent wireless network at Loudoun Hospital Center exclusively utilizing Terabeam equipment for the wireless component. More. HERNDON--Secure Elements, Inc., a leader in enterprise vulnerability management and remediation, has been selected by Dartmouth College to protect its network infrastructure and deploy an enterprise vulnerability management strategy to prevent cyber attack. More. Forging Partnerships Between Government Tech Firms TYSONS CORNER/RADFORD--Virginia Economic Bridge, Inc., and the Northern Virginia GovCon Council are partnering on a unique forum that will bring well-qualified technology firms from Southwest Virginia to Tysons Corner Feb. 23 to meet with executives from Northern Virginia companies in the government market. Created to build strategic business relationships that benefit the companies involved and the regions they represent, Virginia's Linked Workforce Showcase also will help keep a larger portion of lucrative federal contracts in the Commonwealth. More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Deal Makers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Verizon to Acquire MCI for $5.3 Billion ASHBURN-Accelerating the consolidation of the telecommunications sector, New York City-based Verizon Communications Inc. has announced plans to acquire MCI for $4.8 million in equity and $488 million in cash. Verizon contended that clients would benefit from having a telecom supplier with the financial strength to maintain and improve MCI's Internet backbone network, which is the largest in the world ranked by company-owned points of presence. Verizon will assume MCI's net debt of $4 billion. Said Verizon CEO Ivan Seidenberg: "We have been evaluating a transaction with MCI for some time. … This acquisition builds on and accelerates Verizon's growth plan in the Enterprise market, and it facilitates our becoming a major provider in that market sooner and less expensively than if we had continued on a path of organic growth. More. Alion Acquires ManTech Environmental MCLEAN, Va., Alion Science and Technology has acquired ManTech Environmental Technology, Inc., an environmental and life sciences research and development company. Said Alion CEO Bahman Atefia: "The research and development conducted by METI in the environmental and health sciences is highly complementary to the existing work Alion does with the EPA. This strategic acquisition will allow us to expand our services to the Department of Defense as well as civilian agencies and increase our capabilities in the health sciences and in the chemical/biological defense counterterrorism arenas." More. Nation's Oldest African-American Bank Sold RICHMOND-Abigal Adams National Bancorp., Inc., of Washington, D.C., has executed a merger with The Consolidated Bank & Trust Company, the oldest continuously operated African-American owned bank in the United States. With approximately $70 million in assets, Consolidated had been experiencing financial difficulties for several years. The transaction was valued at $2.5 million. Consolidated CEO Kim D. Saunders will continue in that capacity after the merger. Richmond-based Ewing Bemiss & Co. advised The Consolidated Bank & Trust. More. Metro Place II Sold to California REIT MERRIFIELD--Glenborough Realty Trust, of San Mateo, Calif., has acquired Metro Place II, a 100-percent leased, Class A office space housing defense industry tenants. The 10-story building is located within walking distance of the Dunn Loring-Merrifield Metrorail station in a neighborhood evolving into an urban, pedestrian-friendly environment. Access to Metrorail helps tenants draw from a suburban labor pool while providing easy access to customers in downtown, Washington, D.C. More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Innovations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |
 Sounds Good, on One Condition:Take that Ridiculous Smiley Icon out of Your Name ALEXANDRIA--GetWell:)Network has unveiled PatientLife:)System, an electronic system that guides patients through their hospital stays. The product is designed to improve patient satisfaction while freeing overburdened nursing staff from administrative and non-medical tasks. More. Overnite Upgrades E-BOL System RICHMOND--Overnite Transportation Company, a national, less-than-truckload carrier, has upgraded its electronic bill-of-lading system. With the addition of new command icons, a condensed quick bill format and faster response times, Overnite's electronic bill-of-lading application makes it easier to complete a bill of lading online, while providing the capability to schedule pickups, track bills and request multiple shipment notifications. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | R&D / Intellectual Property | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Wahoos Launch $125 Million R&D Push CHARLOTTESVILLE--The University of Virginia has targeted 10 National Academy-level researchers for recruitment and plans to start approaching them in the near future, with the goal of hiring two or three top researchers per year for the next five years. And in an effort to retain faculty, the university has set the goal of boosting faculty salary ranking to between 15th and 18th among American Association of Universities schools. Meanwhile the university has identified nine research buildings that it needs to build over the next dozen years in the areas of psychology, life sciences, information technology and biomedical engineering. More. In Brief... HERNDON--ePlus inc., has entered into a $37 million settlement and license agreement with Ariba, Inc., after a federal court jury in Alexandria found that Ariba willfully infringed three ePlus software patents relating to electronic procurement systems. More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | People | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |
Lynch Elevated to CFO RESTON--Susan D. Lynch has been named CFO of Raytheon Technical Services Company LLC. She will lead all facets of RTSC's financial strategy, planning and management and oversee accounting and billing/cash collection. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Trends | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 Chmura Economics & Analytics |
Wireless Spending Resume Double-Digit Growth ARLINGTON--Total U.S. spending on wireless communications will grow by 9.3 percent in 2005, achieving a total of $158.6 billion, according to a report by the Telecommunications Industry Association. Growth is expected to grow at a 10-percent compounded annual growth rate, reaching $212.5 million by 2008. More. Civilian Agencies to Spend $12.5 Billion on IT Initiatives RESTON--Federal civilian agencies will receive $12.5 billion in fiscal year 2006 for development/modernization/enhancement spending, a 13 percent increase from FY05 according to a Federal Market Analysis TargetView report released today by INPUT, a provider of government market intelligence. Programs related to federal enterprise architecture and planning will receive the largest year-over-year growth, with a 28 percent increase. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Commentary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 Brother, Can You Spare a Dime? With a budget surplus looming, Virginia legislators are abandoning all fiscal restraint. Big winners could include beekeepers and Japanese snails. More. | One State, Two State, Red State, Blue State As Americans sort themselves out geographically by lifestyle affinity, the culture wars can only get worse. I got a chuckle after the 2004 presidential elections when droves of distraught Demos started applying for Canadian visas rather than live four more years under the oppressive rule of George W. Bush and the yahoos who re-elected him. I also took note, with some sympathy, of gay Virginia couples who talked of decamping to a state where they are more welcome than in a Commonwealth that considers them a threat to the institution of marriage. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Events | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hosting an event? Post the details in our weekly events listing. Click here for our listing guidelines. |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |
VA Newswire is a free, email-based weekly newsletter that covers news and events from around the state. If you have any news, events, job openings, or office space availability that you would like to include in next week's newswire, email editor@vanewswire.com. Click here for a free subscription. Click here to unsubscribe. |