| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 Winning Business, Deal Makers, Innovations, R&D / Intellectual Property, People, Trends, Other News, Commentary, Events, Click here to forward to a friend or colleague who might like this newsletter. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Expansions, Relocations & Launches | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Interbake to Invest $40 Million in Warren County FRONT ROYAL--Interbake Foods LLC will open a new cookie and cracker manufacturing center in Warren County, creating 381 jobs through a $40.2 million investment. In the process, the Richmond-based company will close a Richmond manufacturing plant that currently employs 248 workers. The Richmond site could not be expanded to accommodate the company's future production requirements nor could available regional facilities meet its needs. Said president Ray Baxter: "After considering locations in five other states we were able to reconfirm that Virginia has a very competitive, business-friendly environment which met all of our requirements better than any other alternative." More. Stage Stores to Expand in South Hill SOUTH HILL--Stage Stores, Inc. will invest $6.5 million to expand and upgrade its Peebles Department Stores headquarters building and distribution center, both of which are located in South Hill. The company's investment in its Peebles distribution center will keep 244 jobs in South Hill and create 107 new jobs once the expansion is completed. Peebles, acquired by Stage Stores in November 2003 operates 149 stores in small towns, including 33 in Virginia. Said Stage Stores CEO Jim Scarborough: "We are committed to keeping the Peebles operations in South Hill and we are looking forward to expanding our presence in this great town even further." More. ZPPI to Develop "Fat Sponge" in Roanoke ROANOKE--ZPRO Pharmaceutical Inc. (ZPPI), a developer of anti-obesity products, has received an investment from the Carilion Biomedical Institute and plans to set up operations in Roanoke. ZPPI's first product is an affordable, over-the-counter nutritional supplement, Compound Q, that removes fat during digestion by acting as a "fat sponge", effectively eliminating fat calories without producing negative side effects. Use of proceeds from the investment will be used for primarily for pre-marketing technical research at Virginia Tech. More. In Brief... VIENNA--Telarix, Inc., a developer of Interconnect Business Optimization software, has opened its first Asia- Pacific regional office in Singapore. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Who's Hot... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners:
|
Performance Fibers to Build Second Chinese Plant COLONIAL HEIGHTS-Performance fibers a global supplier of industrial fibers, will build a second polyester fiber and fabric plant in Kaiping to meet demand from China's growing automotive market. The new plant will double the company's dimensionally stable polyester capacity in China, where Performance Fibers is the industry leader. Additional expansions. Which will double capacity again, by 2008. Said CEO Greg Rogowski: "In addition to the China expansion, Performance Fibers is continuing to look at customer needs in other regions of the world and is prepared to invest where necessary to meet these needs. The company is the only industrial polyester supplier with manufacturing facilities in Asia, Europe and North America." More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Who's Winning Business... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 Virginia FREE
|
Trusted Computer Solutions Wins $21.7 Data-Sharing Contract HERNDON--Trusted Computer Solutions, Inc., a supplier of secure information sharing technologies, has won a three-year, $21.7 million contract to provide its technology to the Department of Defense Intelligence Information System Trusted Workstation. The Trusted Workstation helps intelligence analysts combat terrorism by allowing them to view and share vital data across multiple classified networks from a single desktop. More. GMH to Overhaul Army Base Housing HAMPTON ROADS-GMH Communities Trust, of Newtown Square, Pa., has partnered with the U.S. Army to design, build, manage and maintain military family housing at Fort Eustis in Newport News and Fort Story in Virginia Beach. The 50-year term of the project includes a six-year Initial Development Period (IDP) with costs in excess of $165 million. The project involves new construction and/or major renovation of more than 1,100 homes at the two installations. More. Diamond Bay Enters South African Telecom Market FALLS CHURCH--DBH Telecom, the telecom subsidiary of Diamond Bay Holdings, Inc., entering the newly-liberalized South African telecommunications marketplace by means of a joint venture company with ISO Pty, a subsidiary of an established South African provider of call center and other services. The joint venture company, to be named SMSCall, will offer international voice service. ISO provides access to a marketing database of more than two million mobile phone users. More. In Brief... FAIRFAX--Anteon International Corporation has won a six-year, $75 million sub-contract to support the Air Force's Center for Environmental Excellence information technology, strategic planning, GIS and other services. More. RESTON--MAXIMUS has won a two-year, $17 million contract to provide a PeopleSoft Financial System for the Miami-Dade County Water and Sewer Department. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Deal Makers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cap One to Buy Hibernia for $5.3 Billion MCLEAN--Capital One Financial Corporation, a leading consumer lending company, has agreed to purchase New Orleans-based Hibernia Corporation, a financial holding company with more than $22 billion in assets. The combined company will rank among the top 10 largest consumer lenders in the country. Capital One expects the transaction to achieve cost savings and other synergies of $135 million fully phased in by 2007. Said CEO Richard D. Fairbank: "The transaction … represents a compelling long-term value proposition for shareholders of both companies. Hibernia's leading market share in Louisiana and its promising Texas branch expansion creates not only a solid growth platform as we continue to expand, but also an additional source of lower cost funding. Additionally, we believe our national brand, 48 million accounts, broad product offerings, asset generation capabilities, and marketing expertise will drive profitable growth in branch banking." More. BAE Bags United Defense for $4.2 Billion ARLINGTON--United Defense Industries, Inc., has agreed to be acquired by BAE Systems North America Inc., the U.S. subsidiary of British defense giant BAE Systems plc, for $4.2 billion. With 2004 sales of nearly $2.3 million, United Defense produces combat vehicles, artillery systems, naval guns, missile launchers and precision munitions. More. Exostar Acquires Evincible HERNDON--Exostar, a developer of secure integrated supply chain solutions, has purchased Evincible Software, a Fairfax developer of security solutions for Web-based transactions. Said Exostar CEO Bill Angeloni: "Recent events regarding identity fraud and theft illustrate how important security, identity assurance, and real-time verification are for Web-based transactions and customer confidence." Adding Evincible's expertise means that "customers and partners can rest assured that their transactions and their businesses are safe, even when working with multiple parties on complex and highly sensitive projects." More. MCI and Microsoft Offer Converged Communications ASHBURN--MCI, Inc., is partnering with Microsoft to develop new IP-based technology solutions for customers. Said Nancy Gofus, senior vice president of MCI product development: "Our customers will see immediate benefit from the next generation of MCI Net Conferencing, powered by Microsoft Office Live Meeting." More. Guardian to Tackle Russian Security Market HERNDON--Guardian Technologies International, Inc., a developer of intelligent imaging solutions, is partnering with Fowler International, a globally recognized expert in U.S.-Russia business development, to exploit the increasing Russian demand for security technologies. Guardian hopes to sell its PinPoint airport security solution to Russia, which has suffered a wave of terrorist incidents in recent years. PinPoint scans baggage, cargo and people for guns, explosives and other threats. With one of the fastest-growing economies in the world right now, Russia is bolstering its spending on security. More. Comstock Acquires Three Virginia Developments RESTON--Comstock Homebuilding Companies, Inc., has closed on three new residential housing developments in Virginia for a total of $27 million. The developments include Countryside Villas, a 103-unit condominium conversion project in eastern Loudoun County; Blake's Crossing, a 130-unit townhome development to be built in Culpeper, and Barrington Park, 134-unit condominium to be built in Manassas. Said CEO Christopher Clemente: "These three projects are further examples of Comstock's successful strategy of maximizing residential housing potential in supply-constrained locations." More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Innovations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |
Cyveillance Phights Phishing Schemes ARLINGTON--Cyveillance, a developer of online risk monitoring and management solutions, has unveiled image-recognition capabilities for detecting phishing sites, brand abuse, unwanted brand associations, and other forms of corporate identify theft. If a brand is being misused or misrepresented anywhere on the Internet, in text or image-based formats, Cyveillance claims, this new capability will rout it out. The appearance of a trusted and familiar logo on a fraudulent web site or within a phishing-related e-mail message often prompts unsuspecting consumers to divulge personal information, which criminals then can use to remove funds from bank accounts or commit other fraudulent acts. By continuously monitoring Internet content-both text and graphics-Cyveillance can notify clients when online scams are taking place. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | R&D / Intellectual Property | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
VCU Probes Gene-Alcoholism Connection RICHMOND--Virginia Commonwealth University researchers have identified several genetic changes in the brains of mice caused by ethanol, which may help researchers better understand how and why people become addicted to alcohol. Said Michael Miles, a professor of pharmacology: "These findings help us to better understand the molecular basis for genetic differences in behavioral response to alcohol and may eventually lead to new therapeutic approaches for alcoholism … The genes identified in our studies may eventually lead to other studies that can evaluate an individual's risk for becoming an alcoholic or suffering certain complications from alcohol." More. VCU Researchers Evaluating Effects of Electrical Stimulation RICHMOND--Virginia Commonwealth University researchers are evaluating the usefulness of an electrical stimulation device to alleviate some of the side effects of chemotherapy in women undergoing treatment for breast cancer. Research will determine if micro-currents delivered through wires clipped to a patient's earlobes can lessen side effects such as pain, fatigue, anxiety, depression and insomnia. More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | People | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |
Hunton & Williams Bags Shaw Pittman Insurance Litigation Team RICHMOND--Hunton & Williams has recruited Walter J. Andrews, Lon A. Berk and 18 other attorneys from the insurance-coverage litigation practice of Washington, D.C.-based Shaw Pittman. The team will reside in Hunton & Williams' McLean office, bringing the number of attorneys there to more than 200. Said Berk: "With [Hunton & Williams'] strong practice, international capabilities and extensive experience with insurance class actions, we will be able to offer our clients even greater value." More. Lee Back in the Saddle at Vision Point BLACKSBURG-Young J. Lee, founder and chairman of Vision Point Systems, a diversified technology and business solutions company, has stepped back into the role of CEO, while former president Jeffrey Ganthner has left the company "to pursue other endeavors." The realignment and "clarification" of goals will allow the company to better focus its business development and R&D efforts as the company launches new products for the telecommunications industry and develops a group to provide artificial intelligence and advanced visualization services for data analysis. More. In Brief... CHANTILLY--Dynex Technologies, a global supplier of microplate instrumentation and automation products for the biomedical research, has named Henry O'Connell, a veteran of IDEX Corporation, as president. FAIRFAX-NISCO, a financial assurance managed-services provider, has appointed Charlie Thomas, former CEO of Net2000 Communications, as CEO. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Trends | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 Chmura Economics & Analytics |
 Annual average wages in Lynchburg are considerably lower than the state average and the difference has widened in recent years. For the year ending with the second quarter 2004, annual average wages per worker were $30,548 in Lynchburg compared to $39,432 in Virginia overall. Lynchburg also is trailing the state in terms of wage growth. For the year ending with the second quarter 2004, annual average wages in Lynchburg increased 2.7 percent compared with 4.3 percent growth in the state. For the latest analytics on labor market and workforce trends across Virginia, click here, or call (804) 649-1107. Malicious Code Threats More Frequent, Sophisticated RESTON--iDEFENSE, a provider of cyber security intelligence for Global 2000 companies, has documented an escalating trend in Internet-based malicious code attacks. Of the record 27,260 attacks in 2004, the company reported that more than 15,000 were specifically designed to covertly steal information or take over computers for criminal purposes, including identify theft and fraud. The steady rise in attacks-typically orchestrated by organized crime rings--combined with the stealing and re-selling of credit card and bank account numbers, "skimming" small sums from bank accounts, and blackmailing financial- and Internet-based businesses, is expected to continue in 2005. More. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Other News | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Circuit City Rejects Highfields Bid RICHMOND-The Circuit City Stores, Inc., board of directors has rejected an offer by Highfields Capital Management LP to acquire the company for $17 per share. The company insisted that it could maximize shareholder value by aggressively implementing its current strategy. Said CEO W. Alan McCollough: "Less than two years ago, the board received and rejected an offer of $8.00 per share for the Company. Since that time, the Company has made significant progress in positioning itself strategically, operationally and financially for long-term strength and success." The board also authorized a $400 million increase in the company's stock repurchase authorization. More. Norfolk International to Install WI-FI NORFOLK-Norfolk International Airport, which serves 3.7 million passengers annually, has signed a three-year agreement with ICOA, Inc., of Warwick, R.I., to provide public and private Wi_Fi solutions throughout the airport terminal. Passengers with Wi-Fi-enabled laptops or PDAs will be able to connect to the Internet to check their e-mail, access their corporate servers, download important documents and surf the web with unlimited access from anywhere in the airport for $6.95 per day. More. Now There's Insurance for Chiropractors, Acupuncture RICHMOND--American Specialty Health, of San Diego, is introducing "complementary" health care coverage plans in the Virginia marketplace that will allow employers to make chiropractic/manual manipulation, acupuncture, massage therapy, dietetic counseling, and vitamins/minerals more accessible and affordable for employees. Employers with 51 or more employees are able to purchase these benefits as a supplemental group benefit rider, similar to purchasing vision, dental, or behavioral health coverage. Employees covered by ASH Insurance can access a state network of close to 450 contracted providers. More. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Back To Top | Commentary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 In the End... Virginia has survived another session of the General Assembly. All things considered, it wasn't a bad year. More. | Think We Could Arrange a Trade? Virginia's John Chichester wants to raise taxes. North Carolina's Marc Basnight prefers to cut spending. Who would you want on your team? In a recent column, I compared politics in Virginia and Maryland and concluded that the Old Dominion is beginning to look less fiscally disciplined than our neighbor across the Potomac. Now, I'd like to look across our border to the south to see how Virginia stacks up against North Carolina when it comes to taxes and spending. 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 jim@vanewswire.com. Click here for a free subscription. Click here to unsubscribe. |