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| Business Intelligence for Virginia's Entrepreneurial Economy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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In This Issue... Expansions, Relocations & Launches, Who's Hot, Who's Not, Who's Winning Business, Deal Makers, Innovations, R&D / Intellectual Property, Trends, Other News, Commentary, Events, Click here to forward to a friend or colleague who might like this newsletter. |
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| Back To Top | Expansions, Relocations & Launches  |
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IBM to Create 300 New Jobs, Mostly in Virginia FAIRFAX--IBM has won a contract valued at $35 million the first year and potentially worth $100 million over five years to help streamline the U.S. Navy's financial systems. IBM expects to create as many as 300 new jobs over the length of the contract, about 60 percent at its Fair Lakes facility and in Norfolk, with the balance in San Diego. More. Essel Propack to Invest $15 Million in Danville Expansion DANVILLE--Essel Propack America, LLC, an India-based manufacturer of laminated and plastic tubes, will invest $15 million to expand its Danville manufacturing facility. The expansion, which will support 40 new jobs, will allow the company to supply laminated tubes and caps to Procter & Gamble and other toothpaste and cosmetic product companies in the United States. Said Vice Chairman Ashok Goel: "Our plans are in line with our declared strategic growth intent for the U.S. and Americas... We are sure to attain leadership status in the U.S. market in the course of time." More. Sterling to Invest $2.5 Million in Prince George Distribution Facility PRINCE GEORGE COUNTY--Sterling Gelatin, America, Inc., a unit of India-based Sterling Biotech Ltd., will invest $2.5 million to build a distribution warehouse in Prince George County. The new facility, which will house pharmaceutical gelatins, will support 20 new jobs, replacing a leased facility in Chester that employs five. Sterling Biotech, the largest manufacturer of pharmaceutical gelatins in Asia, controls about seven percent of the global market. More. In Brief... ALTAVISTA--The First National Bank of Altavista will expand into the Smith Mountain Lake market through the opening of a loan production office. More. Ramp up Your Visibility With the New VA Newswire Sponsorship! Want to reach VA Newswire's 6,000 readers active in Virginia's dynamic entrepreneurial community? We've upgraded our sponsorship package to guarantee year-long exposure.
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| Back To Top | Who's Hot... |
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AIMS Worldwide Raises $35 Million in Equity FAIRFAX--AIMS Worldwide, Inc., a vertically integrated marketing services, communications and media property company, has received a $35 million financial commitment from Cornell Capital Partners, LP, to be drawn down over 24 months at AIMS' discretion. The company is accelerating its growth by targeting and acquiring a group of media and marketing communication services companies. Recent and contemplated acquisitions include a cable television and broadband service business, a strategy and planning company, an online research and data mining business, a public affairs firm and a public relations firm. More. The Fairfax Job Machine Still Chugging VIENNA-The Fairfax County Economic Development Authority worked with 28 companies in the 1Q of 2005 that have added, or will add, 3,724 jobs. The largest announcement in the quarter came from Science Applications International Corp., which said it would bring 2,027 new jobs to Fairfax County this year. IT integrator Gray Hawk Systems, which is relocating its corporate headquarters to Fairfax County, will add 270 jobs, while SteelCloud, a developer of network security products and services that is relocating operations to Fairfax County, will contribute 131 more. The 20 companies adding the largest number of employees include:
More. Collegiate Funding Profits up Sixfold FREDERICKSBURG--Collegiate Funding Services, Inc., has reported 1Q net income of $7.9 million, more than six times the $1.2 million profits reported in the same quarter of 2004, on a 36 percent growth in revenue. Management attributed the increase mainly to higher fee income on the origination of federally backed student loans. The company also benefited from a swing in valuation of derivatives. More. In Brief... RICHMOND--Performance Food Group, a food distributor serving restaurants and institutions, has announced 1Q net earnings of $4.7 million, more than double than the same quarter in 2004, on revenue of $1.4 billion. Prospering in a Hyper-Competitive Global Economy - Virginia Museum's Muse Awards to Recognize Business Creativity - Fifteen years ago, the world trading system was dominated by a handful of countries in North America, Western Europe and the Asian Rim. The population of these highly developed economies amounted to about 940 million. Since the fall of communism and proliferation of the digital economy, the world trading system has expanded to include China, India, South Asia and Latin America-adding another four billion people to the globally accessible labor pool. For Richmonders, as for all Virginians, the paramount question of the early 21st century is this: How do we compete and maintain our standards of living in a world economy where manufacturing, service and even R&D jobs are flowing to countries where the cost of labor--not just pick-and-shovel workers but engineers, computer programmers and other knowledge workers--runs between one-third and one-tenth of what it does in the United States? The answer is this: We compete by nourishing creativity. We maintain our competitive edge by out-innovating our foreign competitors, adapting to change and introducing new products, new technologies and new business models more rapidly than our rivals can adapt to the old ones. More. |
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| Back To Top | Who's Not... |
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Xybernaut Lays off Half of Workforce FAIRFAX-Engaging in heavy damage control after an accounting scandal, Xybernaut Corporation has appointed a new CEO, Perry L. Nolen, retained a financial restructuring consultant, and slashed its global workforce by 50 percent. The layoffs are part of an emergency plan to streamline operations, focus on core industry opportunities and cut operating costs. Said Nolen: "Though these actions are extremely difficult, we feel that they are important initial steps and necessary to move the Company forward quickly and efficiently allowing us to focus on our most critical functions." Xybernaut develops mobile/wearable computing technologies. More. |
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| Back To Top | Who's Winning Business... |
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Fluor to Advance Capital Beltway HOT Lane Project RICHMOND-The Virginia Department of Transportation has signed an agreement with Aliso Viejo, Calif.-based Fluor Enterprises, Inc., to develop a project to add four new high-occupancy toll (HOT) lanes along a 14-mile segment of the Capital Beltway (I-495) in Northern Virginia. Fluor will work with VDOT and Transurban (USA) Inc. to finalize the project's scope, plan of finance, construction schedule and firm, fixed price, advancing the project to financial close, anticipated for late 2006. Construction completion is anticipated to be 55 months from financial close. RICHMOND-The Virginia Department of Transportation has signed an agreement with Aliso Viejo, Calif.-based Fluor Enterprises, Inc., to develop a project to add four new high-occupancy toll (HOT) lanes along a 14-mile segment of the Capital Beltway (I-495) in Northern Virginia. Fluor will work with VDOT and Transurban (USA) Inc. to finalize the project's scope, plan of finance, construction schedule and firm, fixed price, advancing the project to financial close, anticipated for late 2006. Construction completion is anticipated to be 55 months from financial close. More. Anteon Snags $47.6 Million Littoral Navy Contract FAIRFAX--Anteon International Corporation, an IT company serving the federal government has won a five-year contract potentially worth $47.6 million to provide acquisition and engineering services support to the U.S. Navy's Littoral Combat Ship Program. The program is building a new breed of warship. The ships are fast, agile, and networked, possessing multiple capabilities to detect underwater mines, hunt diesel submarines and counter high-speed patrol boats in shallow waters. More. In Brief... MCLEAN--BearingPoint, Inc., has been awarded a three-year, $18.9 million contract to serve as the prime system integrator for OnePurdue, Perdue University's initiative to modernize the systems that support student services, human resources, research administration and finance. More. FAIRFAX--The Analysis Corporation, a developer of counter-terrorism and anti-crime systems and services, has been awarded a five-year, $3.7 million contract by the Department of State to provide embassies, consulates and border security officers with critical homeland security-related information. More. |
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| Back To Top | Deal Makers |
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Sunrise to Purchase Greystone for $54 million MCLEAN--Sunrise Senior Living, Inc., the nation's largest provider of senior living services, has agreed to acquire Greystone Communities Inc. and certain of subsidiaries and affiliates. The deal includes management of 14 existing communities as well as 17 more under development. Sunrise will pay $45 million, plus transaction costs, and an additional $7.5 million if Greystone meets performance milestones. More. Brink's Nicks Eastern Europe Security Operations RICHMOND-Subsidiaries of the Brink's Company have acquired Eastern European cash-handling and processing operations of Securitas AB, a Swedish security company, for $9 million. The operations are based in Hungary, Poland and the Czech Republic. Said Brink's CEO Michael T. Dan: "These acquisitions are part of our overall growth strategy for Brink's, Incorporated, which is focused on increasing the penetration of our services globally, emphasizing value-added services and expanding our geographic footprint." More. Ariel Acquires Business TV Product Line VIENNA--Ariel Way, Inc., a developer of highly secure global communications solutions, has purchased Loral Skynet's business television product line. The transaction will allow Ariel's dbsXmedia subsidiary to add more than $3.5 million a year in revenue. Said dbsXmedia CEO David Howgill: "Our team can now concentrate on offering greater service, value and expanded product lines, allowing us to provide state-of-the-art solutions for video, radio and digital signage solutions for the corporate and retail world." More. In other developments, Ariel Way, Inc. has agreed to acquire BEST Direct Network Ltd., a British company that hosts voice-over-IP solutions, delivers high-bandwidth Wi-Fi communications, and provides secure billing, transaction and authentication services. BEST will generate an estimated $1.7 million in annual revenue. More. Forest City Acquires Ballston Common Office Center ARLINGTON--Forest City Enterprises, Inc., a Cleveland, Ohio-based real estate developer and manager, has acquired the Ballston Common Office, a 176,000-square-foot building that sits above the company's existing Ballston Common Mall, a four-level, 578,000-square-foot urban retail center. The office center, located four miles from downtown Washington, D.C., is 99 percent leased to three existing tenants. More. MedVirginia Partners with athenahealth RICHMOND-MedVirginia, Central Virginia's regional health information organization, has partnered with athenahealth, inc., of Waltham, Mass., whose technology puts procedure and insurance information at physicians' fingertips. The goal is to build a more connected physician community in the area. Said Michael Matthews, MedVirginia CEO: "We believe, as athenahealth believes, that a synergy is created when a community of providers can communicate securely across practices." More. In Brief... PEABODY, MASS--Beacon Roofing Supply, Inc., of Massachusetts, has acquired Insulation Systems, Inc., a distributor of commercial roofing and related products through locations in Roanoke and Virginia Beach; ISI generated net sales of $19 million in 2004. More. RESTON--Wireless Matrix, a developer of wireless data services, has sold its Remote Telecom business unit to Glentel Inc., a Burnaby, British Columbia-based wireless communications firm, for $1.3 million (Canadian). More. RESTON--Wireless Matrix also has divested its Telemetry Business Unit to Calgary-based Universal Measurement Solutions Ltd. for $1.4 million. More. |
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| Back To Top | Innovations |
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Busch Gardens Unveils High-Tech Theme Ride
WILLIAMSBURG-Busch Gardens has launched its new season with the opening of "Curse of DarKastle," a theme ride that sends guests aboard gravity-defying sleighs careening through the corridors of a Bavarian castle frozen in time. Following a one-minute, forty-second preshow, the ride hurtles passengers along 1,000 feet of track immersed in a supernatural story amplified by 3-D media and other special effects. The technology did not exist to build the DarKastle ride three years ago, the company stated. More. Independence Air Ups the Ante on Baggage Returns DULLES-Independence Air has launched a new promotion to highlight its customer service and operational performance: If your checked bag does not arrive at your final destination when you do, the airline will credit your fare for the flight toward the purchase of another flight. Since last November, the start-up's monthly rate for delivering checked bags has been better than those achieved by the legacy carriers. More. Designed Telecom Promotes "Broadband over Power Line" in NoVa SALEM-Designed Telecommunications, Inc has partnered with Fiber Bridge Communications, Inc., of California, to create the Broadband over Power Line Center of Excellence in Ashburn, in the heart of the Northern Virginia high-tech sector. The facility provides access to multiple BPL technologies at a single facility where system operators, equipment manufacturers, application vendors, standard making bodies and others interested in the growing BPL industry can meet in a vendor-neutral environment. |
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| Back To Top | R&D / Intellectual Property |
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VCU Engineers Develop New Polymer RICHMOND--A Virginia Commonwealth University chemical engineering team has developed a novel material that repels water when wet, setting the stage for advances in engineering, medicine and diagnostics. Said lead researcher Kenneth Wynne. "Water-induced hydrophobic surfaces may lead to applications for many things, including the testing of bodily fluids, switching devices, drag-reducing coatings and many others. Sometimes an engineer wants to guide the flow, or turn off tiny streams of fluid, such as blood, in a test tube, and this kind of phenomenon could be useful in creating channels for that purpose." Discovery of the material was an accidental byproduct of Wynne's work into antimicrobial coatings. More. Hokies Create Space Research Center BLACKSBURG--Virginia Tech has been awarded $805,000 in funding from the National Science Foundation to create an interdisciplinary center for space research in the College of Engineering. The space science research program will begin with the hiring of a new faculty member in electrical and computer engineering with expertise in ground-based and/or space-based science instrument development. Plans also are underway for the creation of a space science instrument laboratory, playing off Tech's strengths wireless telecommunications, power systems engineering, remote sensing, advanced space propulsion and spacecraft dynamics and control. More. More. |
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| Back To Top | Trends |
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Chmura Economics & Analytics |
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Initial unemployment claims in the state ticked upwards in March after continual decline over the past two years. Since peaking at over 36,000 in June 2003, the six-month moving average for initial claims has fallen by more than 13,000 claimants. For the year ending with March 2005, the number of initial applicants for unemployment insurance dropped by 20.7 percent or by more than 6,000 claimants per month (six-month average). For details on labor market conditions across Virginia, as well as a list of Chmura Economics & Analytics (CEA) products and services, click here, or call (804) 649-1107. |
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| Back To Top | Other News |
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Media General Unveils $100 Million Capital Spending Program RICHMOND-Media General, a media conglomerate that owns newspapers in Richmond, Charlottesville, Lynchburg and Danville among other properties in the Southeast, has unveiled a $100 million capital spending program for 2005. The total includes $54 million for the Publishing Division, mostly for three new press projects and for an upgraded advertising database, and $41 million for the Broadcast Division, mostly to replace older equipment and complete the transition to full-power high definition TV. Said COO-designate Reid Ashe: "We've challenged all of our newspapers to increase circulation in 2005. … Our overall goal is 1 percent daily and 0.8 percent Sunday growth. … We are using research to discern and cover readers' interests, redesigning and branding our newspapers, and developing new products for niche audiences." More. |
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| Back To Top | Commentary |
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Gimme Shelter Rising housing prices create a false prosperity. Taxes are rising, newcomers are priced out of the housing market and the real estate bubble will bring widespread misery when it busts. More. |
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Competing for the Creative Class With Richard Florida now at GMU, Fairfax County is debating what it takes to recruit and retain the creative geniuses who propel the economy forward. What Dr. Robert Atkinson of the Progressive Policy Institute in Washington, D.C. calls "knowledge workers", Dr. Richard Florida, now a star faculty member at George Mason University, calls "the creative class." Both are interpreting transformations underway in lifestyles, work, quality and competitiveness. Both are trying to direct future policies toward economic growth and a higher quality of life. And though Dr. Florida is not focused on technology like Dr. Atkinson, he concludes that now, more than ever, the future belongs to those states and regions that create, nurture, support and attract the creative class -- scientists, architects, engineers, entertainers, content providers, educators, entrepreneurs, financial and legal professionals. More. |
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| Back To Top | Events |
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