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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, Deals Makers, Innovations, Deals & Partnerships, Trends, 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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ITT to Expand Production of Night Vision Goggles ROANOKE-ITT Industries Night Vision will invest up to $51.8 million to expand its night-vision goggles production capacity in Roanoke County, creating 250 new jobs. Global demand for night-vision products is increasing, and the company anticipates manufacturing an enhanced goggle-now undergoing testing by the U.S. Army-that combines thermal imaging and image intensification technology. ITT, based in Roanoke, is the world's leading developer, producer and supplier of Generation 3 image-intensification technology for U.S. and allied military forces as well as law enforcement. More. UVa Committee Approves $78 Million Medical Center Expansion CHARLOTTESVILLE-A key committee of the University of Virginia Board of Directors has approved plans for a $78 million expansion of the university's Medical Center and a second building for the School of Nursing. The optimal occupancy rate of the 556-bed hospital is 85 percent. Currently, the hospital exceeds that rate five days a week on average, and demand is expected to rise 2.6 percent annually through 2013, when the Medical Center will have a projected shortfall of 111 beds. More. Call Evolution to Open Call Center in Scott DUFFIELD-Ohio-based Call Evolution Company will invest $1 million to open a facility in Scott County. Providing customer service support to Fortune 500 financial and insurance companies, the center will create 200 new jobs in 30 months. The facility will be a member of the Results Network, an affiliation of call centers managed by the Results Companies of Dania, Fla. More. Smithfield Foods Invests $213.5 Million in Midwest Facilities SMITHFIELD--Smithfield Foods, Inc., has launched major expansion projects totaling $213.5 million at four processed-meat facilities in Iowa, Nebraska and South Dakota. The expansions will create 679 new jobs in the production of smoked sausage and hot dogs, microwave bacon, and other pork products. More. |
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| Back To Top | Who's Hot... |
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SunRocket Raises $25 Million VIENNA--SunRocket, a provider of Internet phone service, has secured $25 million in its second round of institutional financing. Less than a year after its introduction, SunRocket has emerged as the second fastest-growing independent provider of residential Internet phone service, which allows consumers to make telephone calls through their home broadband connection. Said Investor Janice Roberts: "SunRocket has the perfect combination of talent and technology to capitalize on the enormous growth and disruptive power of Internet-enabled communications." More. mPortal Secures $4 million VIENNA--mPortal, an enabler of mobile content and applications, has secured $4 million in venture funding as mobile content and applications, following success in Asian and European markets, take hold in the United States. The newest round, which follows a year of record growth for mPortal, will help accelerate product enhancements to the company's Springboard Mobile Content Delivery Server and its Springboard Mobile Smart Client. More. VidSys Spin-off Secures $3 Million ALEXANDRIA--VidSys, Incorporated (VidSys), developer of mission-critical video management and distribution solutions, has spun off from its parent company, Dynamic Technology Systems. In conjunction with the spin-out, VidSys has received $3 million in Series A financing. Said CEO Mike Mancuso: "With a proven product, top-notch technical team and marquis customers, VidSys is well positioned to become the benchmark for intelligent video management and surveillance solutions." More. Lighthouse Attracts Equity Investment CHARLOTTESVILLE--Lighthouse Instruments, LLC, a developer of detection systems for the pharmaceutical, biotechnology and contract manufacturing industries, has received an equity investment from Diamond Machine Werks, of Arlington Heights, Ill. The funding will expand Lighthouse's sales, support and service infrastructure in Europe and accelerate the commercialization of products under development. More. In Brief... MCLEAN--Highland Hospitality Corporation, a lodging real estate investment trust, has priced its public offerings of 10 million shares of common stock at $10.15 and three million preferred shares at $25 per share, for aggregate gross proceeds of $176.5 million. More. NORFOLK-Portfolio Recovery Associates, a provider of outsourced receivables management, will be added to the Standard & Poor's S&P SmallCap 600 index. More. |
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| Back To Top | Who's Not... |
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Markel Estimates Katrina Losses to Exceed $125 Million RICHMOND-Markel Corporation, an underwriter of specialty insurance products for niche markets, estimates that its after-tax losses from Hurricane Katrina will range from $125 million to $150 million. Said CEO Alan I. Kirshner: "Our financial losses from Katrina are estimated to exceed what our modeling techniques predicted for an event of this type. We expect to promptly complete a review of our modeling tools and adjust our underwriting practices accordingly." The company has net worth in excess of $1.7 billion. More. |
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| Back To Top | Who's Winning Business... |
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VSE Awarded Tanker-Protection Contract ALEXANDRIA-VSE Corporation has been awarded a $41 million contract to apply a Fuel Tank Self-Sealing System and Add-on Armor Panel Kits for the M978 and M1062 Fuel Dispensing Tankers. Work on the new contract will be performed primarily in Kuwait and Iraq and is expected to be completed in January 2007. More. Fairfield Snags Army Contract HARRISONBURG--Fairfield Language Technologies, developer of the Rosetta Stone computer-based language immersion program, has been awarded a $4.2 million contract to supply its programs to the U.S. Army, National Guard and other branches of the Defense Department. Rosetta Stone's 29 language courses -- including programs such as Pashto, spoken in Afghanistan; Farsi, spoken in Iran; and Arabic, spoken throughout the Middle East -- will be available to personnel through the distributed online platform called Army e-Learning. More. In Brief... ARLINGTON--CACI International Inc has won a $25 million contract to provide training, doctrine and combat development for the U.S. Army Armor Center at Fort Knox, Ky. More. MCLEAN--BearingPoint, Inc., has won a three-year, $6.85 million contract to strengthen the cash management capabilities of the Islamic Republic of Afghanistan's Ministry of Finance. More. DULLES--ORBIMAGE Inc. has received $6.1 million in new orders under its ClearView contract with the National Geospatial-Intelligence Agency (NGA). More. |
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| Back To Top | Deals & Partnerships |
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Alpha N.R. Pays $316 Million for Nicewonder Coal Group ABINGDON--Alpha Natural Resources, Inc., an Appalachian coal producer, has agreed to acquire coal reserves and operations from the privately held Nicewonder coal group in southern West Virginia and southwestern Virginia. The aggregate purchase price is $316.2 million in cash and Alpha common stock. The properties will add about 4.3 million tons, or 20 percent, to Alpha's coal output in 2006 and will boost Alpha's free cash flow. Said Alpha CEO Mike Quillen: "Our relationship with Don Nicewonder and his management team goes back many years, and we jointly reached the conclusion that combining our adjacent operations in Central Appalachia would create value for both parties." Before payment of taxes, the transaction would place Nicewonder, a Bristol resident, among Virginia Business magazine's top 30 wealthiest Virginians. More. Motient to Purchase Minority Shares of Mobile Satellite RESTON--Motient Corporation has signed a letter of intent to consolidate the ownership of Mobile Satellite Ventures, developer of a hybrid satellite-cellular communications network, by issuing 77 million Motient shares in exchange for the minority ownership stakes in the company. With Motient shares selling for roughly $21, the transactions will be worth about $160 million. Said Alex Good, CEO of MSV: "We are at a critical stage in the development of a truly ubiquitous wireless communications network for North America. The simplification of MSV's ownership structure provides MSV much greater visibility, and will enhance access to capital while improving our ability to accommodate potential strategic partners." It is anticipated that Good will become CEO of Motient after the transaction. More. PolyOne to Sell Engineered Films Unit WINCHESTER-Cleveland-based PolyOne Corporation, a polymer compounding and distribution company, has agreed to sell its Engineered Films business unit, based in Winchester, to an investor group comprising members of the unit's management team along with an investor group formed by Matrix Capital Markets of Richmond. PolyOne will retain a minority ownership interest in the new entity. The Engineered Films unit provides customized, high-performance plastic films for use in diverse applications, including automobile and truck interiors, flooring, wall covering and pool liners. More. Ashford to Acquire Hyatt Dulles Airport for $72.5 Million DULLES--Ashford Hospitality Trust, Inc., of Dallas, has agreed to purchase the 316-room Hyatt Dulles in Herndon for $72.5 million in cash from Dulles Airport Hotel, LLC, an affiliate of Colony Capital, LLC. The property, which generated revenues of $18.1 million on a trailing 12-month basis, is expected benefit from ongoing airport expansion. On the heels of a recently completed $5 million renovation, the new owners intend to renovate hotel restaurants and public areas. More. Cousins Sells Hanover Square for $19 Million RICHMOND---Cousins Properties Incorporated, of Atlanta, has sold the Hanover Square retail center in suburban Richmond to affiliates of the Commonwealth Opportunity Fund, LLC. The 187,000-square-foot development sold for $19 million. More. |
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| Back To Top | Innovations |
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Cadmus Unveils QLU Solution for Book Publishers RICHMOND--Cadmus Communications Corporation has released QLU, a content delivery solution that provides access control, delivery and search functionality to the reference book and directory publishing markets. Said Executive Vice president of Business Development Hai Tran: "The majority of electronic content for reference materials is distributed on CD-ROM which is expensive to produce, distribute and support, and lacks an easy method for updates. QLU is a much more cost-effective way to market, distribute and update content while adding benefits like access and subscription controls and usage reports." More. Brink's Launches Identify-Theft Service RICHMOND-Brink's Incorporated, the secure-logistics subsidiary of The Brink's Company, has launched Secure Data Solutions, a suite of services designed to protect sensitive media from loss and theft in transit. Said Shai Anbar, senior vice president: "Companies spend millions on encryption to make it difficult for thieves to access confidential data. Yet they fail to address the security of the data media while in transit. Our services protect the physical media from getting into the wrong hands." More. |
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| Back To Top | R&D / Intellectual Property |
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GMU Researchers to Study Prebiotic Molecules FAIRFAX--Harold Morowitz and a team of researchers at George Mason University have been granted $2.9 million from the National Science Foundation to investigate how the fundamental molecular processes of life emerged on Earth in the prebiotic world. The project will seek to prove or disprove the theory that robust core pathways and molecular associations were the statistically favored result of geochemical processes on the early earth, which can be reconstructed computationally and in the laboratory. More. Tech to Create Biotech Innovation Center in Danville DANVILLE--Virginia Tech's College of Agriculture and Life Sciences has been awarded $890,000 from the Virginia Tobacco Commission to create an Innovation Center for Biotechnology-based Economic Development. The center will be part of the Institute for Sustainable Renewable Resources in Danville. Said Jerzy Nowak, associate dean for research: "The research conducted at this center will not only provide the foundation for the development of new bio-based products, but will also train workers with the skills needed to attract other biotech research and industry to the area." More. In Brief... RICHMOND--Insmed Incorporated has received federal regulatory approval for its iPlex compound to be used for the treatment of children with growth failure suffering from Severe Primary IGF-1 deficiency. More. |
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| Back To Top | Trends |
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Chmura Economics & Analytics |
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Hampton Roads entrepreneurship. Entrepreneurial activities are an important measure of health for a state, local, or regional economy. This chart displays the number of professional, scientific, and technical services firms with 10 or fewer employees that entered or exited the Hampton Roads economy from 1991 through 2004. The number of new firms entering the Hampton Roads economy has consistently outpaced the number of exiting firms since 1991. In 2004, 537 new small firms involved in professional, scientific, or technical services opened in Hampton Roads while 439 exited. For the latest analytics on labor market and workforce trends across Virginia, click here, or call (804) 649-1107. Jana Partners Urges Massey to Take on More Debt RICHMOND--Massey Energy Company, a major Central Appalachian coal producer, has acknowledged receipt of a letter from JANA Partners LLC, proposing that Massey incur additional debt and use the proceeds plus cash on hand to repurchase shares of the company's common stock. Responded CEO Don L. Blankenship:"Our Board of Directors … will consider the proposals made in the letters carefully as part of our continuing evaluation of potential uses of expected free cash flow." More. In Brief... VIENNA--CEL-SCI CORPORATION, a developer of treatments for cancer and infectious diseases, will receive $630,000 in connection with litigation involving a shareholder and three former investors. More. |
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| Back To Top | Commentary |
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Twin Hopes Virginians hope that their candidates listen to them -- and that they don't. More. |
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Warner Blinked In his bid for the U.S. presidency, Mark Warner made a serious error in ruling out a 2006 run against George Allen. Virginia Gov. Mark R. Warner announced at the end of August that he will not challenge U.S. Sen. George Allen in 2006. I had assumed that Warner was relishing the opportunity to take on Allen. Warner's decision reveals much about this politician, who has been the beneficiary of enormous good fortune. More. |
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| Back To Top | Events |
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