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April
2002
This report is compiled from company releases,
business journals and newspapers from around the
state. If you have an item for these listings
please:
mail it to:
For the Record
Virginia Business Magazine
P.O. Box 85333
Richmond, VA 23293
or e-mail it to ForTheRecord@va-business.com,
or fax it to (804) 649-6311.
Mergers
and Acquisitions
American Medical Laboratories, a medical testing
company in Chantilly, is being acquired by Quest
Diagnostics, a medical testing firm based in Teterboro,
N.J., for $500 million, including assumption of
$160 million in debt. (The Washington Post)
United
Dominion Realty Trust, a Richmond-based real estate
investment trust, acquired Jefferson on the Cliffs,
a 400-unit apartment community in Arlington, Texas,
for $21.9 million. (Press release)
Sensytech
Inc., a producer of special-purpose communications
equipment headquartered in Newington, bought Frequency
Engineering Laboratories of Farmingdale, N.J.,
in a cash transaction. (Press release)
Manchester
Industries Inc., a Richmond-based paperboard and
paper-converting firm, acquired the paperboard
division of Pollock Packaging of Grand Prairie,
Texas, and sheeting equipment from Tufco Technologies
of Dallas. Those assets will be combined at a
60,000-square-foot plant in Dallas. (Richmond
Times-Dispatch)
Framatome
ANP, a nuclear power engineering and services
company based in France with a U. S. headquarters
in Lynchburg, bought Duke Engineering & Services,
a Charlotte, N.C.-based subsidiary of Duke Energy.
(The News & Advance)
TriMech
Solutions, a Richmond-based provider of engineering
software applications, acquired 3D Innovations,
a Charlotte, N.C., technology company. (Press
release)
Lafarge
North America, a Herndon-based supplier of construction
materials, acquired Continental Gypsum, a drywall
manufacturer headquartered in Newark, N.J. The
acquisition strengthens Lafarge's presence in
a key Northeast market. (Press release)
Simplexity,
a Herndon-based provider of Web-based shopping
services, was acquired by InPhonic Inc., a Washington,
D.C.-based provider of cellular phones and services,
for $20 million in stock and cash. (The Washington
Post)
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Deals
ITT Industries Night Vision, a Roanoke-based unit
of advanced technology producer ITT Industries
of White Plains, N.Y., and the Dallas unit of
Raytheon Co., a Lexington, Mass., technology firm,
agreed to develop night vision sensor fusion applications,
combining the technologies of low-light image
intensification and thermal imaging. (PRNewswire)
Aleron,
a Reston-based, global network services provider,
was selected by PeoplePC, a San Francisco-based
provider of Internet access solutions, to upgrade
PeoplePC's Internet access services across the
United States. (Business Wire)
CropTech,
a biotechnology firm based in Blacksburg, signed
an agreement with Seattle-based biopharmaceutical
company Immunex Corp. to explore the possibility
of protein production using transgenic tobacco
plants. (Press release)
Phoenix
Integration, a Blacksburg-based provider of integration
solutions for scientific and technical clients,
plans to collaborate with the Advanced Information
Technology branch of the Naval Research Laboratory
on research of design tool integration and automation.
(Press release)
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New
Plants and Companies
Hilton Hotels Corp., a Beverly Hills, Calif.,
hotel chain, opened a 149-room Hilton Garden Inn
in Fairfax. Fair Oaks Inn will operate the facility
under a Hilton franchise agreement. (Business
Wire)
Cerxon
Microtechnologies, a Camden, S.C.-based division
of Palmetto Technologies, plans to move operations
to Henry County. The microelectronic component
manufacturer plans to invest $6.5 million in the
operation and hire 250 workers over the next 30
months. (Press release)
Unique
Industries, a wholesale supplier of party goods
based in Philadelphia, announced plans to locate
a distribution facility in Blairs. The $19.6 million
investment will create 420 jobs in Pittsylvania
County. (Press release)
VF
Imagewear, a Greensboro, N.C., textile firm, will
maintain a customer service call center at its
Martinsville distribution facility, creating 40
jobs. (Press release)
Trinity
Packaging Corp., an Armonk, N.Y.-based manufacturer
of plastic bag products, will open a facility
in Clarksville, creating 300 jobs. (Press release)
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Executive
Promotions
William Merkt, CFO, Carilion Biomedical Institute,
a private, non-profit biomedical science and engineering
organization headquartered in Roanoke. (Press
release)
John
Smith, COO, AMF Bowling Worldwide, a Richmond-based
owner of bowling centers and a manufacturer of
bowling products. (Press release)
John
S. Brittain Jr., CFO, American Management Systems
Inc., an information technology-consulting firm
based in Fairfax. (The Washington Post)
Ronald
L. Ewing, COO, The Dewberry Cos., an engineering
services firm headquartered in Fairfax. (Business
Wire)
Robert
G. Ottenhoff, president, Guidestar, a Williamsburg-based
provider of information on IRS-recognized 501(c)
non-profit organizations. (Business Wire)
John
T. Spotila, president and COO, GTSI Corp., a Chantilly-based
provider of business-to-government information
technology services. (Business Wire)
Thomas
M. Boyd Jr., president and CEO, Albemarle First
Bank, a Charlottesville-based banking services
company. (Business Wire)
Robert
C. Skaggs Jr., president and CEO, Columbia Gas
of Virginia, a Chesterfield County-based subsidiary
of NiSource of Merrillville, Ind. (Richmond Times-Dispatch)
Philip
D. Sayers, president, Mid-Atlantic Region, Consolidated
Engineering, an Arlington-based facility technology
services firm. (Press release)
Donald
S. Morgan, president and COO, Barber Martin Advertising,
an advertising agency headquartered in Richmond.
(Press release)
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Contracts
Signal Corp., a Fairfax-based engineering and
management services company, won a three-year,
$28.6 million contract from the U.S. Navy for
installation and support of satellite communications
operations, and a five-year, $14 million contract
for software support for the Federal Motor Carrier
Safety Administration of the U.S. Department of
Transportation. (Business Wire)
CACI
International, an information technology firm
with U.S. headquarters in Arlington, won a five-year,
$48.3 million contract for program management
support and technical services to the Defense
Advanced Research Projects Agency of the Department
of Defense. CACI was among the firms awarded a
suite of contracts from the Office of the Secretary
of Defense, valued at $50 million over five years,
for development and support of the Joint Warfare
System, a modeling and simulation program. (PR
Newswire)
Maximus,
a government services firm headquartered in Reston,
won a $6.6 million contract by Wayne County, Mich.,
to support replacement of the county's human resources
and payroll system. (Business Wire)
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Cutbacks
and Closings
AES Corp., a power producer
headquartered in Arlington, announced plans to
reduce capital spending by $490 million by the
elimination of a number of projects and sale of
certain assets. (Press release)
Pilgrim's
Pride Corp., a Pittsburg, Texas-based poultry
company, will close its chicken processing plant
in Alma and consolidate operations at plants in
Broadway and Moorefield, W.Va. (Press release)
Coastal
Lumber Co., a Weldon, N.C.-based hardwood products
company, will close its Suffolk plant with the
loss of 60 jobs. Competition from foreign suppliers
was cited as a major factor. (The Virginian-Pilot)
MeadWestvaco
Corp., a producer of packaging and specialty papers
headquartered in Stamford, Conn., will reduce
180 positions in its Richmond office and another
50 at a research and development center in its
Covington plant. The cuts are part of the corporate
restructuring from the merger of Mead and Westvaco.
(Richmond Times-Dispatch)
Haleos
Inc., a Blacksburg-based producer of optical components,
laid off 20 employees because of a downturn in
the telecommunications industry. (The Roanoke
Times)
Mirant
Corp., an energy company headquartered in Atlanta,
canceled plans to build a power plant in Danville,
citing a reevaluation of the firm's planned projects.
(Danville Register & Bee)
InfiNet,
a Norfolk-based company that manages information
technology services for newspapers nationwide,
laid off 20 workers, in anticipation of reduced
spending in the newspaper industry nationally.
(The Virginian-Pilot)
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Divestitures
Advanced Switching Communications, a Vienna-based
telecom-equipment company, plans to close because
of eroding sales triggered by a downturn in the
telecommunications industry. (The Washington Post)
Broadslate
Networks of Albemarle County, a high-speed Internet
service provider operating in several Southeastern
states, ceased operations after a failure to find
either financing for further operations, or a
buyer for the company. (The Daily Progress)
Virginia
Investment Counselors, an investment advisory
firm in Norfolk, was bought by BB&T Asset
Management, an investment advisory and portfolio
management company, headquartered in Raleigh,
N.C. (Press release)
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Expansions
Rubbermaid Commercial
Products, a unit of Newell Rubbermaid Inc. of
Freeport, Ill., announced a three-year, $45 million
expansion of its Winchester facility. The project
will add 250 jobs. (The Winchester Star)
MVM
Inc., a full-service security management company
headquartered in McLean, has launched a Criminal
Justice Services Division to support growing demand
for services in the criminal justice sector. (Business
Wire)
Nautica
Enterprises, a New York-based fashion and apparel
company, will invest $5 million and create 150
jobs through an expansion of its distribution
center in Henry County's Patriot Centre. (Press
release)
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Real
Estate
The
Silver Cos., a Fredericksburg-based land developer,
purchased the Gate House Plaza Restaurant Park
in Merrifield from Terrabrook Merrifield Gatehouse
of New York for $11.7 million. (Press release)
Freddie
Mac, a McLean-based government-established corporation
that supports home ownership, purchased an 110,000-square-foot
data center in Herndon for $19.5 million from
Goldman Sachs' Whitehall Fund. (Press release)
George
Washington University purchased the Ashburn corporate
headquarters and property of PSINet, including
a 204,000-square-foot facility and 40 acres of
land. (Press release)
Real
estate firms Lerner Enterprises of North Bethesda,
Md., and Walton Street Capital of Chicago, bought
Park Place, a 167,000-square-foot office building
in Rosslyn. (PRNewswire, 02/11/02)
New
Life Towers, a real estate partnership 90 percent
owned by New Life Corp. of Nashville, Tenn., a
Christian charity, bought the 400,000-square-foot
Dominion Tower office building in Norfolk for
$53.7 million. (The Virginian-Pilot)
Sauer
Properties Inc., a subsidiary of Richmond-based
food manufacturer C.F. Sauer Co., bought 420 acres
of undeveloped land owned by Tyco International
near Virginia Center Commons mall in Henrico County
for $4.5 million. (Richmond Times-Dispatch)
Zumot
Real Estate Management, a property management
firm headquartered in McLean, purchased an 80,000-square-foot
building and a 9,556-square-foot building occupied
by Science Applications International Corp., at
Vint Hill, a mixed-use community in Fauquier County.
(Press release)
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Financing
None
reported
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Legal
None
reported
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