Avionics Specialties Inc. of Earlysville, a manufacturer
of sensors and monitoring equipment for aircraft, will
close its manufacturing plant. About 40 employees will
remain in Charlottesville in a marketing and engineering
office. Of the remaining 60, some will be offered positions
elsewhere and the rest laid off. The move was part of
an effort by its parent company, Aerosonic Corp. of Florida,
to consolidate operations. (The Daily Progress)
Barber Martin Advertising, a Richmond-based agency,
will lay off 12 of its 50 employees after losing the
Virginia Lottery account. Qorvis Communications of
McLean will take over the account, which will produce
$20 million in billings annually for three years. (Richmond
Times-Dispatch)
Bassett Furniture Industries closed its Bassett
plant with a loss of 280 jobs. The company will continue
to maintain corporate offices and a fiberboard plant
in Basset but imports will take the place of the products
it formerly manufactured. (The Roanoke Times)
Circuit City Inc., a Richmond-based retailer
of electronic goods, announced several cost-cutting moves.
It will fire 3,400 salespeople and replace them with
lower-paid workers; about 80 information technology workers
will be laid off once an outsourcing deal with IBM Inc.
is implemented (about 50 other workers are expected to
join the IBM operation); and Circuit City is exploring
options for the sale of InterTAN Inc., its Canadian unit. (Richmond
Times-Dispatch)
Genworth Financial, a
Richmond-based provider of insurance and financial
services, laid off 127 workers in finance and marketing
at locations in Richmond and Lynchburg. The move came
about from a previously announced reorganization. The
consolidation of Genworth’s
business protection and retirement segments resulted
in duplicate positions. (Richmond Times-Dispatch)
Insmed, a Richmond-based biotech company, laid
off 50 workers, mostly in Boulder, Colo., after a court
decision forced it to pull its only drug from the market.
A jury in a patent-infringement case in December 2006
found Insmed breached patents licensed by Tercica Inc.
of Brisbane, Calif. Both companies sold drugs used to
treat children with a growth disorder. (Richmond Times-Dispatch)
