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Navy awards $1.1B more for sub construction
General Dynamics Corp.’s Groton, Connecticut-based Electric Boat Corp. has received nearly $1.1 billion more from the Navy to continue building Virginia-class submarines, and its teammate, Newport News Shipbuilding, has received a $305 million chunk of that award to procure long-lead time material and components for the [...]
German electronics manufacturer to add 100 Va. jobs
Germany-based Zollner Elektronik AG will invest $18 million to expand in Virginia, including boosts to its electronics manufacturing operations in Danville as well at the company’s U.S. headquarters in Leesburg, adding 100 jobs, Gov. Glenn Youngkin announced Wednesday. The expansions include $14 million to expand manufacturing operations in the Danville-Pittsylvania County Regional Industrial Facility Authority-owned […][...]
Layne, Perry named to TowneBank corporate board
Suffolk-based TowneBank has named Aubrey L. Layne Jr., executive vice president of governance and external affairs for Sentara Healthcare, and Suburban Capital founder and CEO Christopher Perry to its corporate board of directors, the bank announced Tuesday. Layne, who chairs the Virginia Port Authority’s board of commissi[...]
Cvent to be acquired in $4.6B deal
Tysons-based meetings and events software company Cvent Holding Corp. has agreed to be acquired by New York-based private equity firm Blackstone in a deal valued at about $4.6 billion, the company announced Tuesday. Under the agreement, Cvent stockholders will receive $8.50 per share in cash, representing a premium of 52% to the[...]
DXC rejects buyout proposal from Asian firm
Ashburn-based Fortune 500 company DXC Technology Inc. has ended buyout talks after a “financial sponsor” failed to raise enough capital, the company announced Monday. DXC was approached in late September 2022 after receiving interest from a private equity firm and worked with advisers on the potential takeover, the c[...]
December 2022 Top Five
The top five most-read daily news stories on VirginiaBusiness.com from Oct. 14 to Nov. 14 included an announcement of the acquisition of Charlottesville-based WillowTree Inc., which was founded in 2008 as a mobile app developer. 1 | Something in the Water will return to Va. Beach in 2023 Music superstar Pharrell Willi[...]
Metro opens $3B Silver Line extension
As a cold rain fell around noon Tuesday, leaders from Northern Virginia, Washington, D.C., and the Washington Metropolitan Area Transit Authority cut the ribbon on the $3 billion second phase of Metro’s Silver Line, extending rail service 11.4 miles to six stations and stretching into Loudoun County. Minutes later, they cr[...]
FyberX to invest $17.5M in Mecklenburg HQ
FyberX Holdings, a regenerative agriculture company, will invest $17.5 million to establish its U.S. headquarters and production operations in Mecklenburg County, creating 45 jobs, Gov. Glenn Youngkin announced Wednesday. The company will be located in the formerly vacant Kinderton Distribution Center in Clarksville, where it will process hemp and other agricultural products and produce fibers […][...]
Raytheon wins $985M Air Force hypersonic missile contract
Raytheon Technologies Corp.’s missile and defense division has received the go-ahead from the Air Force to move beyond the prototype phase and continue development of a new hypersonic cruise missile weapon under a nearly $1 billion contract announced by the Pentagon Thursday. The Hypersonic Attack Cruise Missile is an air-[...]
Norfolk high rise sells for $27.5 million
The Lafayette, an apartment tower in Norfolk, has sold for $27.5 million, according to Norfolk public records. Philadelphia-based PRG Real Estate Management Inc. purchased the property from Graycliff Capital Partners and Buligo Capital Partners; it is the company’s seventh apartment investment in Hampton Roads, according to Colliers, which brokered the sale. The Lafayette is in […]
HII receives $826M defense contract
Newport News-based Huntington Ingalls Industries will provide technology and other support to the Department of Defense under a $826 million contract. According to a news release, HII’s McLean-based mission technologies division will also provide threat analysis and analytics support as well as operations integration and operational effects support. The work will support Defense Department service […][...]
Top Five July 2022
The top trending stories on VirginiaBusiness.com from June 15 to July 14, 2022, were led by a surprise economic development announcement from a Danish toymaker known for its iconic and colorful interlocking plastic bricks. 1 | Lego to build $1B factory in Chesterfield The Lego Group plans to erect a $1 billion toy manufacturing plant […]
