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Recent Articles from Jill S. Devine
Boeing to lay off about 200 workers in megarocket program
Arlington County-based Fortune Global 500 aerospace and defense giant Boeing plans to lay off about 200 employees working on NASA’s Space Launch System program in anticipation of potential program cuts or cancellation. The company previously expected to eliminate about 400 positions in the program by April, according to Bloomberg, but now plans to keep roughly […]
Northrop Grumman receives two contracts totaling $1.4B
Northrop Grumman has received two air and missile defense contracts worth a combined $1.4 billion, the Falls Church-based Fortune 500 government contractor announced last week. The contractor received two contracts from the U.S. Army and Poland. Under the $481 million, five-year contract from the Army’s Aviation Missile Technology Consortium, Northrop Grumman will expand software development [&h[...]
Jan. housing inventory, prices increase in NoVa, Hampton Roads
Housing sales last month increased year-over-year in Northern Virginia but dropped in Hampton Roads, although inventory and sales prices rose in both regions. Northern Virginia Home sales, prices and inventory in Northern Virginia rose year-over-year in January, according to Northern Virginia Association of Realtors data released Tuesday. Last month, 833 homes sold in Northern Virginia, […]
Va. economic outlook is positive, says Weldon Cooper Center forecast
Virginia’s long-term economic outlook is positive, according to the University of Virginia’s Weldon Cooper Center for Public Service’s inaugural economic forecast released Monday. Weldon Cooper economists predict Virginia’s gross domestic product in 2025 will increase 2.4%, outpacing national GDP growth. The U.S. GDP’s growth is expected to be 1.9% this year, slower than the 2.5% [&helli[...]
Playa Hotels & Resorts to be acquired in $2.6B deal with Hyatt
Resorts owner, operator and developer Playa Hotels & Resorts has entered into an agreement to be acquired by an indirect subsidiary of Hyatt Hotels for approximately $2.6 billion, including approximately $900 million in debt, the hospitality companies announced Monday. Playa Hotels & Resorts is a Dutch public limited liability company headquartered in Amsterdam with an […]
Reed Smith appoints new Richmond office managing partner
Global law firm Reed Smith’s S. Brian Farmer is the new office managing partner in Richmond, the firm announced Thursday. Farmer succeeds Edward Mullen, who is part of the firm’s Richmond-based government relations team that spun off from Reed Smith to create Seven Hills Strategy Group, according to a January news release. Farmer, who previously […]
ASGN to acquire Chicago employment tech firm for $340M
Fortune 1000 IT and professional staffing services firm ASGN has signed a definitive agreement to acquire Chicago-based employment tech consultancy TopBloc for $340 million, the Henrico County-based company announced Tuesday. The transaction in cash and equity is expected to close in the first quarter of the year, subject to closing conditions. “The acquisition of TopBloc […]
$1.6B Atlantic Union purchase of Sandy Spring Bank clears main hurdles
The parent companies of Atlantic Union Bank and Sandy Spring Bank have cleared the last major hurdles to the Richmond bank’s $1.6 billion all-stock purchase of Sandy Spring, headquartered in Maryland. The shareholders of Atlantic Union Bankshares and stockholders of Sandy Spring Bancorp approved the merger, first announced in October 2024, in their separate special […]
Some SWVA communities see younger population stabilize
In Southwest Virginia, the trend of outmigration among younger people appears to be slowing and even reversing in some counties. The decline in the population aged 25 to 44 in Wise and Lee counties has slowed during the first half of the 2020s compared with the early 2010s, according to University of Virginia Weldon Cooper […]
Herndon contractor to acquire NG division for $327M
Herndon tech and management contractor Serco Inc. has agreed to acquire Northrop Grumman’s mission training and satellite ground network communications software business (MT&S) for approximately $327 million. Serco Inc., a wholly owned subsidiary of United Kingdom-based Serco Group, announced the deal Wednesday, which is expected to close in mid-2025. MT&S provides the U.S. military with[...]
U.Va. hotel, conference center expected fall 2025
To fulfill a need for a new comprehensive conference space in Charlottesville, the University of Virginia is set to welcome the Virginia Guesthouse hotel and conference center in fall 2025. The new facility will feature 214 guest rooms, including nine suites. The approximately 224,000-square-foot Virginia Guesthouse will offer close to 29,000 square feet of conference […]
Fairfax tech firm Antithesis exits stealth mode with $47M
It’s appropriate that Vienna software startup Antithesis is housed in the former headquarters of Ringling Bros. and Barnum & Bailey Circus’ parent company. After all, Antithesis emerged from stealth mode in February to announce it had raised a Jumbo-sized $47 million in seed funding. Founded in 2018, Antithesis is an AI-powered cloud platform for autonomously […]
Wise County tech park is growing
Progress continues on the Wise County Industrial Development Authority’s 200-acre Elam Farm industrial site in Wise County, which will expand an existing technology park. With help from various sources, including a total of $1 million from the Virginia Coalfield Economic Development Authority, the project so far has received $4.8 million in investments, with plans to […]
McLean AI health care startup raises $111 million
A McLean-based health care tech startup wants to provide more targeted medical treatments for people with cancer, heart disease and other common diseases. Zephyr AI, founded in 2020, is a precision medicine company on a mission to democratize personalized medicine and is doing it by developing artificial intelligence-powered algorithms that can glean insights from health […]
Tazewell indoor salmon farm adjusts course
The $228 million Pure Salmon facility on 200 acres straddling Tazewell and Russell counties has hit a snag with construction delays and is pushing back its expected timeline. Tazewell County Administrator Eric Young says construction progress has not proceeded as anticipated on the Virginia branch of the United Arab Emirates-based Atlantic salmon farming and processing […]
Roanoke Council approves Evans Spring plan
After months of heated debate, Roanoke City Council greenlit a development plan for Evans Spring, the largest piece of undeveloped land in the city. The plan, approved March 4 by a 4-3 vote, opens the door for potential economic development of 75 acres of the roughly 151-acre tract, city officials say. The recommended development scenario […]
Buchanan County expands industrial park
Economic development is booming inside the Southern Gap Industrial Park in Buchanan County, where the county industrial development authority is spending $4 million to develop a new shell building and a 20-acre industrial site. With support from the Virginia Coalfield Economic Development Authority, the park has become a hub for growth in an area historically […]
Radford Hub aims to connect students, biz community
For The Hub at Radford, location is everything. The new economic development support center, which opened in October 2023, is just across the street from Radford University in downtown Radford. “Our location … is symbolic to the vital role we play as an anchor institution and as a strong contributor to the well-being of the […]
Clarke County limits solar development
Clarke County prioritizes agriculture. That’s what drives most of its policy-making as the county navigates the complexities of renewable energy development while preserving its farmland, explains County Administrator Chris Boies. In January, the county’s Board of Supervisors approved new regulations for utility-scale solar projects. Boies says the ordinance has always required solar plants to[...]
Roanoke/New River Year-in-Review: Meeting the demand
The Roanoke and New River Valley regions each had their most successful economic development year in recent history, according to John Hull, executive director of the Roanoke Regional Partnership. That’s thanks to $387 million worth of economic investments announced in 2023, potentially creating thousands of jobs. Roanoke County landed the biggest fish, with Wells Fargo […]
100 People to Meet in 2025
In our sixth annual list of 100 Virginians you’ll want to meet in the new year, you’ll encounter interesting people of many ages and occupations — from a doctor in his 80s who built the Chesapeake Care Clinic to a 10-year-old CEO who started his own popcorn business and whose parents are his employees. In […]
Raleigh-to-Richmond rail project gains steam
Preliminary construction is underway for the Richmond-to-Raleigh passenger rail project, an estimated 162-mile route along the defunct CSX Transportation S-Line corridor that will speed up travel between the capitals of North Carolina and Virginia, as well as Washington, D.C., and the Northeast U.S. “We have basically funded work to advance all of the preliminary engineering […]
Petersburg prepares for casino referendum vote
This November, Petersburg voters will decide the fate of a highly anticipated casino development that could transform the city’s struggling economy. If approved, the proposed $1.4 billion Live! Casino & Hotel Virginia project will be built on an undeveloped 100-acre site off Interstate 95, offering easy access to East Coast travelers. “I have worked for […]
Cava opens Verona production and packaging facility
Nearly three years after announcing its initial plans, Mediterranean fast-casual restaurant brand Cava has opened a production and packaging facility in Augusta County’s Mill Place Commerce Park. The company held a ribbon-cutting ceremony for the facility in May. The Washington, D.C.-based company invested roughly $35 million to open the 55,000-square-foot facility to help centralize production [...]
U.S. 460 cell towers signal relief to businesses
Buchanan and Tazewell counties’ businesses will soon receive a needed signal boost, thanks to six cell towers under construction across the Route 460 corridor. The towers will increase wireless access along 20 miles of U.S. 460, from Red Ash in Tazewell to Vansant in Buchanan. It’s not a moment too soon, according to businesses that […]
Richmond region scores in sports tourism
With several new and expanded facilities across the region, the greater Richmond area has become an attractive hub for amateur sporting events, bringing in hundreds of thousands of visitors and millions of dollars in added revenue. The region’s amateur sports tourism generated $88.7 million in hospitality-related revenue in fiscal 2023, according to Jerrine Lee, vice […]
Generous Virginians 2024: A heartfelt donation
In philanthropy as in business, Dwight Schar sees the wisdom in doubling down when the stakes — and the impact — of an investment are high. In May 2023, three decades after their initial donation to the organization, Schar and his wife, Martha, made a $75 million matching gift to Falls Church-based Inova Health System. […]
Subs going Down Under
A 2021 agreement between Australia, the United Kingdom and the United States should reap benefits in Hampton Roads soon. Dubbed AUKUS for the three participating nations, the international agreement calls for the U.S. and the U.K. to share nuclear propulsion technology with Australia, with the Royal Australian Navy set to acquire at least eight nuclear-powered […]
Australian maritime co. to start sub/shipbuilding school in Hampton Roads
An Australian maritime company announced Tuesday it will set up a submarine and shipbuilding training institution in Norfolk for the short term and will seek a permanent home in Newport News. Quality Maritime Surveyors (QMS), based in the suburbs of Adelaide, Australia, is one of the pioneering companies to take the plunge into Virginia’s waters, […]
The 2024 Virginia Black Business Leaders Awards
This February, during Black History Month, Virginia Business is pleased to honor 17 distinguished leaders from across the commonwealth in our second annual Virginia Black Business Leaders Awards. This year’s cohort of honorees represent industries ranging from advertising, architecture, defense contracting, finance and health care to higher education and nonprofits. Our editors chose this year[...]
Dollar Tree considers selling or spinning off Family Dollar
Chesapeake-based Fortune 500 discount retailer Dollar Tree is considering selling or spinning off its Family Dollar brand, which it acquired in 2015 for $8.5 billion. “Dollar Tree has been on a multiyear journey to help the company fully achieve its potential,” CEO and Chairman Rick Dreiling said in a statement Wednesday. “Last year, we announced […]
Dominion closes sale of Utah gas utility for $4.3B
Richmond-based Fortune 500 utility Dominion Energy has closed on its $4.3 billion sale of subsidiaries Questar Gas and Wexpro to Canadian pipeline and energy company Enbridge, Dominion announced Monday. Salt Lake City, Utah-based natural gas utility Questar serves more than 1.2 million customers in Utah, Wyoming and Idaho. Wexpro supplies natural gas under a cost-of-service […]
From salutes to startups
When Navy veteran Leland Remias was preparing to launch his Newport News real estate startup, VroomBrick, he looked for every resource possible to help him learn about business and scaling up. First, he completed an MBA from William & Mary in May. And in 2022, he participated in the Veteran Startup Challenge, a five-week intensive […]
Atlantic Park expected to open in spring 2025
The $350 million Atlantic Park project backed by music icon Pharrell Williams in his hometown of Virginia Beach is progressing, with the 2.6-acre surf lagoon, entertainment venue and other pieces of the project expected to be delivered in spring 2025, Kathy Warren, Virginia Beach’s planning director, told the city council Tuesday. Atlantic Park, a joint […]
Dollar Tree to acquire 99 Cents Only stores
Chesapeake-based Fortune 500 discount retailer Dollar Tree has acquired 170 leases of another discount retailer, 99 Cents Only, the company announced Wednesday. The stores are across Arizona, California, Nevada and Texas. In April, Commerce, California-based 99 Cents Only filed for Chapter 11 bankruptcy protection and initiated a process to sell its assets, including inventory, owned […]
Kaufman & Canoles names Williamsburg managing partner
Dustin H. DeVore has been named managing partner of Kaufman & Canoles’ Williamsburg office, effective May 21, the law firm announced. DeVore joined Kaufman & Canoles in 2002 and chairs the firm’s lender representation practice group and the firm’s credit union team. Outside the firm, he serves on the board of directors of the Greater […]
Va. Chamber honors four execs with lifetime achievement awards
The Virginia Chamber of Commerce honored four Virginia business leaders with lifetime achievement awards during a May 16 ceremony at The Jefferson Hotel in Richmond. The honorees were: Carilion Clinic CEO Nancy Howell Agee; Michael Daniels, chairman of the board of CACI International; Benjamin Davenport Jr., chairman of the board of First Piedmont and Davenport […]
Wood veneer facility to reopen in West Point
A former manufacturing facility in West Point will come roaring back to life with a $2.5 million investment by West Point Veneer, a wholly owned subsidiary of Coldwater Veneer, that will create 92 jobs, Gov. Glenn Youngkin’s office announced Tuesday. Once open, the mill will produce wood veneer and ship it globally via the Port […]
Dominion installs first post for offshore wind project
Dominion Energy plunged the first monopile — after the two existing pilot turbines — into the sea floor Wednesday, kicking off construction of the $9.8 billion Coastal Virginia Offshore Wind (CVOW) project that will bring 176 turbines 27 miles off the coast of Virginia Beach. Installation of the post started mid-morning and was finished by […]
Accenture Federal Services completes Cognosante buy
Arlington County-based Accenture Federal Services has completed its acquisition of Falls Church-based Cognosante, AFS announced Monday. With the acquisition, AFS plans to create a new federal health portfolio. The deal adds 1,500 employees to AFS’ workforce. “The health market is a unique mission space in the U.S. federal government,” Accenture Federal Services CEO John Goodman [&hel[...]
100 People to Meet in 2024
Virginia is full of interesting people, and when it comes to this year’s batch of 100 people to meet for 2024, the commonwealth continues to deliver a bevy of fascinating newsmakers, professionals and go-getters worthy of your valuable networking time. In Virginia Business’ fifth annual list of people to meet in the new year, you’ll […]
Shattering the glass ceiling
The COVID-19 pandemic has been unusually difficult for professional women, especially those with young children or other responsibilities, such as caring for older family members. Many had to leave work entirely or put pursuing their career goals on the back burner during the past year while handling personal duties at home. The pandemic’s future impact […]
Done and Dome — Oceanfront venue to open in May
When Three Dog Night takes the stage May 4 at The Dome, the 1970s rock band will help open a new chapter in live performances at the Virginia Beach Oceanfront that it closed more than three decades ago. Known for hits such as “Joy to the World,” the band was the last group to play […]
Could Boeing HQ move be in the cards?
In May 2022, Virginia officials were in a buoyant mood as Fortune Global 500 aerospace and defense giant Boeing announced it would move its world headquarters from Chicago to Arlington County, with then-President and CEO Dave Calhoun having conferred with Gov. Glenn Youngkin months ahead about the move. Nearly three years later, the mood is […]
Greensville ‘bouncing back’ after Boar’s Head plant closure
Nearly three months after Boar’s Head shut down its Jarratt plant, North Carolina-based Carolina Structural Systems announced Nov. 25 that it would spend $5.5 million to build a manufacturing site for custom trusses and similar products in Greensville County, adding 58 jobs. The county’s economic development director, Natalie Slate, calls the announcement a good start […]
New dockworker strike threat looms for Port of Virginia
Shippers in Hampton Roads are bracing for a renewed dockworker strike in mid-January after contract negotiations between the International Longshoremen’s Association and the United States Maritime Alliance stalled in November. More than 45,000 dockworkers walked off their jobs for three days starting Oct. 1 at ports from Maine through Texas, including at the Port of […]
George Mason’s Fuse tech hub opens to public
On the third floor of George Mason University’s new state-of-the-art Fuse tech hub, robots jumped, begged, rolled over and offered a mechanical paw to shake Friday while a small drone hovered above. The endearing welcome by George Mason’s RobotiXX Lab robots offered a brief glimpse into the future for the group of academics and students […]
Mind the gap
Margaret Abrams was studying engineering at Liberty University when she came across an online job advertisement from Newport News-based Huntington Ingalls Industries. HII, Virginia’s largest industrial employer, was offering a $2,500 signing bonus to job candidates who successfully completed a 16-week computer numerical control training at the Navy’s Advanced Training in Defense Manufacturing [...]
Amazon, Dominion agree to explore nuclear development
With power consumption by data centers and AI projected to more than quadruple in Virginia in the next 15 years, Amazon.com and Dominion Energy Virginia have entered into an agreement to explore potential development of small modular nuclear reactors at North Anna Power Station in Louisa County, the two companies announced during an Oct. 16 […]
Energy storage projects slated for Greensville, Pittsylvania
Two energy storage projects proposed for Southern Virginia would help augment the area’s power capacity, diversify the region’s tax base and boost the regional economy, industry representatives say. Dominion Energy Virginia wants to build a liquified natural gas storage facility on more than 20 acres that the Richmond-based Fortune 500 utility owns next to its […]
As data centers grow, Amazon and Dominion explore small nuclear reactors
With power consumption by data centers and AI projected to more than quadruple in Virginia in the next 15 years, Amazon.com and Dominion Energy Virginia have entered into an agreement to explore potential development of small modular nuclear reactors at North Anna Power Plant in Louisa County, the two companies announced at an event Wednesday […]
Old Dominion diversions
Virginia offers many must-see attractions for convention-goers
Making a federal case
Two business colleagues sharing thoughts over breakfast and a pot of hot coffee — that was the setting for the light bulb moment that led to George Mason University launching the nation’s first academic center focused on government contracting. “The idea for the center actually started in 2013 in a booth at the Silver Diner […]
