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VCU receives approval to purchase Altria Richmond research facility
Virginia Commonwealth University received state approval this week to buy Altria Group’s 450,000-square-foot research building in downtown Richmond. The Altria Center for Research and Technology, which opened in 2007, sits on more than four acres at 600 E. Leigh St. and is assessed for $275 million. Discussions between officials with VCU and Henrico County-based Fortune […]
VCU eyes purchasing Altria’s Richmond research facility
Officials with Virginia Commonwealth University are discussing with the Altria Group the possibility of buying its 450,000-square-foot research building in downtown Richmond, the two parties acknowledged separately this week. The Altria Center for Research and Technology, which opened in 2007, sits on more than four acres at 600 E. Leigh St. and is assessed for […]
Top Five May 2024
The top five most-read daily news stories on VirginiaBusiness.com from March 13 to April 12 were led by news that Altria would sell a large portion of its stake in Anheuser-Busch InBev. 1 | Altria plans to sell 35 million Anheuser-Busch InBev shares The Henrico County-based Fortune 500 tobacco manufacturer holds about 197 […]
Manufacturing 2023: WILLIAM ‘BILLY’ GIFFORD JR.
Gifford became Fortune 500 tobacco product manufacturer Altria‘s CEO in 2020, after having served as president and CEO of subsidiary Philip Morris USA and holding other executive posts at Altria for the past 25 years. After four challenging years, during which Altria saw the value of its 35% stake in Juul Labs’ e-cigarette company plummet […]
Altria settles 6,000 Juul-related lawsuits for $235M
Henrico County-based Altria Group Inc. has settled at least 6,000 state and federal lawsuits related to Juul Labs Inc. for $235 million, the Fortune 500 tobacco manufacturer announced Wednesday. The settlements will be paid in the second quarter of 2023. Altria purchased a 35% stake in e-cigarette company Juul for $12.8 billion in 2018. Months […]
Altria to buy NJOY Holdings for $2.75B
Henrico County-based Altria Group Inc. has entered into a definitive agreement to acquire e-vapor maker NJOY Holdings Inc. for approximately $2.75 billion in cash, with a potential additional $500 million in payments, Altria announced Monday. “We believe we can responsibly accelerate U.S. adult smoker and competitive adult vaper adoption of NJOY Ace in ways that […]
The 2023 Heavy Hitters list
Virginia Business’ annual list of the commonwealth’s 50 most powerful and influential leaders provides our editors’ take on the heaviest-hitting of heavyweights in business, government, nonprofits and higher education. Think of it as an executive committee for the leaders populating our annual Virginia 500 issue — the top 10% of the state’s power elite. And […]
Juul settles with Va., 32 other states for $438.5M
After a two-year investigation, ongoing federal scrutiny and numerous lawsuits, Juul Labs Inc. tentatively settled with Virginia, 32 other states and Puerto Rico for $438.5 million on Tuesday. Virginia will receive $16.61 million over the next six to 10 years, state Attorney General Jason Miyares announced Tuesday, but the larger impact may be on Henrico […]
Where there’s smoke
Updated Sept. 1, 2022 Henrico County‘s Altria Group Inc. advertises on its website that it is “moving beyond smoking,” although the owner of Philip Morris USA still is one of the world’s largest producers of cigarettes and other tobacco products. Now the 6,000-employee, $26 billion corporation may have to move beyond smoking more quickly than […]
Virginia companies weigh office returns
Many companies in Virginia are taking a flexible approach on whether employees must return to work in offices or continue working remotely or via hybrid models. For instance, Capital One Financial Corp., the McLean-based credit card company, is planning to reopen its U.S. offices in a hybrid model on Sept. 6. Capital One delayed its […]
Broadened horizons
Virginia Business’ 2022 Virginia CFO of the Year award winners represent large and small businesses and large and small nonprofits. Large business | Sal Mancuso, executive vice president and CFO Altria Group Inc., Henrico County A first-generation college graduate whose father immigrated to this country from Sicily, Italy, as a teenager, Sal Mancuso believes it’s […]
Thinking big
At Virginia’s largest publicly traded companies, the past year has been a constant exercise in challenging the status quo. Some major changes could be seen at the consumer level, as Dollar Tree Inc. raised its namesake base price point to $1.25, and Capital One Financial Corp. eliminated overdraft fees for its banking customers. And the […]
