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Homestead Creamery ice cream products. Photo courtesy Homestead Creamery website
Jul 10, 2024

Homestead Creamery to expand Franklin County facility

Dairy products maker Homestead Creamery will carry out a $2.5 million renovation and expansion of its Franklin County production facility, Gov. Glenn Youngkin announced Wednesday. The company will build a new ice cream production room and install additional production and refrigeration equipment and freezers. The expansion is in response to growing customer demand for the […]

Rendering of the LS GreenLink subsea cable production facility in Chesapeake. Image courtesy LS Cable
Jul 9, 2024

$681M subsea cable plant coming to Chesapeake

A U.S. subsidiary of a South Korean cable manufacturer plans to build a $681 million subsea cable manufacturing plant in Chesapeake, the company announced Tuesday. The project is expected to create 338 jobs. LS GreenLink USA’s Chesapeake subsea cable factory will be built at the Deep Water Terminal Site in Chesapeake, a 96-acre property located […]

Jun 27, 2024

VIPC partners with VC funds to invest $100 million in 100 startups

The Virginia Innovation Partnership Corp. is partnering with seven venture capital fund managers to invest $100 million in 100 Virginia-based startups. Through the partnership, announced May 20 by Gov. Glenn Youngkin and named Virginia Invests, VIPC will commit $40 million to the seven funds using previously awarded funding from the U.S. Treasury Department’s State Small […]

Jun 27, 2024

LYN McDERMID

Lyn McDermid briefly debated whether she wanted to go back to work when the opportunity arose to join Gov. Glenn Youngkin‘s administration. She had already retired twice from chief information officer jobs, first at Dominion Resources (now Dominion Energy) and later for the Federal Reserve. But the chance to serve as secretary of administration to […]

Jun 26, 2024

Liebherr to expand Newport News-Hampton facility

Newport News-based Liebherr Mining Equipment will invest $72.3 million to expand a plant at the border of Newport News and Hampton, creating an estimated 175 jobs, Gov. Glenn Youngkin announced Tuesday. “We thank Liebherr, an international leader in mining equipment manufacturing, for its commitment to the commonwealth of Virginia,” Youngkin said in a statement. “Liebherr […]

May 30, 2024

Top Five June 2024

1   |   Google investing $1 billion in Virginia data center campuses Google is expanding its Virginia data center campuses this year and is launching a $75 million Google.org AI opportunity fund. (April 26) 2   |   Richmond-based attorneys win U.S. Supreme Court case After nine years and through three U.S. presidents, attorneys […]

Gov. Glenn Youngkin, with Virginia Innovation Partnership Corp. CEO Joe Benevento seated right, announced the Virginia Invests partnership at the CarMax Midtown Innovation Center in Richmond. Photo by Katherine Schulte/Virginia Business
May 20, 2024

VIPC launches $100M fund partnership for Va. startups

The Virginia Innovation Partnership Corp. is partnering with seven venture capital fund managers to invest $100 million in 100 Virginia-based startups. Through the partnership, announced Monday by Gov. Glenn Youngkin and named Virginia Invests, VIPC will commit $40 million to the seven funds using previously awarded funding from the U.S. Treasury Department’s State Small Business […]

Todd Haymore. Photo by Mark Rhodes
May 5, 2024

Virginia’s fundamentals remain strong after unsuccessful arena competition

As Virginia celebrates Economic Development Week, there is no better time to recognize that when it comes to success in economic development, fundamentals matter most. Incentives, public sector support, personal connections and various intangibles — like, say, letting a CEO pick his favorite Grateful Dead concert to play during a recruitment dinner — can undoubtedly […]

Apr 29, 2024

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 […]

Apr 15, 2024

Petersburg casino competitors roll out details

More details have rolled in about the five Petersburg casino contenders, all of whom presented their plans during a town hall Sunday at the Petersburg Public Library. Hosted by state Sen. Lashresce Aird, D-Petersburg, the town hall saw officials representing Bally’s, Cordish Cos., Penn Entertainment, Rush Street Gaming and The Warrenton Group reveal more details […]

Apr 12, 2024

Youngkin appoints lottery director, tax commissioner and chief transformation officer

Gov. Glenn Youngkin announced three new hires in his administration Friday, including a new lottery director, chief transformation officer and tax commissioner. Khalid Jones, a hedge fund founder, attorney and licensing firm partner, was appointed director of the Virginia Lottery, assuming the role previously held by Kelly Gee, who was named secretary of the commonwealth […]

Scott Fleming, SCHEV director
Apr 11, 2024

SCHEV board member hired as new director

Less than a year after joining the State Council of Higher Education for Virginia’s board, A. Scott Fleming will be SCHEV’s next director, the state agency announced Thursday. Fleming, whom Gov. Glenn Youngkin appointed to the SCHEV board in July 2023, stepped down from the body this week after accepting the job as director. He […]

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