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Barkin: Still a waiting game for interest rates’ effect on inflation
The U.S. economy has yet to feel the effects of current interest rates, but it eventually will, Federal Reserve Bank of Richmond President and CEO Tom Barkin predicted Thursday during an event held by the Risk Management Association’s Richmond chapter in the city’s East End. “I’m optimistic that we’ve gotten rates [...]
Honeywell to purchase Arlington-based CAES for $1.9B
Honeywell, a multinational conglomerate based in Charlotte, North Carolina, announced Thursday it plans to buy Arlington-based aerospace and defense technology company CAES for $1.9 billion in cash from private equity firm Advent International. Formerly known as Cobham Advanced Electronic Solutions, CAES was founded in 1934 and was acquired by Advent in 2020. According to Honeywell’s […][...]
Fredericksburg econ dev director leaving after 10 years
Bill Freehling, Fredericksburg’s director of economic development and tourism, will leave his position Friday, he wrote in a farewell blog post on the economic development department’s website this week. A former Free Lance-Star reporter and editor, Freehling served eight years as the city’s economic developmen[...]
ODU hires new engineering dean
Old Dominion University announced Tuesday it has hired Jeffrey Fergus to be the next dean of the Batten College of Engineering and Technology, starting Aug. 10. Fergus is currently the associate dean for undergraduate studies and program assessment in the Samuel Ginn College of Engineering at Auburn University in Alabama, where [...]
Condair invests $57.2M on new Chesterfield County plant
Switzerland-based Condair Group, a manufacturer of commercial and industrial humidification systems, will invest $57.2 million to establish a new production facility in Chesterfield County that is expected to create 180 jobs, Gov. Glenn Youngkin announced Tuesday. The company will convert a pre-existing warehouse facility on 1[...]
Tegna announces new president and CEO
Michael Steib will succeed Tegna President and CEO David Lougee, who is retiring Aug. 12, Tysons-based broadcasting giant Tegna announced Monday. The 48-year-old Steib will also succeed Lougee as a member of the company’s board of directors. Lougee, age 65, will become a senior adviser. Lougee has been president and CEO and a [...]
Va. casinos report $62.7M in May gaming revenues
May gaming revenues for Virginia’s three casinos totaled $62.7 million, according to Virginia Lottery data released June 14. Last month, the Bristol Casino: Future Home of Hard Rock temporary casino reported about $15.46 million in adjusted gaming revenues (wagers minus winnings), of which about $12.4 million came from its 891[...]
400-unit apartment complex sells for $84M in Norfolk
A 400-unit apartment community in Norfolk sold for $84 million, according to a late May news release from Croatan Investments. Originally built in 1991, the garden-style apartment community, Park Crescent, had 454,735 rentable square feet at the time of sale, according to Croatan. FPA Multifamily purchased the property from a jo[...]
Retro Hospitality adds three hotels to portfolio
Richmond-based boutique hotel advisory and management firm Retro Hospitality has added three Virginia hotels to its portfolio, the firm announced Wednesday. The company now operates The Bee and The Holbrook Hotel in Danville and The Lofts at Downtown Salem in Salem. Other hotels in its portfolio include the Blackburn Inn and Con[...]
BWXT team lands $30B federal nuclear contract
A joint venture led by a Lynchburg-based BWX Technologies subsidiary has been awarded a potential $30 billion Department of Energy contract to operate a nuclear weapons plant in Texas, the company announced Friday. The DOE’s National Nuclear Security Administration awarded the contract to PanTeXas Deterrence (PXD), a joint[...]
Hampton Roads home sales steady, inventory rises in May
Hampton Roads home sales in May remained steady year-over-year, but inventory climbed, breaching 4,000 homes for sale, according to Real Estate Information Network (REIN) data released Monday. Last month, 2,498 homes sold in Hampton Roads, up from 2,189 in April and equal to homes sold in May 2023. Pending sales totaled 2,546, d[...]
Lester Group acquires Williamsburg building supply company
The Lester Group, a Martinsville-based company with a diverse portfolio including lumber products and real estate development, acquired Williamsburg-based Custom Builder Supply on June 3, the company announced earlier in June. Lester Group CEO Jay Dickens declined to release financial terms of the deal. Randy Cooper founded Cust[...]
