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Avionics manufacturer will invest $5M on Reston office and R&D facility
CMC Electronics, a Montreal-based avionics manufacturer, will invest $5 million to establish an office and research and development facility in Reston, Gov. Glenn Youngkin announced Friday. Initially, the project will create 89 jobs, with more positions expected as operations increase, according to the governor’s office. “Th[...]
Army awards $676M contracts for weapon system
The U.S. Army has awarded Raytheon a $676 million contract to continue manufacturing the TOW weapon system, which provides heavy anti-tank guided missile capability, RTX, the Arlington County parent company of Raytheon, a defense contractor, announced Wednesday. Two separate awards consist of a $430 million contract for FY 202[...]
HII’s Mission Technologies secures $3B DOD contract
Huntington Ingalls Industries’ McLean-based Mission Technologies division won a $3 billion contract to provide the Department of Defense logistics and intelligence support and technology. Under the Logistics Services, ISR [Intelligence, Surveillance and Reconnaissance] Operations and Next-Gen Technology (LOGIX) task order, the[...]
Construction begins on Carilion Taubman Cancer Center
Of the donors, health professionals and area leaders who turned out for Wednesday’s groundbreaking for the Carilion Taubman Cancer Center, Orion Moses, age 9, commanded the most attention. Doctors diagnosed Moses, who lives in Elliston, with leukemia at age 5. After enduring three and a half years of chemotherapy, he is now [...]
Powhatan approves $2.7B data center campus
Powhatan County has approved an estimated $2.7 billion data center campus on 119.9 acres partly bordering Chesterfield County. The county’s board of supervisors voted 3-2 during its Oct. 28 meeting for a rezoning and a conditional use permit allowing the proposed development to move forward. The developer, Newport Beach, Calif[...]
John C. Asbury tapped to lead American Bankers Association
The American Bankers Association has elected John C. Asbury, president and CEO of Richmond-based Atlantic Union Bankshares, as the organization’s chair for 2024-25. “Through his bold leadership and dedicated service to our industry, John has proven that he is just the right person to step into this critically important rol[...]
Raytheon wins $900M contract modification
The Department of Defense’s Missile Defense Agency has awarded a $900 million contract modification to Raytheon, a subsidiary of Arlington County’s RTX, according to a DOD notice posted Friday. Under the extension, Raytheon, a defense contractor that is also based in Arlington County, will continue operations and suppo[...]
Breeden promotes five property management employees
The Breeden Co. has promoted five employees in its property management division, the Virginia Beach-based real estate company announced Thursday. The five employees are Rachel Blanchard, Lisa Capps, Sheena Obermark, Tiffany Rote and Samantha Schuman. Blanchard, who was previously a project manager, has been appointed director of[...]
Fed’s Fifth District economy grows modestly
Economic activity in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew modestly from early September, according to the latest edition of the Fed’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is base[...]
SEC, Hampton managing partner of BFM Fund settle charges
The Securities and Exchange Commission settled charges in early October against a Hampton-based managing partner of The BFM Fund and a limited liability company for allegedly breaching their fiduciary duties and misleading investors. Himalaya Rao-Potlapally of Hampton is a managing partner of Portland, Oregon-based BFM Fund, a s[...]
Va. pending home sales, prices rose in September
Pending home sales in Virginia rose in September — increasing almost 14% from September 2023 — suggesting more buyers are entering the market, according to Virginia Realtors data released Tuesday. Last month, 8,065 homes sold in Virginia, a less than 1% increase from September 2023. Although closed sales remained relatively [...]
GD subsidiary in Norfolk wins potential $123.3M contract
General Dynamics NASSCO, a Norfolk subsidiary of Reston aerospace and defense giant General Dynamics, was awarded a U.S. Navy contract worth up to $123.3 million last week for maintenance, modernization and repair of the USS Porter destroyer during fiscal 2025. The base amount of the firm fixed price contract to General Dynam[...]
