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Third-party logistics company to expand in Pulaski County
Wytheville-based third-party logistics company Camrett Logistics will invest more than $2 million to expand in Pulaski County, creating an estimated 58 jobs, Gov. Glenn Youngkin announced Tuesday. Camrett Logistics’ investment in its Dublin facility will include construction, renovating existing space and buying new forklifts [...]
NNS funding helps launch ODU engineering program
Newport News Shipbuilding will be the lead industry sponsor of Old Dominion University’s program to graduate more engineers, the two organizations announced Tuesday. NNS, a division of Newport News-based Fortune 500 military shipbuilder Huntington Ingalls Industries, will make a five-year financial commitment to the Monarch Ac[...]
Richmond-Petersburg pharma coalition wins fed designation
Central Virginia’s pharmaceutical hub received a federal designation that could lead to millions in federal funding in the future, while a 3D printing consortium in the New River Valley and Danville won a $500,000 federal grant, the U.S. Department of Commerce announced Monday. A group of public and private sector partners[...]
$900M water park resort breaks ground in Spotsylvania
A massive water park resort has broken ground in Spotsylvania County. The 1.38 million-square-foot Spotsylvania County Kalahari Resort, located between U.S. Route 1 and Interstate 95 in Thornburg, north of Kings Dominion, is expected to offer a 907-room hotel, a 175,000-square-foot indoor waterpark featuring slides, a wave pool [...]
Urgent.ly merges with Israeli company, goes public
Vienna-based roadside assistance tech company Urgent.ly has merged with Israel-based Otonomo Technologies, another vehicle technology business, and the combined company publicly listed its stock on Nasdaq on Oct. 19. The all-stock acquisition — a reverse merger allowing the combined business to go public, as an alternative to a traditional initial public offering — was first […]
20-unit Daleville apartment complex sells for $2M
A 20-unit apartment community in Botetourt County sold Tuesday for more than $2 million. Located at 151 College Drive in Daleville, the property’s first buildings were built in the early 1900s as a school, which was later affiliated with Bridgewater College before closing in 1933, according to Cushman & Wakefield | Thalhim[...]
September Va. housing market slowest in over a decade
Virginia’s housing market last month was the slowest September the state has had in more than a decade, according to a Virginia Realtors report released Friday. Virginia home sales in September dropped 21.1% from the same month last year. Home sales totaled 8,023 last month, down 2,149 home sales compared with September 2022. [...]
Fed’s Fifth District economy shrinks slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) contracted slightly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book[...]
Altria subsidiary NJOY sues 34 e-vapor businesses
Henrico County-based Altria Group’s NJOY e-vapor subsidiary filed a federal lawsuit Thursday against nearly three dozen U.S. and international manufacturers, distributors and retailers of e-vapor products, claiming that the businesses are selling products that are illegal under California’s flavored vape ban. The law[...]
Va. localities crack down on short-term rentals
RICHMOND, Va. — Several Virginia municipalities have recently drafted or passed ordinances to regulate short-term rentals. Scrutiny of short-term rentals mirrors a nationwide trend. Companies like Airbnb and Vrbo have become popular lodging options for tourists, as well as people in need of temporary housing. Municipalities ha[...]
Old Point National Bank hires new CFO
Hampton-based Old Point Financial has named Paul M. Pickett senior vice president and chief financial officer of Old Point National Bank, effective Oct. 24, the bank announced Wednesday. Pickett joins Old Point National Bank from Richlands-based First Sentinel Bank, a subsidiary of First Region Bancshares, where he had also been[...]
MindPetal to acquire VerticalApps
Vienna-based government contractor MindPetal has entered into an agreement to purchase Arlington County-based IT firm VerticalApps, the companies announced Tuesday. Financial details of the transaction were not disclosed. MindPetal and VerticalApps hope to become “a premier [artificial intelligence/machine learning] firm b[...]
