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Virginia Business// November 29, 2023//
Cedar Fair Entertainment, the parent company of Hanover County theme park Kings Dominion, is merging with Six Flags Entertainment in an all-stock deal valued at $2 billion, the companies announced Nov. 2. Cedar Fair unitholders will own 51.2% and Six Flags shareholders will own approximately 48.8%. The new combined company will have 27 amusement parks, 25 water parks and nine resort properties and will be valued at about $8 billion. The company will operate under the name Six Flags, trading under the ticker symbol FUN on the New York Stock Exchange and structured as a C corporation. (VirginiaBusiness.com)
PGT Innovations, a Florida-based manufacturer and supplier of windows and doors, will invest $54.3 million to establish a glass manufacturing operation in the former Rolls-Royce facility in Prince George County’s Crosspointe Logistics Center, creating 659 jobs, Gov. Glenn Youngkin announced Nov. 3. The plant, for which Virginia competed with Arizona, will manufacture glass under the company’s Triple Diamond Glass subsidiary. The company’s portfolio includes impact-resistant windows and doors and other products that can withstand strong storms. (VirginiaBusiness.com)
Richmond will use $100 million over the next five years to combat its affordable housing crisis, according to an Oct. 31 announcement from Mayor Levar Stoney and Richmond City Council. Each year for the next five years, nonprofit community development financial institution Local Initiatives Support Corp. (LISC) will match the city’s commitment of $10 million. The city and LISC plan to establish a Housing Development Training Institute to train up-and-coming and existing developers on how to better accommodate all income levels, and the funds will support a Small Building Loan Program for developers and rental property owners building or rehabilitating properties with five to 49 units. (Richmond Times-Dispatch)
A University of Virginia Darden School of Business alumnus and his wife, also a U.Va. graduate, added $50 million to an earlier gift of $44 million for the business school, adding up to the largest donation in Darden’s 68-year history. Philanthropists David and Kathleen LaCross made their initial donation in October 2022, then the school’s third largest donation, and that gift spurred $6 million in matching funds from the university. With the $50 million addition announced in late October, the gift totals more than $107 million, including matching funds from the university. (VirginiaBusiness.com)
Food and beverage distributor World Class Distribution opened its nearly completed $275 million, 1.2 million-square-foot distribution center in Caroline County’s Caroline 95 Logistics Park in Ruther Glen in October with 400 employees. When the center was announced in November 2022, WCD expected to add 745 jobs, but the company has expanded its plans to hire 1,000 workers, which would make it Caroline’s largest employer, according to a news release. Founded in 2009, WCD is a subsidiary of Tact Holding and distributes canned foods, dry foods, candy, grocery, beer and wine, frozen foods and other refrigerated products. WCD manages 11 distribution centers nationwide and has more than 4,500 employees in eight states. (VirginiaBusiness.com)
PEOPLE
The Medical Society of Virginia elected Richmond-based Dr. Alice Coombs as its next president at the organization’s Oct. 14 annual meeting. Coombs, a critical care specialist, anesthesiologist and internist, as well as chair of Virginia Commonwealth University School of Medicine’s anesthesiology department, is the fourth woman and first Black president of MSV, which was founded in 1820 and is headquartered in Richmond. Coombs’ agenda as president includes a focus on physicians’ and physicians’ assistants’ mental health and wellness. (VirginiaBusiness.com)
Dominion Energy on Oct. 31 passed another critical federal hurdle on its way to gaining approval to begin construction on its $9.8 billion, 176-turbine offshore wind farm 27 miles off the coast of Virginia Beach. The Bureau of Ocean Energy Management granted a favorable record of decision for the Richmond-based Fortune 500 electric utility’s 2.6-gigawatt Coastal Virginia Offshore Wind project. The decision represents the final step in the National Environmental Policy Act review process for its construction and operations plan. Also Oct. 31, Dominion earned approval from the Department of the Interior for its construction and operation plan. (VirginiaBusiness.com)
The merger of Eastern Virginia Medical School into Old Dominion University has been pushed back six months to July 1, 2024, instead of January as originally planned, ODU President Brian O. Hemphill announced Nov. 2 during his State of the University address. While that date reflects the July 1, 2024, deadline set by Gov. Glenn Youngkin and the General Assembly, ODU and EVMS had been aiming to merge in January 2024. But Hemphill and EVMS President, Provost and Dean Dr. Alfred Abuhamad said there’s more work that needs to be done before EVMS is folded into ODU, though Abuhamad added that the merger is “very, very close” to being finalized. (VirginiaBusiness.com)
A Newport News Circuit Court judge ruled Nov. 3 that the first-grade teacher shot by a 6-year-old student at Richneck Elementary School in January can proceed with her $40 million lawsuit against the school division. In the ruling, Judge Matthew W. Hoffman said Abigail Zwerner, 25, is not limited to filing a workers’ compensation claim, as attorneys for the Newport News School Board and other defendants asserted. “The Court finds the injury suffered by Plaintiff did not arise out of her employment,” Hoffman wrote in the eight-page decision. (Daily Press)
Newport News Shipbuilding has started production at a satellite campus at Fairwinds Landing in Norfolk to support its main shipyard. The new maritime operations and logistics hub supporting Hampton Roads’ offshore wind, defense and transportation industries is located at Lambert’s Point Docks. About 20 workers are constructing steel panels that will make up units on the future USS Enterprise, the third ship in the Navy’s Gerald R. Ford class of nuclear-powered aircraft carriers. By the end of the year, NNS expects to have 80 employees, and next year it will grow to 150. So far, NNS has invested about $25 million, but is going to work with the Navy to look for opportunities for future expansion. That could be upwards of $100 million over five years. (VirginiaBusiness.com)
Amid failing turbine components and financial challenges, Siemens Gamesa Renewable Energy said Nov. 10 it has “discontinued” its plans to build the nation’s first offshore wind-turbine blade manufacturing facility at the Port of Virginia’s Portsmouth Marine Terminal. The $200 million project, first announced in October 2021, was expected to create 310 jobs in Portsmouth — and also was viewed as a major step toward creating a U.S. offshore wind manufacturing hub in Hampton Roads. (VirginiaBusiness.com)
The Thomas Jefferson National Accelerator Facility will lead a $300 million to $500 million data science computing hub that will make scientific data more accessible to sciences nationwide, the U.S. Department of Energy announced Oct. 16. The High Performance Data Facility hub (HPDF) will be based at the Newport News-based lab in a new data center to be funded by the state, which has allocated $6 million in seed funding for the hub and committed to provide $43 million for construction. (VirginiaBusiness.com)
Arlington County-based Boeing said it was investigating a cyberattack after the LockBit cybercrime gang said on Oct. 27 that it had stolen sensitive data from the Fortune 500 defense contractor and threatened to dump it online if it didn’t pay a ransom by Nov. 2. Boeing said flight safety was not impacted, though some elements of its parts and distribution business, which falls under its Global Services division, took a hit as some of those webpages went down. LockBit has hit 1,700 United States organizations since 2020, according to the U.S. Cybersecurity and Infrastructure Security Agency. (Reuters)
Guidehouse entered into an agreement to be acquired by a Bain Capital Private Equity affiliate for $5.3 billion, the McLean-based consultancy announced Nov. 6. The investment will support Guidehouse’s growth plans, the company said, and it will continue to operate under its current management team, which is led by Chairman and CEO Scott McIntyre. Guidehouse has been owned by Veritas Capital since 2018; the management consultancy formed that year when Veritas acquired PricewaterhouseCoopers’ public sector arm. Guidehouse employs more than 17,000 people across 55 locations around the globe. The company opened its new McLean headquarters in 2022. (VirginiaBusiness.com)
The $900 million, 1.38 million-square-foot Spotsylvania County Kalahari Resort, located between U.S. Route 1 and Interstate 95 in Thornburg, broke ground Oct. 20. The massive water park from Wisconsin-based Kalahari Holdings is expected to offer a 907-room hotel and a 175,000-square-foot indoor waterpark. Also planned are 10 acres of outdoor pools and a 90,000-square-foot adventure park, a dozen on-site food and beverage offerings and more than 150,000 square feet of meeting and convention space. It is slated to open in 2026. Along with construction jobs, the resort is expected to generate 1,400 full- and part-time jobs. (VirginiaBusiness.com)
After a 24-hour meeting, the Prince William County Planning Commission on Nov. 9 recommended denial of the controversial 2,100-acre Digital Gateway proposed along Pageland Lane in Gainesville. QTS Realty Trust and Compass Datacenters want to rezone three parcels with the aim of adding 23 million square feet of data centers. County planning staff had previously recommended denial, citing lack of information from developers. Some commissioners attempted to defer a vote but didn’t garner enough support. The rezoning goes before the lame-duck Board of Supervisors Dec. 12 and is expected to pass. (VirginiaBusiness.com, Inside NoVa)
RTX has agreed to sell its cybersecurity, intelligence and services business segment for about $1.3 billion and announced a $10 billion stock buyback program Oct. 24 as it seeks to recover from a manufacturing quality issue in a jetliner engine that has plagued the Arlington County-based Fortune 500 defense and aerospace contractor since the summer. RTX, which rebranded from Raytheon Technologies Corp. in June, revealed its plans in its third quarter 2023 results, which included news of a nearly $1 billion loss in its Connecticut-based Pratt & Whitney aerospace division. The buyer for the cybersecurity, intelligence and services business, part of its Raytheon division, was not disclosed. (VirginiaBusiness.com)
PEOPLE
Months after new Leidos CEO Tom Bell hinted at a “new North Star” for the Reston-based Fortune 500 contractor, the company on Nov. 2 announced a shakeup of its C-suite and a reorganization. Beginning Jan. 1, 2024, Leidos will be organized into five sectors. Those are: health and civil, led by President Liz Porter; national security, led by President Roy Stevens; commercial and international, led by President Vicki Schmanske; digital modernization, led by President Steve Hull; and defense systems, led by President Cindy Gruensfelder, who previously served as vice president and general manager of Arlington County-based Boeing’s missile and weapons systems division. (VirginiaBusiness.com)
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 Oct. 24. Camrett Logistics’ investment in its Dublin facility will include construction, renovating existing space and buying new forklifts and electric trucks. Founded in 1995, the warehouse and third-party logistics services company operates 11 facilities totaling 1.8 million square feet in West Virginia and Virginia, including locations in Atkins, Rural Retreat, Wytheville, Dublin and Radford. (VirginiaBusiness.com)
Ferrum College is taking another step it hopes will boost enrollment and help more young people complete a college education. Several months ago, the school announced Panther Promise, a program that provides free tuition to Virginia residents who qualify. Now, Ferrum is going even further with a tuition reset for everyone else. “Ferrum College, yet again, affirms our commitment to provide affordable access to higher education,” President Mirta Martin told students, faculty and staff Nov. 2. She announced a $10,000 reduction in tuition rates for all students, starting in fall 2024. In addition, the school will award juniors and seniors what it’s calling “persistence grants” of $500 each year to help them complete their education. (WDBJ)
Three companies looking to join the battle against cancer are coming to the Roanoke-Blacksburg area, courtesy of a Johnson & Johnson Innovation challenge. Bacchus Therapeutics of Manassas, QurCan Therapeutics of Cambridge, Massachusetts, and Minneapolis-based Luminary Therapeutics were among companies from across the world that competed last month in J&J’s Advancing Oncology InnoVAtion QuickFire Challenge. They will each receive a $100,000 grant, a one-year residency at the Virginia Tech Corporate Research Center in Blacksburg, access to the corporation’s JLABS life science and health care incubator in Washington, D.C., and mentorship from Johnson & Johnson experts. (Cardinal News)
Radford University announced Oct. 25 that it will dramatically lower the financial threshold for in-state applicants hoping to earn a degree. A new program will cover all tuition costs for in-state applicants with a household adjusted gross income of less than $100,000 per year. The “Radford Tuition Promise” is expected to begin in August 2024. Bret Danilowicz, the university’s president, said the new program lowers the threshold for entrance significantly more than similar tuition programs statewide. (The Roanoke Times)
A Virginia Tech-led partnership has received more than $450,000 from the Appalachian Regional Commission to develop a workforce training strategy focused on modular construction. Modular, or industrialized, construction is being looked at as one potential solution to the concurrent problems of construction industry labor shortages and increasingly unaffordable housing. The Tech-led coalition of more than 40 organizations aims to create a roadmap over the next year for growing the industry across seven states: Virginia, West Virginia, Kentucky, North Carolina, Ohio, Pennsylvania and Tennessee. After that, the partnership could be eligible to apply for up to $10 million from the Appalachian Regional Commission to implement its strategies. (Cardinal News)
PEOPLE
Mirta Martin has been named the 13th president of Ferrum College, after serving in an interim role since January. The private college’s board of trustees announced Martin’s appointment in a letter sent Oct. 27 to faculty, staff and students. The board’s decision followed campuswide community “listening sessions” in September. Martin formerly served as president of Fairmont State University in West Virginia and Fort Hays State University in Kansas, and as dean of the business school at Virginia State University. (The Roanoke Times)
In a 5-2 vote on Nov. 8, the Frederick County Board of Supervisors approved a proposal by Carmeuse Lime and Stone to establish a new limestone mine in Clear Brook, in which the company sought to rezone 392 acres north of Brucetown Road and east of Interstate 81 for a future limestone quarry. The new mine is expected to open in eight to 15 years, after Carmeuse’s nearby quarry next to Clearbrook Park reaches the end of its lifespan, officials said. After some residents complained about problems with their wells, Carmeuse funded a hydrogeologic study to see if the existing quarry was having an impact on water quality, but the study did not find any effects of mining on nearby water sources, with the exception of one 14-foot hand-dug well. (The Winchester Star)
Denied earlier this year by three layers of NCAA governance, James Madison University authored an 11th-hour appeal in November, requesting bowl eligibility for its undefeated and nationally ranked football team. Citing computer ratings, human polls and student-athlete welfare, JMU President Jonathan Alger, Board of Visitors Rector Maribeth Herod and Athletic Director Jeff Bourne signed a letter to University of Georgia President Jere Morehead, chairman of the NCAA Division I Board of Directors. JMU moved from the Championship Subdivision (FCS) to the Bowl Subdivision (FBS) last season, but longstanding NCAA rules mandate that programs upgrading to the FBS serve a two-year transition in which they are ineligible for bowls. (Richmond Times-Dispatch)
In October, The Omni Homestead Resort reopened after completing its $150 million renovation, which includes a refresh of 483 guest rooms and 72,000 square feet of meeting space, as well as the construction of a 4,000-square-foot event pavilion. The renovation project started in October 2021 with the $4.6 million rehabilitation of the Warm Springs Pools, formerly known as the Jefferson Pools, which took 14 months to complete. (News release)
Shenandoah National Park closed the Rapidan Camp in Madison County in November due to a wildfire. Firefighters and support staff from the Virginia Department of Forestry, Virginia Department of Wildlife Resources and National Park Service continued efforts to contain the fire, which has affected 2,960 acres on private, state and federal lands, including about 670 acres within Shenandoah’s boundary. Earlier closures included the entire length of the Graves Mill Trail and the Wilhite Wagon trail. (Daily News-Record)
Shenandoah Telecommunications, or Shentel, announced plans in October to acquire Horizon Telecom for $385 million. Ohio-based Horizon is a commercial fiber provider with a 7,000 route-mile fiber network and more than 9,000 net locations. Shentel will pay $305 million in cash and the rest in common stock, and the transaction is expected to close in the first half of 2024. Shentel President and CEO Christopher E. French said the deal is expected to double the size of Shentel’s commercial fiber business. (VirginiaBusiness.com)
PEOPLE
A U.S. District Court for the Western District of Virginia jury found the former executive director of the Front Royal-Warren County Economic Development Authority guilty Nov. 1 of stealing $5.27 million from the government agency. Jennifer Rae McDonald was found guilty of all 34 counts against her, including federal charges of wire fraud, bank fraud, money laundering and aggravated identity theft. Jurors deliberated for about four hours after hearing from 52 prosecution witnesses and three defense witnesses. A sentencing date had not been set as of mid-November. (The Winchester Star)
West Virginia Gov. Jim Justice, along with his wife, son and a portfolio of companies tied to the Justice family, filed a new lawsuit in November against Martinsville-based Carter Bank & Trust and members of its board, seeking at least $1 billion. It’s the latest move in a yearslong dispute between the Justices and the bank over hundreds of millions of dollars in unpaid loans, and it comes as the two sides were scheduled in mid-November in Martinsville Circuit Court over a related case. Justice, a Republican, is currently running for the U.S. Senate, seeking the seat that will be vacated by Democrat Joe Manchin, who announced Nov. 9 he won’t seek another term next year. (Cardinal News)
Danville Utilities has several projects planned for 2024-25, including a $30 million project for replacement of the Southside wastewater pumping station. The project will expand the station’s capacity by roughly 40% to 45%, from about 7.6 million gallons per day to about 11 million gallons per day, said Danville Utilities Director Jason Grey. Expansion of capacity is needed to serve new industry at the southern portion of the Dan River, he said. (Danville Register & Bee)
As Virginia localities continue to receive applications from companies seeking to build new solar power plants, several Southside local governments are tapping the brakes with new rules aimed at capping how much land can be used for solar development. As solar proposals began crossing the desks of county planners and supervisors, many officials realized that their regulations and long-range plans needed updates to address renewable energy. Capping the amount of land that can be used for solar development is among the latest kinds of regulation being considered, and since March of this year, Henry, Mecklenburg and Pittsylvania counties have adopted such caps. (Cardinal News)
IperionX has received a $12.7 million grant award from the U.S. Department of Defense to expand its titanium recycling demonstration plant in South Boston, a step toward bolstering the nation’s supply chain for the defense industry. The federal award will allow IperionX to produce 125 metric tons of titanium powder annually, according to an Oct. 30 statement by DoD. IperionX is preparing to ramp up operations at its new plant in South Boston at the Southern Virginia Technology Park. The company is the first completely recycled titanium manufacturer in the U.S. With the DoD award, provided through the Defense Production Act Investment program, IperionX will scale up the South Boston plant to a demonstration facility, a key step in commercializing the company’s industrial process for titanium recycling. (SoVa Now)
The Mecklenburg County Industrial Development Authority sold the Stage Stores Distribution Center building for about $1.8 million to Starglory Investment Holding in a deal that closed Oct. 30. Starglory committed to investing $10 million into the facility, which will create at least 40 jobs. The building is 109,000 square feet, with two additional outside buildings on a total of 31.41 acres. Starglory plans to launch manufacturing, recycling, energy and agricultural technology projects at the building, which was owned jointly by the IDA and the Virginia Tobacco Region Revitalization Commission. (News release)
Michigan-based step van manufacturer Morgan Olson filed a WARN notice with the state announcing plans to lay off more than 400 workers by mid-December. This comes just a few years after the company invested millions to open a delivery truck assembly plant in the former IKEA factory space at Cane Creek Centre in Pittsylvania County, just outside Danville. The manufacturing company says it’s also reducing its workforce in Tennessee and Michigan due to current economic conditions. (WSLS)
Friends of Southwest Virginia will receive $980,000 for its Creative Economy and Tourism Workforce Initiative from the Appalachian Regional Commission, according to an Oct. 19 announcement. The initiative aims to make the regional tourism workforce more competitive and promote the cultural and outdoor recreation assets of 18 counties and four cities through steps like developing a hospitality and tourism workforce training initiative, conducting market research for future marketing campaigns and launching a national Southwest Virginia branding campaign. Over three years, the organization expects the project to retain 9,782 jobs and create 245 jobs. (The Coalfield Progress)
Abingdon-based health and human services agency People Inc. of Virginia cut the ribbon on the second phase of its Sweetbriar affordable housing project in Abingdon in late October. People completed the first phase of the project, building 20 affordable housing units, in 2011. The second phase added 22 units, but the need for affordable housing is far from met. Nearly 200 people are on the waiting list for Sweetbriar II, according to People President and CEO Bryan Phipps. The nonprofit is currently rehabilitating 32 units at another affordable housing project in Abingdon and preparing to start construction on 16 units in Culpeper. (Bristol Herald Courier)
Tate, a data center supplier, will invest $14.9 million to establish a new manufacturing facility in Russell County, creating 170 jobs, Gov. Glenn Youngkin announced Nov. 2. The new plant will focus primarily on data center component manufacturing and containment products to serve clients in Virginia and other data center sites. Tate is seeking a quality supervisor and maintenance manager, according to its hiring website. The company also said it soon will be hiring for positions such as mechanical techs, electrical techs, paint techs and laser techs. (VirginiaBusiness.com)
The United Way of Southwest Virginia broke ground Oct. 26 for its $25 million regional workforce and child development hub. The nonprofit is converting a former Kmart in Abingdon into the hub, which will hold an early childhood care and education center and a GO TEC lab with 3D printers, robotics and other technologies for K-12 teachers, and a year-round workforce exploration center for K-12 students with manufacturing and STEM career simulations. So far, UWSWVA has raised $21.6 million, nearly 78% of which has come from private sources, for the project. (News release, VirginiaBusiness.com)
The Virginia Department of Transportation hosted a ceremonial opening Oct. 9 at the Southern Gap Visitor Center for 8.7 miles of the U.S. 460/U.S. 121 Corridor Q project that runs from the Breaks Park Road area to Southern Gap. Of that road, 2.57 miles overlap the planned Coalfields Expressway, marking the first mileage of the CFX to be completed and opened to travel in Virginia. Authorized by Congress in 1995, CFX is planned as a 115-mile federal highway running from U.S. Route 23 in Pound to Interstates 64 and 77 in West Virginia. (Cardinal News, VirginiaBusiness.com)
PEOPLE
Bristol Casino: Future Home of Hard Rock hired husband-and-wife team Sunwoo Choi and Christine Choi as the casino’s vice president of food and beverage and marketing director, respectively, the casino announced in early November. Sunwoo Choi has worked in gaming and hospitality for more than 17 years and was most recently vice president of nongaming operations for Hollywood Casino at Penn National Race Course in Grantville, Pennsylvania. Christine Choi started her career as an engineer before entering the hospitality industry and most recently worked at the Hollywood Casino at The Meadows in Washington, Pennsylvania.
(Bristol Herald Courier)
