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Bingham & Taylor to shut down Culpeper plant, laying off 92 employees

SUMMARY:

  • Bingham & Taylor plans to permanently close its Culpeper cast iron foundry by Nov. 30, laying off 92 employees
  • Parent company Charlotte Pipe and Foundry said the was driven by excess capacity and operational challenges
  • Production from Culpeper will move to the company’s Oakboro, North Carolina, facility

infrastructure products manufacturer Bingham & Taylor plans to permanently close its Culpeper plant this fall, laying off 92 employees in the process.

The company notified the state of the in a May 21 letter filed under the federal (WARN) Act. The letter said the company will permanently close the cast iron foundry at 601 Nalle Place in the town of Culpeper on or before Nov. 30. The closure will affect all but a few employees. Some longtime Culpeper employees have been offered the opportunity to transfer to other locations.

Founded in 1849, Bingham & Taylor sells meter- and valve-access products to water and gas utility customers.

In addition to the Culpeper site, the company operates plastics injection-molding and blow-molding plants in . In November 2025, the company was acquired by North Carolina-based Charlotte Pipe and Foundry, a manufacturer of cast iron and plastic pipe and fittings for plumbing applications. At the time of the , Bingham & Taylor had about 250 employees, about 240 of whom were based in Virginia, and the company said it did not expect any jobs to be lost because of the acquisition.

Bradford Muller, a spokesperson for Charlotte Pipe and Foundry, said in an email the company decided to close the Culpeper foundry after reviewing the facility alongside its Oakboro, North Carolina-based foundry and determining that “changes in market conditions have resulted in excess manufacturing capacity.” The company decided to transfer the work being done in Culpeper to its Oakboro facility.

Muller said lower-cost imports from India have taken a growing share of the domestic municipal castings market, putting pressure on U.S. manufacturers and contributing to lower production volumes at domestic foundries. He also cited “operational challenges” that the company said it was unaware of when it acquired Bingham & Taylor, although he did not elaborate on what those challenges were.

Muller noted that the Fredericksburg plastic facilities have unique capabilities not replicated at other Charlotte Pipe facilities and operate independently from the Culpeper foundry. Those plants will continue operating as normal, and the company plans to transfer some assembly operations from Culpeper to the Jamison Lane site in Fredericksburg.

Muller said the 92 employees listed in the were not among those offered transfers. He said he did not know how many employees received transfer offers or how many would remain with the company.

In the WARN letter, Bingham & Taylor said it would make every effort to assist impacted employees and coordinate with the Virginia Rapid Response team to provide transition assistance.

Charlotte Pipe and Foundry acquired Wisconsin-based Neenah Foundry, a manufacturer of municipal castings, in 2022.

Muller said the Bingham & Taylor brand will continue, along with the Neenah brand, as part of Charlotte Pipe’s infrastructure division. The company will evaluate what to do with the Culpeper facility at a future date.

2026 Virginia C-Suite Awards: ALEX BERENTZEN

Since joining Thompson Restaurants in 2022, Berentzen has reduced companywide turnover from 110% to 68%. About 80% of open positions were filled through internal promotions. He seeks to hire the best and, once they’re on the payroll, he keeps a close eye on their progress to ensure a clear path to promotions.

Under his leadership, the Reston-based hospitality group’s restaurant count went from 29 to 68, with a target of 100 by the end of 2027. Online reviews for Thompson Restaurants increased from an average of 3.9 to 4.5. Revenue has doubled over the last three years. Additionally, Berentzen has helped to develop new Thompson Restaurants brands: Cut132, an Ohio steakhouse, and in Sterling, Ms. Peach’s Southern Kitchen and a reimagined Austin Grill.

A Netherlands native, Berentzen moved to the in 2003. Here, he has held leadership positions at companies including Wegmans Food Markets, King’s Seafood and Fox Restaurant Concepts before joining Thompson in Northern Virginia.

A certified sommelier, Berentzen often speaks at hospitality conferences, such as the National Restaurant Association Show.

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US space stocks rise on SpaceX IPO hype

May 27 (Reuters) – Shares of U.S. space companies continued to climb on Wednesday, extending their recent rally as investors bet that ‘s mammoth market listing could force Wall Street to fundamentally rethink how it values the .

The Elon Musk-led company last week took the wraps off its filing for an initial public offering (IPO), which showed how the rocket maker is betting its future on transitioning into an AI powerhouse.

“SpaceX going public has acted as a lens to focus the investment community on space travel and related support systems,” said Peter Andersen, founder at Andersen Capital Management.

“So it doesn’t surprise me that investors are starting to look at the entire sector and (space) stocks have gained more attention than usual.”

Shares of inched 0.1% higher and rose 2.5%, following gains of about 14% each in the last two sessions, while jumped 8.5%.

Publicly traded companies could benefit from renewed investor attention if SpaceX succeeds in sustaining the massive valuation it is eyeing, which is based largely on expectations of long-term infrastructure dominance and future growth rather than near-term earnings.

Poised to become the first trillion-dollar U.S. market debut, the listing could immediately cement SpaceX as one of the world’s most valuable publicly traded firms.

It could also have sweeping implications for other listed space companies, many of which have struggled to sustain premium valuations despite growing demand for satellite communications, launch services and defense-related off-planet infrastructure.

Exchange-traded funds tracking the aerospace sector, including Ark Space & Defense Innovation ETF, shed 0.7% on Wednesday, after having climbed more than 7% since SpaceX unveiled its filing last week.

Roundhill Space and Technology ETF dipped 0.5%, while gained 0.6%.

ETF managers and space-focused investors expect the IPO to draw new capital into the sector from generalist funds that have historically avoided such businesses because of their small size, volatility or limited liquidity.

Space-related stocks also drew heavy interest from retail investors on Wednesday, with firms including Momentus, Redwire and Sidus Space among the top 10 trending tickers on retail investor forum Stocktwits.

 

(Reporting by Shashwat Chauhan in Bengaluru and Akash Sriram in New York; Editing by Jonathan Ananda)

 

Oil extends drop as Iran TV says it has seen draft deal with US to reopen Hormuz

LONDON, May 27 (Reuters) – Oil extended losses on Wednesday, falling over 5% after said it had seen a draft of an initial, unofficial framework for an agreement with the on ending their conflict and reopening the .

The report, plus a pick-up in tanker traffic through the strait, outweighed Iran’s earlier comments that the United States had violated a ceasefire and a tanker on Tuesday reporting an explosion off the Oman coast.

futures fell $3.66, or 3.7%, to $95.92 a barrel by 1305 GMT, while U.S. (WTI) crude lost $5.19, or 5.59%, to $88.70.

The losses more than erased Brent’s gains from Tuesday. Brent and WTI touched intraday lows of $94.16 and $87.77 per barrel on Wednesday, their lowest in over a month.

There has been palpable progress towards ending the supply crisis, with an increasing number of ships transiting the Strait of Hormuz, analyst Tamas Varga said. “This is why the downward pressure has resumed,” he said, referring to .

The U.S. will withdraw military forces from the vicinity of Iran and lift its naval blockade, Iranian state TV said, adding that the management of ship traffic through the Strait of Hormuz will be handled by Iran in cooperation with Oman.

“The market keeps reacting to headlines,” analyst Giovanni Staunovo said.

“There is no indication that this is something different than what we kept hearing since the weekend, and the Iranians have indicated a deal is not imminent. Meanwhile, oil flows through the Strait remain restricted, reducing further oil inventories.”

July Brent futures rose 3.6% in the previous session after the U.S. carried out new strikes in Iran, hurting hopes that had risen over the weekend that Washington and Tehran would reach a peace deal.

Israel ramped up bombing in Lebanon on Tuesday, further straining peace efforts.

After an April ceasefire in the three-month-long conflict, both sides indicated they had made progress in talks toward reopening the Strait.

Iran’s effective of the Strait of Hormuz has taken more than 14 million barrels per day of Middle East oil supply offline according to the (IEA).

(Reporting by Robert Harvey in London, Colleen Howe in Beijing; Editing by Alex Lawler and Elaine Hardcastle)

 

2026 Virginia C-Suite Awards: LAURA SPROUSE

When Sprouse became CEO of the Top 100 accounting firm in 2024, she stepped into a role she had spent more than 25 years preparing for. Starting as a Brown Edwards associate after graduating from Ferrum College, she became a partner and later chief operating officer of the firm, which has grown its annual revenue from $25 million to $85 million. She also led the due diligence, negotiation and integration of 10 acquisitions and modernized the firm’s technology infrastructure.

Since becoming CEO, Sprouse has moved quickly. In late 2025, she closed two acquisitions, expanding the firm’s reach in Virginia Beach and Lynchburg, and reorganizing the company into a service line structure.

Now the largest independent CPA firm in Virginia by number of accountants, Brown Edwards is targeting $100 million in revenue under her leadership. A 2025 Forbes Best-In-State CPA, Sprouse is known for fostering a people-first culture, personally learning every new employee’s name across the firm.

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2026 Virginia C-Suite Awards: JACQUELINE ROGERS

Before joining Capital Square, Rogers built her career at leading brands, including Lincoln Motor, BMW, Marriott International’s Ritz-Carlton brand, Amazon and Lyft. While she described those roles as “thrilling and highly educational,” she ultimately sought a position where she could make a more lasting and meaningful impact.

She found that opportunity at Capital Square, the Glen Allen-based real estate investment firm founded by her father, co-CEO Louis J. Rogers. Joining in 2022, Rogers now oversees a broad portfolio spanning branding, marketing, investor relations, corporate strategy, technology, human resources and firmwide operations.

Rogers has played a central role in transforming Capital Square into a vertically integrated, three-pillar platform. She led the creation of Capital Square Living, the firm’s property management division, and helped scale the organization to more than 400 employees, hiring more than 300 of them.

In 2025, Capital Square surpassed $1 billion in multifamily transaction volume. Rogers also led efforts to document the economic impact of the firm’s Scott’s Addition developments, with findings used by academic and government groups. A graduate of the University of Virginia’s Darden School of Business and VCU’s Brandcenter, Rogers founded Capital Square Cares and serves on the Virginia Museum of Fine Arts Foundation’s board.

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2026 Virginia C-Suite Awards: BRIAN K. REVERE

Under Revere’s leadership, Breeden Construction has nearly doubled its revenue and exceeded project output while navigating years marked by inventory shortages, virtual inspections and other operational disruptions. Revere joined the company in 2005 after eight years with Archstone Residential and has championed innovations in preconstruction planning and cost management, helping the organization remain resilient in fluctuating market conditions while taking on increasingly complex multifamily, mixed-use and commercial projects.

A Virginia Tech graduate with a degree in building construction, he has spent his entire career in the industry. His leadership approach emphasizes workforce development and internal advancement, guided by what he describes as a “raising the elevator” philosophy.

The company has expanded its third-party portfolio during his tenure, and Revere has led efforts to embrace digital transformation and modern communication practices to streamline coordination and decision-making. Revere has also addressed workforce issues publicly, including advocating for increased participation of women in construction in a 2025 Virginia Business op-ed.

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Manufacturer Jabil to open plant in Prince George, creating 352 jobs

SUMMARY:

  • Jabil opening plant in , creating 352 jobs, governor’s office announces
  • Florida manufacturer is making equipment for Siemens at $30 million plant
  • Production set to begin by this fall

Electronic circuit board manufacturer and supply chain service provider Jabil plans to establish a new plant at in Prince George County, creating an expected 352 jobs, announced Wednesday.

The facility, scheduled to open this fall, will produce critical power distribution systems for Siemens, the Germany-based technology and giant specializing in , industrial systems, rail transportation and healthcare technology.

According to a statement from Siemens, the companies plan to invest $30 million to open a 300,000-square-foot facility. The funds will go toward scaling up equipment, tooling, production readiness and operations.

“Virginia is a world-class leader in advanced manufacturing and energy infrastructure, and Jabil’s decision to establish a new manufacturing facility in Prince George County reflects our strength,” Spanberger said in a statement. “This investment will bring hundreds of high-quality jobs to the commonwealth while strengthening our domestic supply chain to support next-generation energy technology. We are proud to welcome Jabil to Virginia.”

Founded in 1966, Jabil has grown over the decades from a small circuit board manufacturer to a global manufacturing company headquartered in St. Petersburg, Florida. The company operates more than 100 manufacturing facilities in over 25 countries, including more than 30 in the . It employs more than 140,000 people worldwide.

“Demand for reliable, U.S.-manufactured power and energy solutions from companies such as Siemens is only accelerating to keep up with the pace of technology,” said Brent Tompkins, Jabil’s senior vice president of global business units, renewables and energy infrastructure. “With this new factory in Prince George County, we’re excited to scale our capabilities, continue growing our domestic manufacturing footprint and help create new jobs in collaboration with Siemens.”

In a statement, Siemens Smart Infrastructure USA President of Electrification and Automation Brian Dula said that as the company adds capacity to meet accelerating demand for critical power infrastructure, it is working with strategic partners to bolster its domestic supply chain in the U.S.

worked with the county and Virginia’s Gateway Region to secure the project for Virginia, and Spanberger approved a $700,000 grant from the Commonwealth’s Opportunity Fund to assist with Jabil’s $6.1 million investment.

The will support Jabil’s job creation at no cost to the company.

In January, Jabil acquired Hanley Energy Group, an Irish engineering company with its U.S. headquarters in Ashburn, for $725 million. Hanley designs and manages power systems for data centers, and Jabil executives said that the was aimed at meeting growing demand for AI-related data center capacity and energy infrastructure.

2026 Virginia C-Suite Awards : SHANNON O. PIERCE

A Surry County native, Pierce earned her law degree from the University of Virginia. After spending a few years as an energy and utilities attorney at McGuireWoods in Richmond, she headed to Georgia in 2004 to serve as counsel at AGL Resources, which was purchased in 2016 by Southern Company Gas.
Pierce returned to Virginia in 2023 to join subsidiary Virginia Natural Gas as vice president of strategy and chief administrative officer. She brought experience spanning legal, regulatory, external affairs and operations. In 2024, Pierce was named president; she earned the title of CEO a year later.

As leader of a utility that serves more than 310,000 customers across southeastern Virginia, Pierce champions workforce development as a strategy for building stronger communities and is known for expanding job-readiness programs and deepening education partnerships. Last year, VNG broke ground for its new $50 million headquarters in Chesapeake.

Pierce also sits on numerous boards, including the Virginia Chamber of Commerce, the Elizabeth River Project and RVA757 Connects. Former Gov. Glenn Youngkin appointed her to Christopher Newport University’s board of visitors in 2025.

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2026 Virginia C-Suite Awards: HARVEY L. JOHNSON  

Since its founding in 1963, PBMares has had two chief executives. Johnson became the second when he succeeded longtime CEO and co-founder Alan S. Witt in 2021, following a year spent working closely with Witt to ensure a seamless transition.

Under his leadership, PBMares has enjoyed substantial growth. The firm’s merger with Fairfax-based BSB CPAs and Advisors, announced in 2024, added five partners and 36 employees. The 2026 Accounting Today Top 100 list placed PBMares 77th nationally after a year-over-year revenue increase of 17.72%. Among firms with revenue of up to $100 million, PBMares ranked second in the Leader in Tax category and fourth as a Pacesetter in growth.

Johnson has spent his whole career at the Newport News-based accounting, tax and consulting firm, which he joined in 2003. Prior to becoming CEO, he was a partner in the firm’s cybersecurity practice, which he helped establish in 2016.

After earning a degree in business administration with a concentration in accounting from the University of North Carolina Wilmington, Johnson completed a master’s degree in accounting from Old Dominion University in Norfolk. PBMares has 13 offices in Virginia, Maryland and North Carolina.

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