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Cooling equipment manufacturer plans $29.9M expansion in Botetourt

Munters, an air treatment and climate control solutions company with its global headquarters in Sweden, plans to invest $29.95 million on a 200,000-square-foot of its facility in , according to a Tuesday announcement by Gov. Glenn Youngkin.

The new manufacturing facility, which will be devoted to data center solutions, will be built on 30 acres at the , adjacent to Munters’ current operation in Daleville. The expansion is expected to create 270 jobs.

The cooling solutions manufactured by Munters is used by various industries, including , which use it to keep expensive servers and other technological equipment from overheating.

Stefan Aspman, president of data center technologies and group vice president of Munters AB. Photo courtesy Munters.
Stefan Aspman, president of data center technologies and group vice president of Munters AB. Photo courtesy Munters.

“Munters has experienced strong growth in its data center business over the past five years, with new facilities in Daleville and [Cork, Ireland], as well as acquisitions in Italy and Thailand,” Stefan Aspman, president of data center technologies and group vice president of Munters AB, parent company of the Munters U.S. subsidiary, said in a statement.

“To meet the expanding U.S. market,” continued Aspman, “we are enlarging our Virginia facility, creating a Data Center Technologies campus. Together with our Texas facility, this will provide nearly 700,000 square feet of space dedicated to innovative, energy-efficient data center cooling systems.”

When completed, the expansion will also allow Munters’ to expand production of its Geoclima high-efficiency chiller line for U.S. data centers. Munters acquired Geoclima, an Italian manufacturer of air- and water-cooled chillers, in October.

In 2007, Munters purchased DesChamps Technologies, a facility in Buena Vista that manufactured custom outside air conditioning equipment for commercial buildings. In 2021, Munters announced plans to build a larger facility at the Botetourt Center at Greenfield.

“Munters’ continued growth in the Roanoke region of Virginia is an economic bellwether,” John Hull, executive director of the Roanoke Regional Partnership, said in a statement. “An expansion less than three years after establishing its operations in the region is a signal that business is good and that Botetourt County and the Roanoke Region have supported a new corporate family member.”

Youngkin approved a $1 million grant from the Commonwealth’s Opportunity Fund to assist Botetourt County with the project. Additionally, Munters received a $500,000 Virginia Investment Performance grant, an incentive used to encourage continued capital investment by existing Virginia companies.

Munters is eligible for a grant from the Virginia Department of ‘s Access program, which assists localities in providing adequate road access. It will also be assisted by the Virginia Jobs Investment Program, which provides services and funding to support employee recruitment and training activities.

The Virginia Economic Development Partnership worked with Botetourt County, Roanoke Regional Partnership and the Greater Roanoke Workforce Development Board on the project.

 

Kroger blames Albertsons for merger’s demise in new court filings

Kroger is denying ‘ claims that it didn’t do enough to ensure regulatory approval of the companies’ planned .

In court papers filed Tuesday in the Delaware Court of Chancery, said Albertsons disregarded the companies’ merger agreement and worked secretly with a partner, C&S Wholesalers, to try to force Kroger to divest more stores to C&S.

Kroger also claimed that Albertsons was secretly planning to sue Kroger if the didn’t go through long before the merger actually fell apart in December. Kroger said in Tuesday’s court filing that it should not be forced to pay Albertsons a $600 million termination fee as well as billions of dollars in legal fees.

In a statement Tuesday, Albertsons said it was Kroger that failed to honor the merger agreement.

“Kroger’s self-interested conduct doomed the merger, and we are now focused on returning value to Albertsons’ shareholders to compensate for those losses,” Albertsons said.

Kroger and Albertsons first proposed the merger in 2022. They argued that combining would help them better compete with big retailers like Walmart and Costco.

But the Federal Trade Commission and two states — Washington and Colorado — sued to block the merger last year, saying it would raise prices and lower workers’ wages by eliminating competition. It also said Kroger and Albertsons’ plan to divest 579 stores C&S Wholesalers was inadequate to ensure competition, since C&S was ill-equipped to take on so many stores.

In December, judges in Washington and Oregon halted the merger in two rulings issued within hours of each other.

Kroger said even after lower courts ruled, it believed the merger still had a chance of going through. Kroger said it told Albertsons it was planning to re-engage with the after ‘s election because it thought the FTC under Trump would be less hostile to mergers.

But instead, Albertsons filed a lawsuit against Kroger the day after the lower court rulings. Albertsons said Kroger refused to divest more stores, even as it became clear that regulators weren’t satisfied with its plans. Albertsons said Kroger also should have sought other buyers beyond C&S to satisfy regulators’ concerns.

Trump’s crypto empire set to expand with new stablecoin and investment fund offerings

President Donald Trump’s crypto empire is expanding with the recent announcements of a new dollar-backed and investment funds for digital assets. The moves are the latest in the norm-defying ways the president has leaned into projects that could significantly boost his personal wealth while in office.

World Liberty Financial, a venture Trump helped launch last year, announced Tuesday that it plans to launch USD1, a stablecoin pegged at a 1-to-1 ratio to the U.S. dollar.

Stablecoins are among the fastest growing segments of the cryptocurrency industry. They are typically backed by a government-issued currency, like the dollar, or to gold, making them better suited to commercial transactions than more volatile digital assets like or other cryptocurrencies.

“We’re offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions,” Zach Witkoff, a World Liberty Financial co-founder, said in a statement Tuesday.

World Liberty’s announcement comes amid a push by Congress, with strong support by the White House, to pass legislation that supporters say would make it easier for stablecoin companies to operate and grow in the U.S.

Witkoff and his father, Trump’s special diplomatic envoy Steve Witkoff, helped launch World Liberty Financial with Trump and his sons last year. Under the terms outlined on the company’s website, a Trump-owned company has the “right to receive 75% of the net protocol revenues” from World Liberty Financial after expenses.

On Monday, Trump Media & Technology Group Corp. announced it was partnering with the crypto-trading firm Crypto.com to launch exchange-traded funds for investors to purchase. The funds, which are set to be released later this year, will include a “unique ETF basket of cryptocurrencies” as well as “securities with a Made in America focus spanning diverse industries such as energy,” TMTG said in an announcement.

TMTG is the parent company of Trump’s social media company, Truth Social. Trump has no decision-making role at the company, but he owns a majority stake and is its largest shareholder. TMTG’s stock price jumped following the announcement.

The recent announcements add to a growing list of crypto-related projects that Trump has endorsed in ways that critics say are inappropriate for a public office holder.

Just days before taking office, Trump launched his own meme coin that initially saw a massive price spike followed by a prolonged slide. Meme coins are highly speculative assets that often start as a joke and have no real value. Trump has also promoted online watch and sneaker stores that have branched out into selling crypto-related Trump products, including a “Crypto President” timepiece that sells for $100,000.

Once a crypto skeptic, Trump has since embraced digital assets and pledged to make the U.S. the “world capital” for cryptocurrencies. He’s taken several early steps to help boost the crypto industry, which spent heavily to help Trump win last year’s election and has emerged as a potent political force.

Before taking office, the Trump family business released a voluntary ethics agreement that prohibits the president from “day-to-day” decision making of his companies and limits financial information shared with him. But that agreement doesn’t bar him from promoting his crypto-related products, like he did on social media Sunday when touting his meme coin.

“I LOVE $TRUMP — SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!!,” Trump said on Truth Social, which briefly caused a spike in the meme coin’s price.

Construction of Virginia’s tallest building slated for April

LS GreenLink USA will begin constructing the tallest structure in Virginia next month.

During Old Dominion University’s Maritime and Conference on Tuesday, ‘s managing director, Patrick Shim, revealed the company will break ground April 28 on its $680 million-plus offshore wind subsea cable facility in , the first of its kind in the United States.

A ceremony will be held that day, with Gov. Glenn Youngkin expected to be among those in attendance, Shim told Virginia Busienss. The LS Greenlink site will include a 750,000-square-foot facility with a 660-foot-tall tower needed to support the production of the massive .

LS GreenLink USA, a subsidiary of South Korea’s LS Cable & System, first announced the project in July 2024. Shim said the project will employ more than 330 people and be built on 50 acres of a 98-acre brownfield property in Chesapeake the company purchased for the development.

During the conference, Shim said he sees the tower and subsea cable manufacturing facility as the first of many phases of the project. However, he did not reveal details about what future phases might entail, saying those plans are yet to be announced.

of the project’s first phase will be completed in the third quarter of 2027, Shim said, with the site slated to be fully operational by the first quarter of 2028.

LS Greenlink wanted “to be in an area that’s very business-friendly” when speaking about the reasons why the company chose Virginia for the project.

Last year, LS GreenLink USA announced it was awarded $99 million in advanced energy project tax credits by the U.S. Department of Energy, and Youngkin approved a $13.2 million grant from the Commonwealth’s Opportunity Fund to assist the City of Chesapeake with the project.

Founded in 1962, LS Cable & System touts itself as a global leader in power and communication cables and systems, developing and providing cable solutions for power grids and communication networks. The company has over 6,500 employees and 35 subsidiaries in 17 countries.

Waymo plans to bring its driverless taxis to Washington in 2026

Waymo on Tuesday added Washington to its pioneering service’s steadily expanding list of U.S. markets, although passengers will have to wait until next year until they can take a driverless ride around the nation’s capital city.

For now, ‘s robotaxis will continue to map Washington’s streets and corridors with a safety driver sitting behind the wheel to take control of the vehicle if something goes wrong — a precaution required under the regulations currently in force in the District of Columbia.

That’s something Waymo already has been doing since it began sending out its robotaxis in Washington in late January after a brief trial run in the capital last year.

While the robotaxis continue to learn their way around the city, Waymo executives expressed confidence they will be able to work with regulators to clear the way for completely driverless rides at some point next year through its Waymo One app.

“We’re excited to bring the comfort, consistency, and safety of Waymo One to Washingtonians, those who work and play in the city every day, and the millions of people from around the world who travel to the District every year,” Waymo co-CEO Tekedra Mawakana said in a blog post.

If Waymo’s ambitions pan out, Washington and Miami next year will be added to four other U.S. markets where its robotaxis are transporting passengers — Phoenix, Los Angeles, the San Francisco Bay Area and Austin, Texas as part of a partnership with ride-hailing leader Uber. Waymo and Uber also are teaming up to begin dispatching its robotaxis in Atlanta later this year.

The growth has helped turn what began as a head-turning novelty in Phoenix and then in San Francisco into an increasingly common sight in the cities where Waymo operates. The company says it had provided more than 4 million driverless rides to paying customers through the end of last year, and is now providing them at a pace of 200,000 paid trips per week.

That has established Waymo as the early frontrunner in driverless technology while others are racing to catch up. Both Amazon and Tesla are gearing up to launch their own services in different U.S. cities while another ride-hailing service, Lyft, has announced plans to add robotaxis as an option in Atlanta and Dallas.

Waymo’s early lead in the still-nascent robotaxi market is a vindication of a technology that began as a secret project within Google in 2009 before it was spun off into a separate company owned by Alphabet Inc. in 2016.

Port of Charleston adds direct connection to Mediterranean market

The ‘s new ocean carrier deployments will be increasing from 25 to 29 weekly services.

The services will continue to include prime markets such as and , according to an SC news release. Two of the weekly services will be first-in-calls from Asia, one of which being the fastest transit from Vietnam to the South Atlantic. Three services will be first-in-call trips from Europe.

“The Port of Charleston serves as a powerful gateway for importers and exporters,” Barbara Melvin, SC Ports president and CEO, said in the release. “Our highly productive operations deliver sustained fluidity to quickly work ships. We provide reliable port service so our customers can focus on running and growing their businesses.”

In April, MSC’s EMUSA service with SC Ports will offer a direct service with Turkey and Israel, the release said. MSC’s EMUSA service will provide a direct connection to Charleston for this key easter Mediterranean market.

Three first in-calls from Europe, representing all major ocean carriers in the , support manufacturers’ supply chains for this key Charleston trade lane.

In February, SC Ports handed 225,532 TEUs and 123,611 pier containers, increasing about 10% since February 2024, according to the release.

“ ranks No. 5 in the nation for both population and GDP growth. This will continue to drive and to our port,” Melvin said. “The Southeast is booming, and we are ready to support this growing market with 10 million TEUs of capacity on the horizon and an expanded intermodal network.”

Governor amends Virginia’s budget bill to increase rainy-day reserves over changes in Washington

RICHMOND, Va. (AP) — Republican Gov. Glenn Youngkin said on Monday that he hoped to bolster Virginia’s rainy-day fund by $300 million in light of economic uncertainty surrounding the White House’s overhaul of federal jobs and its impact on the state’s workforce.

At a news conference, Youngkin announced he had more than 200 amendments to a bipartisan budget bill adopted last month by the Virginia General Assembly, including trimming state spending to add additional funds to Virginia’s coffers.

The $300 million would be on top of nearly $295 million already slated to be set aside over the biennium. Youngkin said the reserved revenue would give Virginia a cushion of $5 billion.

“It enables us to feel confident that if there is a bump in the road, we can with it,” he said.

Youngkin’s announcement comes after a mix of roughly 1,000 Virginian federal workers and contractors have filed claims for unemployment since the end of January after and adviser Elon Musk began cutting jobs and programs in Washington, state officials have said.

In addition to the budget amendment, Youngkin’s administration has created a job website and encouraged impacted workers to explore other opportunities in Virginia.

“President Trump has been very, very clear, and he has not shied away from the fact that there could and may be economic disruption in the short term,” Youngkin said. “As he resets things in Washington, I agree with him that we will have long-term opportunity, and that is going to be good for Virginia.”

Before 2025, Virginia was home to roughly 315,000 federal workers, according to the Metropolitan Washington Council of Government. In the past few years, the state has done well economically — its state budget had a multibillion-dollar surplus, and more people were moving to the state than moving away, officials have said.

But, as the Democratic-led legislature gaveled out of its session, some acknowledged they may need to revise the budget in light of the fiscal cuts. Lawmakers announced they would expand a previously established special session so that they could reconvene later this year.

Following Youngkin’s announcement, Democratic Virginia House Speaker Don Scott blasted the governor for not protecting residents.

“We need a governor who will support Virginians,” Scott said in a statement, “not cave to Trump and Musk.”

Youngkin has until just before midnight on Monday to either sign, veto or seek amendments to all legislation sent to his desk after passing the statehouse earlier this year — including the budget bill, which amends the last year of the state’s two-year spending plan.

Lawmakers will then take up his revisions and vetos on April 2.

In his original budget presented in December, Youngkin proposed providing permanent relief by ending taxes on tips and cars for lower- and middle-income earners. The Virginia House of Delegates and Senate nixed his idea. Instead, they passed a budget that would give each taxpayer a $200 rebate.

On Monday, Youngkin said he would support the rebates, which had bipartisan support among lawmakers.

In the budget bill, lawmakers also scrapped Youngkin’s proffer to cut off funds toward local entities that do not fully comply with U.S. Immigration and Customs Enforcement. Further, Youngkin originally allotted money for a $50 million “Opportunity Scholarship” program, which would provide low-income families with vouchers to send their children to private schools. Lawmakers tossed out that idea, too.

In his amendments, Youngkin added versions of those provisions back into the budget bill.

“I pared back my request: Let’s take $25 million, and let’s provide lower-income Virginia families an opportunity to pursue an alternative education path that might fit their family and their children’s best opportunities,” he said of the scholarship program. “Why not try it?”

Youngkin also said he added an amendment authorizing the consideration of establishing Oak Hill, the home of former President James Monroe, as a state park. A bill to that effect failed in the legislature during the session.

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Olivia Diaz is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.

Stock market today: Wall Street drifts ahead of report on US consumer confidence

NEW YORK (AP) — is holding steadier Tuesday after roaring the day before on hopes that President Donald Trump’s tariffs may not be as sweeping as earlier feared.

The was 0.1% higher in early trading after jumping 1.8% on Monday. The Dow Jones Industrial Average was up 58 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.1% higher.

U.S. stocks have recovered a chunk of their losses since falling 10% below their all-time high earlier this month, for their first “correction” since 2023. That drop has left them looking less expensive than before, which had been a major criticism following their euphoric rise in earlier years.

But strategists along Wall Street warn more sharp swings are still likely on the way with an April 2 deadline looming. That’s what Trump has called “Liberation Day,” when he will begin a global set of on trading partners that will roughly equal what he sees as the burden they put on the United States. Monday’s spurt for Wall Street came on hopes that Trump’s “reciprocal” tariffs may be more targeted than had been feared.

Even if the tariffs do end up being less painful for the global than expected, all the dizzying talk about them has already soured confidence among U.S. households and businesses. The fear is that could lead them to cut back on their spending and freeze the economy. A report later on Tuesday morning will give another update on confidence among consumers, and economists expect it to show a drop.

So far, actual economic activity and the job market seem to be holding up despite the worsening moods of U.S. companies and consumers.

On Wall Street, homebuilder KB Home dropped 6.6% after reporting weaker profit and revenue for the latest quarter than analysts expected. Already mired in a slump, homebuilders are now faced with potentially rising costs due to tariffs, which they will have to pass on to buyers.

Spice seller McCormick also sank following a weaker-than-expected profit report. It fell 4.2% as it said it’s dealing with “current uncertainty of the and macro environment.”

Tesla was swinging between modest gains and losses and down 0.5% following more grim sales figures from .

European sales of Tesla electric cars were almost cut in half during the first two months of the year compared with a year earlier, even as the overall market for battery-powered cars grew, according to the European Automobile Manufacturers Association.

In addition to an aging model line, sales declines are also being blamed in part on CEO Elon Elon Musk’s endorsement of Germany’s far-right party in last month’s national election, his embrace of fringe political movements, and a gesture during a Trump event in January that many saw as a Nazi salute. Tesla is also facing increasing competition from Chinese carmakers such as BYD.

In stock markets abroad, indexes rose in much of Europe following a mixed finish in .

In the bond market, Treasury yields were holding relatively steady. The yield on the 10-year Treasury edged down to 4.33% from 4.34% late Monday.

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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

US consumer confidence tumbles for 4th consecutive month to 12-year low

WASHINGTON (AP) — U.S. fell for the fourth straight month amid rising concern over tariffs and inflation.

The Conference Board reported Tuesday that its confidence index fell 7.2 points in March to 92.9. Analysts were expecting a decline to a reading of 94.5, according to a survey by FactSet.

The Conference Board’s report Tuesday said that the measure of Americans’ short-term expectations for income, business and the job market fell 9.6 points to 65.2. That’s the lowest reading in 12 years. The Conference Board says a reading under 80 can signal a potential recession in the near future.

The proportion of consumers anticipating a recession in the next year held steady at a nine-month high, the board reported.

“Consumers’ optimism about future income — which had held up quite strongly in the past few months — largely vanished, suggesting worries about the and labor market have started to spread into consumers’ assessments of their personal situations,” said Stephanie Guichard, senior economist at The Conference Board.

While has retreated from the highs during the post-pandemic rebound, it has remained above the Federal Reserve’s 2% target. Those still-elevated prices, combined with ‘s announced on many imported goods, has Americans feeling sour about spending as concerns about the economy mount.

Consumers appeared increasingly confident heading into the end of 2024 and spent generously during the holiday season. However, U.S. retail sales dropped sharply in January, with cold weather taking some of the blame.

Earlier this month, the government reported that Americans modestly stepped up their spending in February after a sharp pullback the previous month.

The board reported Tuesday that consumers’ view of current conditions decreased 3.6 points to 134.5.

The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

Consumer spending accounts for about two-thirds of U.S. economic activity and is closely watched by economists for signs about how the American consumer is feeling.

Company behind Chesterfield indoor farm files for bankruptcy

Plenty Unlimited, a San Francisco-based agricultural technology company that counts tech billionaires Jeff Bezos and Eric Schmidt among its investors, has filed for but plans to continue operating its vertical strawberry farm in County throughout the restructuring, according to a company announcement.

“This is a challenging time for the vertical farming industry and Plenty is not immune from those challenges or market dynamics,” Plenty said in a statement to Virginia Business. “After evaluating all of our strategic alternatives, we have determined that pursuing a restructuring process is in the best interests of Plenty and all of our stakeholders. Through this process, Plenty will be better positioned to continue working toward our mission to make fresh food accessible to everyone, starting with the year-round of premium strawberries in our innovative in Virginia.”

In addition to its facility in Chesterfield’s , Plenty will continue operating its plant science research and development facility in Wyoming throughout the restructuring process.

A list of Plenty’s creditors holding the 30 largest unsecured claims, or debts not backed by collateral, included three Richmond businesses: Electrical Controls & Maintenance, which is owed more than $7.7 million;  Colonial Webb Contractors, which is owed more than $3 million; and Liphart Steel, which is owed more than $2.2 million, according to documents filed with the U.S. Bankruptcy Court for the Southern District of Texas. Additionally, Montpelier’s C.T. Purcell Excavating is owed more than $877,000; Glen Allen’s Century is owed less than $500,000; and Virginia Beach’s Century Concrete is owed more than $300,000.

In the filings, Plenty claims to have assets worth between $100 million and $500 million and a similar amount in estimated liabilities.

Plenty has received a commitment of $20.7 million for debtor-in-possession financing, a type of funding for companies in Chapter 11 bankruptcy. The company hopes the funding will provide it with the necessary liquidity to support its operations, according to the announcement released Sunday.

U.S. Bankruptcy Judge Christopher Lopez issued an interim order allowing Plenty to obtain DIP financing Tuesday and scheduled a hearing for April 15.

Plenty’s Chesterfield operation opened the first farm on its 120-acre campus in September. It’s designed to produce more than 4 million pounds of strawberries annually in less than 40,000 square feet by growing the fruit vertically on 30-foot towers. The Virginia farm exclusively grows strawberries for California-based Driscoll’s, the world’s largest berry distributor. The Chesterfield indoor farm has had berries in market since January, according to a Plenty spokesperson.

An aerial shot of buildings and construction work surrounded by trees.
Plenty opened the first indoor farm on its Chesterfield County campus in September. Photo courtesy Plenty.

The farm uses artificial intelligence and other technology to grow produce in indoor spaces that aren’t subject to variables in temperature and weather conditions.

When Gov. Glenn Youngkin announced the project in 2022, Plenty planned to invest $300 million to create the vertical farm campus in Chesterfield, creating 300 jobs. Currently, Plenty has 66 employees, according to bankruptcy filings. Twelve full-time employees are paid hourly, while the rest are either full-time or part-time salaried employees.

Lopez on Monday issued an order allowing Plenty to pay wages, salaries and employee benefits owed prior to the Chapter 11  bankruptcy filing and to “continue the post-petition maintenance of employee benefit programs, policies and procedures.”

In December, Plenty announced plans to close its Compton, California, leafy greens farm, citing challenges stemming from the high cost of doing business in California, including expensive energy prices. That farm opened in 2023. In a post on LinkedIn, the company stated it planned to shift its focus to growing strawberries.

Dan Malech, Plenty’s interim CEO, took over from Arama Kukutai, who left the company in late 2024, according to reporting by Bloomberg.

Malech, who joined Plenty in 2018 as head of legal, was named Plenty’s senior vice president of strategy and general counsel in 2021. Previously, Malech worked with biotech company Zymergen.

AeroFarms, an indoor company based in Danville, filed for Chapter 11 bankruptcy protection in June 2023 but emerged from bankruptcy with a new CEO by September 2023.

In February, AeroFarms announced it commands 70% of the U.S. retail market share for microgreens.