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Va. reports close to 300 layoffs across 3 bizs

A Fortune 500 federal contractor, a global aluminum company and a private school notified Virginia on March 31 of job cuts in compliance with the Worker Adjustment and Retraining Notification (WARN) Act.

, which has its headquarters in and provides technology, engineering and science services to , intelligence, civil and health customers, will lay off 29 employees who work in and Manassas next month. The company has a global workforce of 48,000.

“Due to program changes, we unfortunately are eliminating some positions in Virginia,” Leidos said in a statement. “Our intent is to reassign as many of our colleagues as possible to open positions we have in the state or in Maryland and Washington, D.C.”

Leidos’ 2024 revenue was $16.7 billion, a 7.9% increase over the previous year.

Another company, , a producer of flat-rolled aluminum and an aluminum recycler with headquarters in , plans to close its -area location on May 30, eliminating 72 jobs, according to a WARN notice.

“Novelis is consolidating its U.S. operations and has made the difficult decision to close operations in Richmond, Virginia,” the company said in a statement. “Our workforce is deeply valued for their hard work and dedication, and we’re committed to handling their transition with the utmost respect and care.”

The facility, based in , is a rolling mill that uses pellet casting technology to produce aluminum rolled sheet for the building and construction industry, according to the company’s website.

Earlier this week, Novelis informed West Virginia officials the company plans to close its Fairmont facility on June 30 , eliminating 189 jobs.  A company spokesperson noted on Wednesday, however, that over 300 jobs are being created by Novelis in North America this year. 

“We are working with affected employees to pursue job opportunities elsewhere within Novelis operations where it makes sense,” the spokesperson wrote in an email. 

In an annual report released in June 2024, Novelis reported having 13,190 employees and operating 32 rolling and recycling facilities in North America, Europe, Asia and South America. Novelis’ net sales decreased 12% to $16.2 billion in fiscal 2024.

The third WARN notice issued in Virginia on March 31 was from , a private school in . It plans to close at the end of July, eliminating 162 jobs. An Islamic private school, the academy announced its closure at the end of January.

“This decision to close the academy has not been taken lightly,” a letter posted on the school’s website stated. “It was taken after a comprehensive financial evaluation found this institution fulfilling its mandate, but with no viable financial path to self-sustainability.”

Nonfarm payroll employment in Virginia fell by 1,000 in February, and the state’s labor force participation rate decreased by 0.1 percentage points, according to a news release distributed by the governor’s office Friday. Virginia’s seasonally adjusted unemployment rate in February edged up by 0.1 percentage points to 3.1%, 1 percentage point below the national rate.

“Virginia’s economy remains strong with more than $100 billion in capital investment committed by companies growing in Virginia, 259,000 open jobs across the commonwealth and our ongoing workforce development initiatives connecting skilled workers to in-demand industries,” Gov. Glenn Youngkin said in a statement.

Could Hyundai be the Port of Charleston’s next big export customer?

The largest development project in history is open for business and there could be something in it for , too, says the president and CEO of the Palmetto State’s port system.

Hyundai Motor Group Metaplant America on March 26 celebrated the official opening of a plant that will produce , Kia and Genesis vehicles in a giant facility west of Savannah in a town called Ellabell. The plant and joint battery venture with LG Energy Solution and SK On amounts to a $12.6 billion investment with 8,500 jobs at the site by 2031, according to Hyundai Motor Group.

The plant is near the Port of Savannah, which boasts two deep-water terminals and the largest single-terminal container facility of its kind in North America, is just a few miles from the plant. But the plant, which actually produced its first car last October, already has the capacity to create 300,000 vehicles per year, according to a Hyundai news release. And the group recently announced plans to expand capacity by another 200,000 vehicles. In addition, the company already has an assembly plant in western Georgia with a capacity to produce 340,000 vehicles.

That’s a lot of cars that need somewhere to go.

S.C. Ports President and CEO Barbara Melvin said the opportunity is not lost on South Carolina’s system.

“Anytime that there is an infusion foreign direct investment into the United States, … particularly if it’s in the Southeast, there is an opportunity for South Carolina Ports to shine,” she said during a recent ceremony for the expansion of Inland Port Greer.

BMW in Spartanburg County produced about 400,000 vehicles last year and exported nearly 225,000, most through the Port of Charleston but also through ports in Georgia, Maryland and Florida.

“We are a well-run port. We have invested in the necessary infrastructure to keep our customers’ supply chains flowing and we will offer those services (to the Hyundai plant),” Melvin said. “We will see what we get.”

HMG entered into an agreement with the state of Georgia in May 2022 to establish a cutting-edge electric and hybrid vehicle production and battery manufacturing facility in Ellabell. By June 2022, HMGMA was officially formed, and within four months, the company broke ground on the project, according to a news release.

On Oct. 3, 2024, less than two years after breaking ground, the first vehicle — a Hyundai IONIQ 5 — rolled off the assembly line, marking a new era for the Group’s U.S. operations. Hyundai’s IONIQ 9 three-row electric SUV is also now in production at HMGMA and will be joined in 2026 by the first Kia model to be built at the facility.

In addition to manufacturing for Hyundai, Genesis and Kia, the plant is also equipped to produce hybrid vehicles, the release stated.

The group’s total investments in Georgia are expected to create nearly 40,000 direct and indirect jobs, and $4.6 billion in individual earnings every year, according to the Center for Research.

The plant could mean employment opportunities for South Carolinians, too. BMW Manufacturing does not have prepared statistics on how far associates travel to work at the Greer plant, but a spokesperson said some come from as far south as Lexington, near Columbia, and others cross the state line from Toccoa and Hartwell in Georgia.  The Hyundai Motor Group Metaplant America is just 37 miles of interstate driving from Hardeeville and about 45 to Bluffton.

By the end of 2024, more than $2.5 billion in capital investment and approximately 6,900 jobs had been announced by HMGMA suppliers in 12 counties across the state. That more than doubles the additional $1 billion investment by suppliers that was originally anticipated, according to the release.

In March, the group announced an investment of $21 billion in the U.S. from 2025 to 2028; $9 billion will be invested to establish an annual production capacity in the U.S. of 1.2 million vehicles. In addition to expanding capacity at the new plant, the group’s existing U.S. production sites — Hyundai Motor Manufacturing Alabama and Kia Autoland Georgia — will also see improvements in production facilities.

A total of $6 billion will be allocated to enhance the group’s parts and logistics business, as well as establishing an Electric Arc Furnace-based integrated steel mill in the U.S. through its affiliate, Hyundai Steel, with an annual steel production capacity of 2.7 million tons. The Louisiana mill will supply high-quality automotive steel plates to HMGMA when commercial steel production begins in 2029.

The group will invest an additional $6 billion to drive innovation and expand strategic partnerships with U.S. companies in areas including autonomous driving, robotics, artificial intelligence AI, and advanced air mobility, according to the release.

The company says its investments will create 14,000 direct jobs and another 86,000 indirect jobs.

Musk could be headed for a Washington exit after turbulent times at Trump’s DOGE

WASHINGTON (AP) — ‘s days appear to be numbered.

Elon Musk recently suggested that he will be done with his work in the near future. President Donald Trump told reporters this week that “at some point, he’s going to be going back” to running his companies. As far as the Department of Government Efficiency, said “it will end.”

All of that talk was before faced a setback Tuesday in Wisconsin, where voters rejected his choice for a state Supreme Court candidate despite more than $21 million in personal donations and his campaign appearance over the weekend. There are more problems for the billionaire entrepreneur at , his electric automaker, which saw a 13% drop in sales in the first three months of the year.

The White House has not disclosed any clear timeline for closing down DOGE, and the government cost-cutting organization was never supposed to become a permanent fixture in Washington. But it could be reaching a conclusion faster than anticipated. DOGE was originally intended to operate until July 4, 2026.

Now there are signs that it already is winding down. DOGE employees have been shifted to various federal agencies, which are supposed to take the lead on cutting costs. Government-wide layoffs are underway to accomplish some of the goals laid out by Musk and Trump.

“We think probably over the next two or three months, we’ll be pretty much satisfied with the people that are working hard and want to be members of the administration,” Trump said last week.

The potential end of DOGE does not mean Trump will stop shaking up Washington. But it appears the administration’s efforts will be entering a new phase that is less focused on Musk, whose chain saw-wielding work as a presidential adviser made him a political lightning rod.

DOGE was initially envisioned as an independent advisory panel, with Musk sharing leadership with Vivek Ramaswamy, a biotech entrepreneur. Ramaswamy dropped out and is running for Ohio governor, and DOGE became part of the government. It was stocked with Musk’s allies, who were dispatched throughout the bureaucracy to cancel contracts, access sensitive data and push for cuts.

Musk presumably has a ticking clock on his tenure. He was hired as a special government employee, which means he can only work 130 days in a 365-day time period.

“I think we will have accomplished most of the work required to reduce the deficit by a trillion dollars within that time frame,” Musk told Bret Baier of Fox News on March 27. So far DOGE is well short of that target, according to its own calculations, which have been criticized as inflated and inaccurate.

Musk did not commit to leaving the administration by any particular date, and it is unclear how the administration is tracking Musk’s time. On May 30, it will be 130 days since Trump’s inauguration on Jan. 20.

Trump told reporters on Monday in the Oval Office that “I’d keep him as long as I could keep him” and “he’s a very talented guy.”

The Republican president was known for explosive breakups with top advisers during his first term, but anyone hoping for such a split with Musk has been disappointed.

“I think he’s amazing, but I also think he’s got a big company to run,” Trump said. “And so, at some point, he’s going to be going back.”

Asked if DOGE would continue without Musk, Trump demurred. He said Cabinet officials have worked closely with Musk and may keep some of the DOGE people at their agencies.

“But at a certain point I think it will end,” Trump said.

Musk’s poll numbers lag behind Trump’s, which believe they were able to use to their advantage in Wisconsin.

Susan Crawford defeated Brad Schimel, who Musk supported, and ensured the state Supreme Court’s liberal majority.

In the closing days of that campaign, Musk described the race as “important for the future of civilization.” He struck a different tone afterward.

“I expected to lose, but there is value to losing a piece for a positional gain,” Musk wrote on X at 3:13 a.m.

Trump pressures Senate Republicans to oppose resolution that would nullify Canada tariffs

WASHINGTON (AP) — Senate are facing pressure Wednesday from President Donald  to oppose a Democratic resolution that would nullify the presidential emergency on fentanyl he is using to implement on Canada.

Just hours before Trump was set to announce his plan for “reciprocal tariffs” on China, Mexico and Canada — his so-called “Liberation Day” — the Senate was expected to vote on a resolution that offers Republicans an off-ramp to the import taxes on Canada. It is a significant test for Republican loyalty to Trump’s vision of remaking the U.S. economy by clamping down on free . Many economists are warning that the plan could force an economic contraction, and senators are already watching with unease.

The votes of at least four Republicans — Sens. Lisa Murkowski of Alaska, Susan Collins of Maine, Mitch McConnell of Kentucky and Rand Paul of Kentucky — were in doubt ahead of the vote. If all plus the four Republicans vote for the resolution, it would boost it to the simple majority needed to pass the Senate. The legislation would still need to be brought up and passed in the Republican-controlled House.

In a social media post just before 1 a.m. Wednesday, Trump singled out the four senators, saying they “will hopefully get on the Republican bandwagon, for a change, and fight the Democrats wild and flagrant push to not penalize Canada for the sale, into our Country, of large amounts of Fentanyl.”

To justify the tariffs, Trump has argued that Canada is not doing enough to stop illegal drugs from entering the northern border. Customs and Border Protection seized 43 pounds of fentanyl at the northern border during the 2024 fiscal year, and since January, authorities have seized less than 1.5 pounds, according to federal data. Meanwhile, at the southern border, authorities seized over 21,000 pounds last year.

Sen. Tim , the Virginia Democrat who initiated the resolution, said at at news conference Tuesday that Trump was inventing a “made-up emergency” to help pay for extending tax cuts that he argued would mostly benefit the wealthy.

“How are they going to pay for it? Massive cuts in programs like Medicaid and Medicare, and tariffs imposed on the backs of everyday Americans,” Kaine said.

Democrats were highlighting how the tariffs on Canada could make it more expensive to build homes, disrupt industries like shipbuilding and beer brewing and raise prices on imported grocery products.

“Today, Donald Trump takes a sledgehammer to the American economy and even to the American dream,” Senate Democratic leader Chuck Schumer said in a floor speech. He added, “The Senate has a chance to slow this down today if Republicans join us.”

For their part, Republican leaders were trying to hold their members in line against the tariff resolution by emphasizing that Trump was acting to address fentanyl trafficking and border security.

Majority Whip Sen. John Barrasso claimed in a floor speech that former President Joe Biden had “also thrown open the northern border. The criminal cartels noticed and they took advantage.”

“There are unique threats to the United States at our northern border,” the Wyoming senator said. “President Trump is taking the bold, decisive, swift, swift action that is necessary to secure that border as well.”

However, a key group of Senate Republicans are worried about the economic impacts from the tariffs on Canada. Collins noted that already “Canada is beefing up its security on the border” to address drug trafficking and said she was concerned what tariffs would do to businesses and households in Maine.

“We have a paper mill in northern Maine that gets its pulp from Canada. It’s pumped across the river and then made into paper. That mill employs 510 people. It’s going to be in trouble if there’s a tariff of 25% put on pulp,” Collins said.

Still, other Republicans noted their concerns about the tariff impacts on farmers and other industries, but still wanted to give Trump room to negotiate better trade deals.

North Dakota Sen. Kevin Cramer said that he has been in constant talks with both Canadian officials and businesses in his state like Bobcat, which does a significant amount of its sales in Canada. But he didn’t plan on supporting the resolution. Instead, he hoped that Trump’s Wednesday announcement would just be a starting point for negotiations for the reciprocal dropping of tariffs.

The Republican added: “I’m not overly concerned about it, but obviously it occupies a lot of attention and time and a lot of political anxiety.”

Stock market today: Wall Street rises in another jittery day ahead of Trump’s tariff announcement

NEW YORK (AP) — U.S. stocks whipped through another dizzying day Wednesday in the final hours before President Donald Trump’s unveiling of the tariffs promised as part of his “ Liberation Day,” which could drastically remake the global economy.

The S&P 500 rose 0.7%, but only after careening between an earlier loss of 1.1% and a later gain of 1.1%. It’s had a pattern this week of opening with sharp drops only to finish the day higher.

The Dow Jones Industrial Average added 235 points, or 0.6%, and the Nasdaq composite climbed 0.9%. Both also veered from sharply lower in the morning to sharply higher in the afternoon before doubling back.

Elon ‘s helped knock the market around after initially falling more than 6% following a report that it delivered fewer electric vehicles in the first three months of the year than it did in last year’s first quarter.

Tesla is one of Wall Street’s most influential stocks because of its immense size, and it’s faced backlash due to anger about CEO ‘s leading the U.S. government’s efforts to cut spending. But its stock erased its loss from the morning and ended with a gain of 5.3% following a report from Politico that has told others that Musk will step back from his government role in coming weeks.

Financial markets around the world have broadly been shaky lately because of uncertainty about Trump’s . He has said he wants to make the global system more fair and to bring jobs back to the United States from other countries. But tariffs also threaten to grind down growth for the U.S. and other economies, while worsening inflation when it may be stuck above the Federal Reserve’s 2% target.

One of the hopes that’s helped push upward on the U.S. recently is the possibility that at least the worst of the uncertainty around tariffs may be passing.

“We do not know how long the previously enacted tariffs and any future tariffs will remain in force, but we believe peak tariff uncertainty may soon be behind us,” according to Kurt Reiman, head of fixed income Americas, and other strategists at UBS Global Wealth Management. “Much of the work the administration set out to achieve will have been put in place, and there are numerous potential offramps available.”

After the market closed, Trump declared a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run surpluses with the United States. The president held up a chart while speaking at the White House, showing the United States would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan.

Among the companies whose shares fell in after-hours trading were Deckers Outdoor, the maker of Uggs, down 9.3%; Lululemon was down 8.8%; and home products retailer Williams-Sonoma was down 8.4%.

Before Liberation Day, Trump had already announced 25% tariffs on auto imports; levies against China, Canada and Mexico; and expanded tariffs on steel and aluminum. Trump has also put tariffs against countries that import oil from Venezuela and plans separate import taxes on pharmaceutical drugs, lumber, copper and computer chips.

But even if Trump’s tariffs ultimately end up being less harsh than feared, a worry hitting the market is that their herky-jerky rollout may by itself create enough nervousness to get U.S. households and businesses to freeze their spending, which would damage the economy.

Surveys have shown deepening pessimism, but economists are waiting to see if that translates into actual damage for the economy. A report on Wednesday suggested the U.S. job market may still be running stronger than expected.

The report from ADP Research said employers, excluding the government, accelerated their hiring last month by more than economists estimated. It could be an encouraging signal for the more comprehensive jobs report coming Friday from the U.S. government. Economists expect that to show overall hiring slowed in March from February.

The job market has been one of the linchpins keeping the U.S. economy out of a recession.

Treasury yields swung in the bond market, echoing the indecision seen in the stock market.

The yield on the 10-year Treasury fell as low as 4.11% in the morning from 4.17% late Tuesday and from roughly 4.80% early this year. But it later rose to 4.18%. Higher yields can indicate higher expectations for the economy or for inflation.

On Wall Street, Newsmax fell 77.5% in its third day of trading to give back some of the meteoric gains from its debut at the start of the week. It surged 735% Monday and then another 179% on Tuesday.

Several airlines, meanwhile, flew higher to recover some of the sharp losses taken recently on worries that tariff-weary customers will fly less. United Airlines climbed 4.6%.

All told, the S&P 500 rose 37.90 points to 5,670.97. The Dow Jones Industrial Average added 235.36 to 42,225.32, and the Nasdaq composite climbed 151.16 to 17,601.05.

In stock markets abroad, indexes were mixed across Europe after finishing mixed in Asia.

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AP Business Writers Yuri Kageyama and Matt Ott contributed.

Virginians bet more than $556M on sports in February

Virginians bet more than $556.83 million on sports in February, 2.2% more than they bet in the same month the year before, even though February 2024 was a leap year and offered an extra day for wagering.

Virginia bettors won more than $490 million in February, according to data released Tuesday.

About $553.02 million of February’s gross sports gaming revenues came from mobile operators, with the other $3.8 million coming from casino activity. Virginia currently has three : Hard Rock Hotel & Casino Bristol, Rivers Casino Portsmouth and Caesars Virginia in Danville. Construction has started on ‘s casino, and in March, officials attended a groundbreaking ceremony for Petersburg’s casino.

The licensed operators included in February’s sports revenue reporting were:

  • Betfair Interactive US (FanDuel) in partnership with the Washington Commanders
  • Crown Virginia Gaming (Draft Kings)
  • BetMGM
  • Rivers Portsmouth Gaming ()
  • Bally’s Interactive
  • Penn Sports Interactive
  • Colonial Downs Group
  • HR Bristol
  • Hillside (Virginia)
  • DC Sports Facilities Entertainment
  • Betr VA
  • PlayLive Virginia
  • Sporttrade Virginia

Virginia places a 15% tax on activity based on each permit holder’s adjusted gross revenue (total wagers minus total winnings and other authorized deductions). With 10 operators reporting net positive AGR for February, state taxes for the month totaled more than $9.3 million.

Of that, 97.5% — more than $9.07 million — will be deposited in the state’s general fund. The remaining amount, about $232,600 will go to the Problem Gambling Treatment and Support Fund, which the Virginia Department of Behavioral Health and Developmental Services administers.

Trump is set to announce ‘reciprocal’ tariffs in a risky move that could reshape the economy

WASHINGTON (AP) — After weeks of White House hype and public anxiety, is set on Wednesday to announce a barrage of self-described reciprocal  on friend and foe alike.

The new tariffs, coming on what has called “Liberation Day,” are a bid to boost U.S. and punish other countries for what he says are years of unfair practices. But by most economists’ assessments, the move threatens to plunge the economy into a downturn and upend decades-old alliances.

The White House is exuding confidence despite the political and financial gamble.

“April 2, 2025, will go down as one of the most important days in modern American history,” White House press secretary Karoline Leavitt said Tuesday. She said the new tariffs would take effect immediately.

Details of Trump’s tariff plans were unclear hours before the president’s scheduled afternoon speech. The S&P 500 stock index was roughly flat in trading Wednesday as investors hoped to have more certainty about his agenda.

The tariffs are expected to follow similar recent announcements of 25% taxes on auto imports; levies against China, Canada and Mexico; and expanded trade penalties on steel and aluminum. Trump has also imposed tariffs on countries that import oil from Venezuela and he plans separate import taxes on pharmaceutical drugs, lumber, copper and computer chips.

None of the warning signs about a falling or consumer sentiment turning morose has caused the administration to publicly second-guess its strategy.

White House trade adviser Peter Navarro has suggested the new tariffs would raise $600 billion annually, which would be the largest tax increase since World War II. Treasury Secretary Scott Bessent told lawmakers the tariffs would be capped and could be negotiated downward by other countries, according to the office of Rep. Kevin Hern, R-Okla.

Importers would likely pass along some of the cost of the taxes on to consumers. The Budget Lab at Yale University estimates that a 20% universal tariff would cost the average household an additional $3,400 to $4,200.

The Republican administration’s premise is that manufacturers will quickly increase domestic production and create factory jobs.

Based on the possibility of broad 20% tariffs that have been floated by some White House aides, most analyses see an economy tarnished by higher prices and stagnation. U.S. economic growth, as measured by gross domestic product, would be roughly a percentage point lower, and clothing, oil, automobiles, housing, groceries and even insurance would cost more, the Budget Lab analysis found.

Trump would be applying these tariffs on his own; he has ways of doing so without congressional approval. That makes it easy for Democratic lawmakers and policymakers to criticize the administration if the uncertainty expressed by businesses and declining consumer sentiment are signs of trouble to come.

Heather Boushey, a member of the Biden White House’s Council of Economic Advisers, noted that the less aggressive tariffs Trump imposed during his first term failed to stir the manufacturing renaissance he promised voters.

“We are not seeing indications of the boom that the president promised,” Boushey said. “It’s a failed strategy.”

Senate Democratic leader Chuck Schumer of New York said the tariffs were a way for Trump to raise revenues in order to pay for his planned extensions of income tax cuts that disproportionately favor millionaires and billionaires.

“Almost everything they do, including tariffs, it seems to me, is aimed at getting those tax cuts for the wealthy,” Schumer said Tuesday.

Even who trust Trump’s instincts have acknowledged that the tariffs could disrupt an economy with an otherwise healthy 4.1 % unemployment rate.

“We’ll see how it all develops,” said House Speaker Mike Johnson, R-La. “It may be rocky in the beginning. But I think that this will make sense for Americans and help all Americans.”

Longtime trading partners are preparing their own countermeasures. Canada has imposed some in response to the 25% tariffs that Trump tied to the trafficking of fentanyl. The European Union, in response to the steel and aluminum tariffs, put taxes on 26 billion euros’ worth ($28 billion) of U.S. goods, including on bourbon, which prompted Trump to threaten a 200% tariff on European alcohol.

Many allies feel they have been reluctantly drawn into a confrontation by Trump, who routinely says America’s friends and foes have essentially ripped off the United States with a mix of tariffs and other trade barriers.

The flip side is that Americans also have the incomes to choose to buy designer gowns by French fashion houses and autos from German manufacturers, whereas World Bank data show the EU has lower incomes per capita than the U.S.

“Europe has not started this confrontation,” said European Commission President Ursula von der Leyen. “We do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it.”

Italy’s premier, Giorgia Meloni, on Wednesday reiterated her call to avoid an EU-US , saying it would harm both sides and would have “heavy” consequences for her country’s economy.

Because Trump has hyped his tariffs without providing specifics, he has provided a deeper sense of uncertainty for the world, a sign that the economic slowdown could possibly extend beyond U.S. borders to other nations that would see one person to blame.

Ray Sparnaay, general manager of JE Fixture & Tool, a Canadian tool and die business that sits across the Detroit River, said the uncertainty has crushed his company’s ability to make plans.

“There’s going to be tariffs implemented. We just don’t know at this point,” he said Monday. “That’s one of the biggest problems we’ve had probably the last — well, since November — is the uncertainty. It’s basically slowed all of our quoting processes, business that we hope to secure has been stalled.”

Leavitt is among three administration officials who face a lawsuit from The Associated Press on First and Fifth Amendment grounds. The AP says the three are punishing the news agency for editorial decisions they oppose. The White House says the AP is not following an executive order to refer to the Gulf of Mexico as the Gulf of America.

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Associated Press writers Mike Householder in Oldcastle, Ontario, Sylvie Corbet in Paris and Lisa Mascaro contributed to this report.

AeroVironment stockholders approve $4B acquisition of BlueHalo

AeroVironment, an County-based contractor, announced Tuesday that its stockholders have approved the $4.1 billion of Arlington and defense tech firm . The is expected to close in May.

In November 2024, the company announced it was purchasing BlueHalo for approximately $4.1 billion in an all-stock transaction. BlueHalo is owned by private equity firm Arlington Capital Partners and works in space technologies, counter-uncrewed aircraft systems, directed energy, electronic warfare, cyber, artificial intelligence and uncrewed underwater vehicles.

says the transaction is set to close in May, subject to the satisfaction of customary closing conditions. On Tuesday, AeroVironment stockholders voted to approve the issuance of its common stock for the .

“Stockholder approval marks an important milestone as we move forward with the acquisition of BlueHalo and accelerate our transformation into the leading next-generation defense technology company,” AeroVironment Chairman, President and CEO Wahid Nawabi said in a statement. “Together, AV and BlueHalo will drive agile innovation and deliver integrated, all-domain solutions designed to redefine the future of defense and address the most important priorities and needs of our nation and allies around the globe. We thank stockholders for their continued support and look forward to closing this transaction and unlocking new opportunities for growth and value creation.”

More than 99% of the shares voted by AeroVironment stockholders were in favor of the acquisition, the company said. Final voting results will be reported in a Form 8-K filed with the U.S. Securities and Exchange Commission.

AeroVironment previously said the combined company will be based at AeroVironment‘s corporate headquarters and that the acquisition will allow for administrative and operational cost savings. The combined company is expected to deliver more than $1.7 billion in revenue.

A previous news release from the company said BlueHalo’s 10 “flagship solution families” and more than 100 patents will integrate with AeroVironment’s expertise in the design, development, , training and servicing of , loitering munitions, which are also known as suicide drones, and advanced technologies.

TowneBank finalizes $120M acquisition of Village Bank

Suffolk-based has completed its of Midlothian’s and its parent company Village Bank and Trust Financial, the bank announced Tuesday.

When the companies announced the merger in September, they valued the at about $120 million. Village Bank gave  “overwhelming support” for the merger at a special meeting held in December 2024, according to the announcement.

The merged companies will have total assets of $17.8 billion, $14.9 billion in deposits and $12.1 billion in loans, based on financial information reported as of June 30.

“Our TowneBank family is delighted to have our long-time friends at Village Bank join us,” TowneBank Executive Chairman G. Robert Aston Jr. said in a statement. “We look forward to welcoming more members across the greater area and providing enhanced capabilities through the bank and our family of companies.”

The Village Bank locations will operate as Village Bank, a division of TowneBank, until June 2025 when core systems and operations of Village Bank are scheduled to be converted into those of TowneBank.

Village’s former president and CEO, James E. Hendricks Jr., is now a senior executive vice president at TowneBank. Also, Frank E. Jenkins Jr., a member of the Village board, joined the TowneBank board of directors Tuesday.

TowneBank and Village Bank were both founded in 1999. TowneBank has more than 50 locations across Central and Eastern Virginia and North Carolina. Village Bank had nine branch offices serving Richmond and Williamsburg.

As of June 30, 2024, TowneBank had $17.1 billion in total assets and Village Bank and Trust Financial had total assets of $747.7 million.

AeroVironment subsidiary to deliver uncrewed vehicles to German Armed Forces

Arlington County-based announced last week that its subsidiary was awarded “a significant contract” to deliver 41 large-sized advanced uncrewed ground vehicles to the German Federal Armed Forces, with initial deliveries scheduled for this summer and additional orders extending through 2027.

AeroVironment declined to reveal the amount of the contract, citing “customer sensitivity.”

The company says that the telemax HT300 uncrewed ground vehicle was chosen to meet the German Armed Forces’ requirements for explosive ordnance disposal and counter-improvised explosive device missions. The HT300 is built for high-risk operations in complex terrain and offers an advanced manipulator arm, “exceptional” traction, and mobility across uneven, unstable, and shifting surfaces.

“This award marks a major milestone in Telerob’s 30-year legacy of innovation and trusted performance,” said Florian Gruener, managing director of Telerob and product line general manager for uncrewed ground vehicles in a statement. “It is one of the most significant contracts we’ve secured in the past 15 years and further reinforces our longstanding, strategic partnership with the German Armed Forces. These next-generation systems will be built at our state-of-the-art facility in Ostfildern, —delivering the precision, reliability and operational advantage that today’s missions demand.”

AeroVironment specializes in intelligent multi-domain robotic systems, uncrewed aircraft and ground systems, sensors, software analytics and connectivity. The company relocated its corporate headquarters from Simi Valley, California, to in 2021. In November 2024, the company announced it was purchasing and tech firm for approximately $4.1 billion in an all-stock transaction.