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Fairfax casino bill moves forward in Va. Senate

A bill that could bring a to won a vote in the Senate Finance Committee on Tuesday, pushing it forward to a full Senate vote later in the Virginia session.

If passed by the state legislature and signed by , voters would have the opportunity to vote on a casino referendum on this fall’s ballot.

Sen. Scott Surovell, SB 982’s chief sponsor, released a statement: “I am pleased my colleagues voted to advance Senate Bill 982 out of the Senate Finance Committee, where it died in the 2024 Regular Session. Positive action reflects that many of the concerns that have been raised about the project were in fact addressed by the Joint Legislative Audit and Review Commission (JLARC) report on casino in the commonwealth, and that this project presents a huge opportunity to fund school construction in the commonwealth.

“The majority of the Fairfax County delegation to the General Assembly supports giving Fairfax
County’s locality government the authority to let voters decide if they support an entertainment district in the County. The critics of the project have identified no alternative means to maintain our high quality public schools while closing a $300 million recurring revenue gap in the Fairfax County budget other than to keep raising real estate taxes on Fairfax County’s homeowners, renters and small businesses.

“Virginia residents are already sending billions of dollars per decade to Maryland in the Northern Virginia region by patronizing the MGM National Harbor Casino just over the Maryland state line. It is time to bring that money back to benefit our state and Fairfax County while building a world-class performing arts venue, a convention center, and creating thousands of union jobs so everyone who works in the county can live in the county. This bill will allow the voters of Fairfax County to decide whether or not the project should move forward.”

However, there are many opponents to the project, including a group of former federal and intelligence officers who say the proximity of a Tysons casino to the CIA headquarters and the nation’s hub of government contractors with top-secret clearances could pose a national security risk. The group known as National Security Leaders for Fairfax sent a letter expressing concerns to Fairfax County and state officials earlier this month, The Washington Post reported.

Under current state law, only five cities in Virginia are allowed to host one casino each: Bristol, Danville, Norfolk, Petersburg and Portsmouth. Voters in each city have passed casino referendums on their ballots, and three are now open in Bristol, Danville and Portsmouth, while Norfolk’s resort is under construction.

Last year, Sen. Dave Marsden, D-Fairfax, sponsored a bill that would add Fairfax County to the list of localities that could host a casino, and the original proposed location was in Reston — a plan backed by developer Comstock Cos., which is developing Reston Station near the Dulles Toll Road. But plans changed to adjust the location near the Spring Hill Metro station in Tysons after senators received pushback from community members. Ultimately, the bill failed in a Senate Finance Committee vote.

The 9-6 Finance Committee vote Tuesday was bipartisan, and Surovell’s bill will next be scheduled for a vote by the full Senate.

Trump’s pause on $3T in federal funding could impact Va.

Update, 7:30 p.m. A federal judge temporarily blocked ‘s freeze on federal spending until at least Feb. 3, but the White House did not immediately respond to the judicial order.

On Monday, Trump ordered a freeze on more than $3 trillion in federal financial assistance, including grants and loans backing economic development and infrastructure projects across the nation, according to news reports. That raises questions about what happens to huge economic development projects in Virginia from Microporous, Micron Technologies and LS GreenLink, all of which were awarded hundreds of millions of federal dollars to move forward on projects expected to employ thousands of .

, acting director of the federal , sent an internal memo to federal agencies Monday set to go into effect Tuesday, Jan. 28, at 5 p.m., first reported by freelance journalist Marisa Kabas.

According to the memo, “Financial assistance should be dedicated to advancing administration priorities, focusing taxpayer dollars to advance a stronger and safer America, eliminating the financial burden of inflation for citizens, unleashing American energy and , ending ‘wokeness’ and the weaponization of government, promoting efficiency in government, and Making America Healthy Again.”

It calls for all federal agencies to review federal financial assistance programs and “temporarily pause all activities related to obligation or disbursement of all federal financial assistance, and other relevant agencies that may be implicated by the orders, including but not limited to financial assistance for foreign aid, nongovernmental organizations, DEI, woke gender ideology and the green new deal.” The memo also sets a Feb. 10 deadline for all agencies to submit to the OMB information on any programs or projects subject to the pause, including “issuance of new awards [and] disbursement of federal funds under all open awards.”

Vaeth wrote that the OMB “may grant exceptions allowing federal agencies to issue new awards or take other actions on a case-by-case basis.” However, the memo says that each federal program must be assigned to a “senior political appointee” to ensure that the project “conforms to administration priorities.” If they are not, the agencies are “to the extent permissible by law, cancel awards already awarded that are in conflict with administration priorities.”

U.S. Sens. Tim Kaine and Mark Warner, both Democrats, released a statement Tuesday eviscerating the freeze: “President Trump’s reckless and illegal order to stop all federal grant and loan programs will have an immediate and profound negative impact on Americans all over the country.

“In every corner of Virginia alone, there are enormous, game-changing economic developments projects happening right now that depend on federal spending appropriated by Congress. Whether it’s Helene recovery in Southwest [Virginia], … semiconductor manufacturing in Northern Virginia… jobs in Richmond… renewable energy in coastal Virginia… or the Microporous expansion in Southside – every one of these projects is in part the result of federal funding from laws we fought tooth and nail to pass in Congress, and could now be endangered thanks to President Trump’s mess.”

As listed in Warner and Kaine’s statement, Virginia projects have been awarded significant federal funding under former President Joe Biden’s administration, but in some cases, do not have the cash in hand.

On Jan. 16, Tennessee-based Microporous announced it had been formally awarded $100 million from the U.S. Department of Energy, part of which is set to go toward a new $1.36 billion battery separator manufacturing plant in Pittsylvania County expected to employ more than 2,000 people.

The grant was expected to start April 1 and run through March 31, 2028, and during that time, Microporous would submit expenses for reimbursements and receive payments from the federal government. Now, that’s uncertain.

According to the DOE’s website during the end of the Biden administration, Microporous had pledged to create 282 permanent jobs in Pittsylvania for “double-distressed coal and Justice40 communities,” an initiative started by the Biden administration that 40% of certain federal climate, clean energy, affordable and sustainable housing funding flows to disadvantaged communities — an element that is likely to run afoul of the ‘s anti-DEI stance.

A Microporous spokesperson said Tuesday that the company’s leadership was discussing the matter.

In Manassas, semiconductor company Micron announced at the end of the year it will invest $2.17 billion to expand its facility, creating 340 jobs and bringing its production of dynamic random-access memory (DRAM) chips for automotive, aerospace, defense and industrial markets from Taiwan to Virginia. In December 2024, the company was awarded $275 million in federal funding, after the U.S. Department of Commerce signed a preliminary, nonbinding agreement for the funding as part of the 2022 CHIPS and Science Act. It’s not clear whether this funding will be permanently impacted by Trump’s order.

Micron did not respond immediately to a request for comment.

Another major project, LS GreenLink USA’s $681 million subsea cable factory in Chesapeake, was awarded $99 million in advanced energy project tax credits from the Department of Energy in April 2024. However, LS GreenLink Managing Director Patrick Shim said Tuesday that tax credits appear to be exempt from Trump’s order.

“We’re moving forward as planned,” he said. “We’re breaking ground in April,” with plans to be open in the third quarter of 2027 and fully operational in the first quarter of 2028.

Aside from the freeze on federal funding, Shim said that his company is in good stead under the new administration. Raw materials used to produce the cables, which are specifically engineered for offshore wind farms, will be sourced inside the United States, which will protect the company from paying high tariffs on materials from China or other countries targeted by Trump.

Also, Shim noted, LS GreenLink’s parent company, South Korea-based LS Cable & System, has a significant backlog of wind energy projects from outside the United States, so its business shouldn’t be affected by Trump’s ban on future offshore wind farms in the U.S.

Aside from these three major projects, other big economic development deals and infrastructure projects across the state have benefited from federal financial assistance, including the following:

  • Topsoe, a Danish electrolyzer manufacturer, is building a $400 million manufacturing plant in Chesterfield County, and was awarded $136 million in federal tax credits.
  • The was awarded $380 million by the U.S. Environmental Protection Agency in October 2024 for its Clean Ports grant program, to purchase electric equipment and infrastructure.
  • The Richmond-Petersburg Advanced Pharmaceutical Manufacturing cluster and its connected businesses and organizations, including Phlow and Civica Rx, have received significant federal funding under the 2023 CHIPS and Science Act. On Jan. 14, Warner and Kaine announced $3.9 million in federal funding for the Community College Workforce Alliance in Disputanta to expand workforce training programs for the hub.
  • Mack and Volvo Trucks were awarded $208 million in federal funding in September 2024 to sustain jobs in the United States, including 3,600 jobs in Dublin, where Volvo Trucks is the second largest employer in the New River Valley.

 

“This is a five-year project for which we have not yet received any disbursements. It’s unclear to us at this point whether the funding will be impacted,” said Janie Coley, director of public relations for Volvo Group North America. “We’ve been informed that the DOE will be in touch to discuss modifications, but to our current knowledge the project will continue. That is all we know for now.”

The Port of Virginia released a statement: “The grant agreement was executed on Dec.13, 2024, and this obligates the federal funds to the projects we have planned. Though this funding is considered committed, we are continuing to collaborate with our partners at the state and federal levels. This effort is being undertaken to ensure a wider understanding of the larger commercial interest, or value, of this grant to the Port of Virginia.”

Topsoe also sent out a statement Tuesday: “We are closely following the developments. We look forward to ongoing engagement with the new administration and Congress on how federal tax and energy policies can best support energy security, resiliency and economic growth in the U.S.”

Virginia Business has contacted Gov. Glenn Youngkin’s office, the Virginia Economic Development Partnership, Phlow and Civica Rx for comment.

Va. Chamber of Commerce reveals next president and CEO

Cathie J. Vick will be the new leader of the Virginia , starting April 1.

The business advocacy organization with more than 30,000 members announced on Tuesday her appointment as president and . Vick is currently vice president of corporate and government affairs at Transurban, one of the world’s largest operators and developers of toll roads.

“I am excited for the opportunity to lead the work of the Virginia and its colleagues to serve our members and drive economic prosperity in the commonwealth,” Vick said in a statement. “I am fully committed to advancing the chamber’s mission as the Commonwealth’s Voice for Business.”

Vick succeeds , who has headed the -based chamber since 2010 and announced in September 2024 his intent to retire in early this year. DuVal will serve as senior adviser to Vick and the chamber’s board of directors for the remainder of 2025.

In a statement, DuVal congratulated Vick, adding that her “extensive experience, leadership skills and deep understanding of the Virginia business community make her an ideal fit to drive the next phase of growth for the .”

Prior to joining Transurban, Vick served as the ‘s chief development and public affairs officer for a decade. She was a Virginia Business Women in Leadership Awards winner in 2022 and was the first woman to join the port’s leadership team.

Vick previously served the Virginia Chamber as a member on its board of directors and on its Blueprint Virginia executive committee. The chamber presented Blueprint Virginia 2030 — a long-term plan for the state — in December 2021 and is now developing Blueprint Virginia 2035.

Vick holds bachelor’s degrees in communications and political science from James Madison University, where she graduated magna cum laude. She earned a law degree with honors from Georgia State University’s College of Law and an MBA with honors from William & Mary’s Raymond A. Mason School of Business.

McCammon Group conducted a national search for DuVal’s successor. Former PBMares CEO Alan Witt, who is also dean of Christopher Newport University’s Luter School of Business, chaired the executive search committee.

Carilion CEO appoints chief of staff

has named Chris Turnbull chief of staff for Steve Arner, the -based care system’s president and , according to a Monday announcement.

Joining as a senior advisor in public relations and in 2014, Turnbull went on to become senior director of corporate communications in 2020, according to his LinkedIn page.

Carilion credits Turnbull with building the ‘s corporate communications team and serving as part of a leadership team that navigated the pandemic, adding that he’s “often involved in addressing complex challenges across the health system.”

Turnbull launched his career as a public relations account manager at John Lambert Associates, a Roanoke firm. He went on to provide strategic risk management and crisis management advice to executives as an analyst at the Tabb Group, a New York financial markets research and strategic advisory firm, and as a senior business continuity officer for the World Bank in Washington, D.C.

Turnbull has a degree in English from  and a master’s degree in management, with a focus on leadership communication from the University of Maryland Global Campus. 

He sits on the board of Cardinal News, a nonprofit news site covering Southwest and Southern Virginia.

A nonprofit organization serving nearly 1 million in Virginia through hospitals, outpatient specialty centers and primary care practices, Carilion Clinic has more than 13,000 employees. In October, the health system broke ground on the Carilion Taubman Cancer Center, a six-story building on the Virginia Tech Carilion Health Sciences and Technology Campus.

Smithfield Foods raises $522M in first day on Nasdaq

Smithfield Foods officials rang the opening bell Tuesday at the MarketSite in New York City, as the packaged and fresh giant launched its of 26 million stock shares at $20 per share on the Nasdaq Global Select Market, raising $522 million.

The offering consists of 13,043,479 shares of common stock owned by the company and 13,043,479 shares of common stock sold by ‘s existing shareholder. The price of $20 per share is below the $23 to $27 range stated last week, which would have raised as much as $939.6 million.

According to Smithfield’s announcement of the starting price late Monday, the underwriters of the offering have been granted a 30-day option to purchase from the selling shareholder up to 3,913,042 additional shares of the company’s common stock at the initial offering price, less underwriting discounts and commissions.

“This marks a historic milestone for our company,” Smithfield President and Shane Smith said in a speech before ringing the bell, noting that it had been more than a decade since the company was publicly traded. Smithfield has been owned by China’s since 2013, and the combined company went public in Hong Kong in 2014.

Morgan Stanley, BofA Securities and Goldman Sachs are acting as joint lead book-running managers for the proposed offering. 

The company filed an IPO registration statement with the U.S. Securities and Exchange Commission earlier this month, after WH Group announced last year that it planned to take Smithfield public.

The largest pork producer in the United States, has about 34,000 employees nationwide. In December 2024, the company signed a deal with VisionAg, an affiliate of North Carolina’s HD3 Farms, to start a new hog production business in early 2025 in Cary, North Carolina. Smithfield will purchase a 9% minority interest in the business for $450,000 in cash, the SEC document submitted Jan. 6 says.

In September 2024, Smithfield’s European operations were carved into an independent subsidiary now known as Morliny Foods, part of a streamlining effort before going public.

Smithfield Foods also said it would transfer some of its hog farming operations to a venture controlled by Murphy Family Ventures in North Carolina, Bloomberg reported earlier in December. According to the SEC filing, Smithfield paid Murphy $3 million in cash in exchange for a 25% minority interest in the enterprise, which will supply approximately 3.2 million hogs to Smithfield annually.

In December 2024, Smithfield sold its hog production assets in Utah for $58 million, resulting in a gain of $32 million, and in November 2024, the company sold some of its Missouri hog farms for $32 million at a loss of $4 million, it said in the filing.

Something in the Water called off, found in breach of contract

Something in the Water, music and fashion mogul Pharrell Williams’ music festival, has been called off after missing an extended deadline Monday.

Last week, Virginia Beach officials gave concert organizers a five-day deadline to meet the city’s requirements for a lineup of performers and a start to ticket sales for the April 26-27 festival. Having failed to meet the Monday deadline, the concert was in breach of contract, according to the city.

Virginia Beach issued a statement Monday night: “While the city values the positive impact and visibility the festival has had on Virginia Beach in years past, regretfully organizers did not meet the cure notice requirements in terms of next steps. The SITW team will receive an official termination notice from the city.

“As a result, city staff will begin alternative plans for the weekend of April 26-27. We remain optimistic about future opportunities to work with the SITW team.”

The 2019 festival brought in $24 million in revenue for Hampton Roads, and a report prepared for the city found that the 2023 festival generated an economic impact of $26 million to $29 million for the City of Virginia Beach.

Earlier this month, Virginia Beach City Council member Amelia Ross-Hammond moved to defer an agenda item Jan. 7 giving Something in the Water a five-day deadline, and the council voted 8-2 in agreement.

However, on Jan. 21, Ross-Hammond had changed her tune, as there had not been significant progress toward announcing a lineup and starting sales of tickets, which the city gave an original deadline of Dec. 31, 2024. She asked Mayor Bobby Dyer to give City Manager Patrick Duhaney the go-ahead to inform the festival’s organizers of the five-day deadline to cure the breach of contract.

“We don’t have any definitive answers, we don’t have any contracts right now to look at,” Ross-Hammond said last week in the council’s informal meeting. “We’ve put out the welcome mats, we’ve done the grace, we’ve done the deference for a certain amount of weeks, and it’s coming back the same-old same-old. I’m looking at calling this now.”

After a successful debut in 2019, Something in the Water was canceled in 2020 and 2021, due to the COVID-19 pandemic. In 2022, Williams decided to host SITW in Washington, D.C., instead of Virginia Beach, after his cousin was shot and killed by a Virginia Beach police officer.

The festival returned to Virginia Beach in April 2023, with some canceled performances due to tornado threats and lightning. Williams then scheduled the 2024 festival for October 2024, but just after tickets went on sale last September, he unexpectedly called off the festival, writing, “Virginia doesn’t deserve better, Virginia deserves the best. So, Something in the Water has to match that. It just isn’t ready yet.”

After that, the city required SITW organizers to sign a contract with specific deadlines in order to receive $500,000 in from the city.

According to the agreement signed Nov. 15, 2024, by city and concert organizers, the festival’s promoter would receive $100,000 upon the execution of the agreement, with $200,000 to come after the city received the artist lineup and $200,000 more after completion of a special event permit application. Duhaney said SITW did not receive any funding.

SITW organizers did not respond to a request for comment Monday.

Institute of Real Estate Management Hampton Roads Announces 2025 Board of Directors & Committees

Institute of Real Estate Management Hampton Roads Announces 2025 Board of Directors & Committees

We are thrilled to introduce the dynamic and dedicated team leading our Chapter into the new year. The 2025 IREM Hampton Roads Board & Committee members are:

· Christina Montgomery – President
· Rebecca Woolard – President-Elect/Vice President
· Amber Moore – Director of Communications/Secretary
· Sonny Smith – Director of Finance/Treasurer
· Tami Simonds – Director of Education
· Diamond Brown – Director of Membership
· Lindsay Horne – IREM Associate
· Jessica Blake – Legislative Committee Co-Chair
· Joann Gaskins – Legislative Committee Co-Chair
· India Simkins-Vance – Education Committee
· Logan Sundra – Industry Partners Committee
· Jeri Powell – Immediate Past President/Past President Advisory
· Melody Almonte – AMO Committee
· Juli Corbett – Community Service Committee Co-Chair
· Matt Shafer – Community Service Committee Co-Chair
· Will Beasley – Scholarship Committee
· Nesha Ubiles – Next-Gen Committee and Diversity Committee Co-Chair Chair
· Jeri Powell – Next-Gen Committee and Diversity Committee Co-Chair
· Redi Carpet (Amber Mallore) – Industry Partners Committee Liaisons
· Jessica Poyner – Programs Co-Chair
· Rebecca Woolard – Programs Co-Chair

This talented group brings a wealth of experience and a shared commitment to excellence in real estate management. We look forward to their leadership & the continued success they will foster within our community.

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HII closes on South Carolina plant acquisition

Newport News-based announced Monday it has closed on its purchase of a metal fabrication facility in , which will now be part of its subsidiary .

The company did not disclose financial terms. In December 2024, said it had entered into a definitive agreement to acquire substantially all of the assets of W International SC and Vivid Empire SC. Collectively known as W International, the Goose Creek, South Carolina-based complex metal fabricator specializes in manufacturing shipbuilding structures, modules and assemblies.

“HII is committed to going where the labor is to increase shipbuilding capacity and increase throughput for our national security customers,” HII President and Chris Kastner said in a statement. “This lets us efficiently add trained talent and state-of-the-art manufacturing capabilities to the urgent job of building ships, making it a unique opportunity to immediately accelerate throughput at in support of the and AUKUS.”

AUKUS is a 2021 agreement between Australia, the United Kingdom and the United States, in which the U.S. and the U.K. share nuclear propulsion technology with Australia, as its Navy is set to acquire at least eight nuclear-powered submarines, including three to five Virginia-class submarines produced by NNS.

The acquired assets include advanced production facilities with state-of-the-art equipment, tooling and infrastructure used to fabricate complex metal modules and structures, and are located on a leased 45-acre site with more than 480,000 square feet of manufacturing space. The site has barge and rail access, and is located near Charleston, South Carolina.

The facility in Goose Creek is now known as Newport News Shipbuilding – Charleston Operations. HII employs 44,000 and is the nation’s largest military shipbuilder.

$40M Diamond District lawsuit dismissed in Richmond

A Circuit Court judge dismissed a $40 million over the city’s $2.44 billion project last week, in which a Connecticut developer claimed its former partners, including Richmond’s , cut it out of the development deal.

Judge Bradley B. Cavedo ruled Jan. 22 in favor of defendants Thalhimer, a subsidiary of , and Chicago-based Loop Capital Holdings, which requested a demurrer on the complaint. Republic Projects sued the two companies and four employees of the two firms in July 2024, alleging that they cut Republic out of the project and formed their own development partnership, Diamond District Partners, behind Republic’s back.

In his ruling, Cavedo wrote that “the court finds a distinction between pursuing a contract and carrying on as co-owners of a business. The course of dealing between the parties was considered in the court’s determination of whether a partnership was adequately pled. However … the court finds that the plaintiff has not advanced facts that, if taken as true, would support plaintiff’s claims against the defendants.” The ruling gives the plaintiff 28 days to amend its lawsuit.

“We are pleased with the court’s ruling,” Cushman & Wakefield | Thalhimer Lee Warfield said in a statement Monday on behalf of Thalhimer Realty Partners, Diamond District Partners and Jason Guillot, a Thalhimer principal who is the Diamond District’s lead developer. “Our team is now 100% focused on bringing the Diamond District project to fruition for the benefit of the , its residents and all of the visitors this project will attract.”

The Diamond District is set to be the city’s largest mixed-use development project, centered on the new stadium for the Double-A baseball team. Republic, Thalhimer, Loop Capital and other developers won the project as RVA Diamond Partners in 2022, but Republic Projects and Loop Capital are no longer part of the development.

The 67-acre, $2.44 billion Diamond District project’s first phase is expected to cost $627.6 million, and includes an 8,000-capacity, $117 million-plus baseball stadium dubbed CarMax Park, which is set to open in time for the 2026 baseball season. The development is also set to include a hotel with at least 180 rooms from a high-end brand, such as Hilton or Westin, and 2,800 residential units, 935,000 square feet of office space, 195,000 square feet of retail and community space, and another hotel.

The Squirrels team is overseeing the stadium’s construction, which will replace the 40-year-old Diamond.

In August 2024, the Richmond Authority’s board approved a 30-year lease and stadium development agreement between the EDA and the Flying Squirrels, in which the Squirrels will pay $3.2 million in annual rent for the next 10 years, with the rates decreasing after that point.

Pharma company to invest $54.2M in Richmond R&D facility

Pharmaceutical company will invest $54.2 million to its research and development facility in and launch an program in partnership with state government and Virginia Commonwealth University, Gov. announced Monday.

The physical upgrades at the facility, located at 1211 Sherwood Ave., will allow United Kingdom-based Haleon to accommodate new technologies and expand its research capabilities, according to a news release. Youngkin discussed the project with Haleon leadership in London in July 2024.

“Haleon’s choice to expand its research capabilities and upgrade its Richmond facility strengthens the commonwealth’s pharmaceutical sector and highlights why Virginia is America’s Top State for Business,” Youngkin said in a statement.

Haleon and the Commonwealth of Virginia are launching the Haleon-Commonwealth Consumer Healthcare Internship Program for Advanced Life Sciences in partnership with VCU. Haleon and the state are supporting the five-year program with equal investments.

The internship will have paid work opportunities for undergraduate VCU students in the pharmaceutical science degree program launched in May 2024 and summer for undergraduate and graduate students for all Virginia higher education institutions.

Haleon’s Richmond roots date back to the 1960s, and its site has grown through mergers and acquisitions. Haleon launched as an independent company focused on consumer in July 2022, when it completed its demerger from GlaxoSmithKline. previously announced it would expand its Consumer Healthcare center, now Haleon’s Richmond facility, in 2019.

The site specializes in research and development and holds Haleon’s R&D Center of Excellence. Multiple Haleon brands were either created at the site or have grown from it, including Advil, Emergen-C and Robitussin.

Haleon’s Richmond site has added 100 team members since 2020. The R&D Center of Excellence holds technical functions including consumer science, formulation development, process scale up, analytical test method development, microbiology, product stability, packaging design and clinical supplies.

“Today’s announcement is a significant milestone for Haleon,” Haleon North America President Lisa Paley said in a statement. “Our investment in the modernization of the lab space at our research and development facility is an investment in delivering on our mission of everyday health with humanity as well as the Richmond community.”

The worked with the City of Richmond and the Greater Richmond Partnership to secure the project for Virginia. Youngkin approved a $950,000 Virginia Investment Performance , a performance-based incentive for existing Virginia companies making continued capital investment.

Haleon reported 11.3 billion pounds — about $14.09 billion — in 2023 revenue.