Company News For the Record

For the Record - Eastern Virginia, August 2013

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Hartford, Conn., health insurerAetnaandRiverside HealthSystem in Newport News have formed an accountable care organization (ACO). The ACO will be offered through a new health plan, Aetna Whole Health, which will be available starting this year to small groups and next year to individuals through the federal Health Information Exchange. In ACO alliances, providers are responsible for improving patient care and lowering costs through better preventative care and coordination of physicians, hospitals and other providers. This is Aetna’s third ACO in Virginia.(VirginiaBusiness.com)Two companies announced expansions in Hampton Roads that will add 31 jobs. New Jersey-basedAvis Budget Groupis adding 25 positions to its shared services center, while Virginia Beach-basedKoster American Corp.will create six new positions. Vehicle rental company Avis Budget is relocating 17 positions from its headquarters and creating eight new positions in Virginia Beach. Both companies will receive Economic Development Investment Program grants from the city, based on number of jobs created. Avis has been awarded $50,000 from the Virginia Beach Development Authority. (VirginiaBusiness.com)

Virginia Beach City Councilhas awarded an $18 million financial package toBruce Thompson, a hotelier who has proposed refurbishing the iconic, 86-year-old Cavalier Hotel as part of a $259 million development project for the premier site. In addition to the renovations, Thompson plans to build 100 homes around the hotel and redevelop its newer sister hotel across Atlantic Avenue. He was scheduled to buy the property for $35.1 million by July 22. (See story on page 77.)  (The Virginian-Pilot)

Franklin Lumber LLCpurchased the former International Paper (IP) Franklin Sawmill, closed since 2009, and will restart operations by year’s end. Franklin Lumber will create 72 jobs with the reopening of the facility, with the potential to create additional jobs when a second shift is added, as market conditions allow. The new owners plan to make $14.8 million in capital investments to the facility over the next five years to increase the capacity and competitiveness of the mill.(VirginiaBusiness.com)

Ingalls Shipbuilding, the Pascagoula, Miss.-based division ofHuntington Ingalls Industries Inc., was awarded a five-year, $3.3 billion contract for the construction of five destroyers. General Dynamics Corp.’s Bath Iron Works unit was awarded a $2.8 billion contract for construction of four ships. Bath’s award also includes an option for a fifth destroyer. Ingalls has delivered 28 Arleigh Burke-class destroyers to the Navy and has two more under construction, according to a statement from Newport News-based Huntington Ingalls. The new contract is expected to be completed by 2023.(The Virginian-Pilot)

Perdue Agribusinesssigned an agreement with China’s Dandong Port Group Co. to ship more soybeans through its marine terminal in Chesapeake. The Dandong Port Group operates ports and other infrastructure in Asia, including the Port of Dandong in Northern China. The new agreement will help Dandong meet rising demand for soybeans in China. Dandong is scheduled to open a soybean crushing facility later this year, more than doubling its previous soybean processing capacity.(VirginiaBusiness.com)

Dallas-basedRoofing Supply Group(RSG) is expanding to Williamsburg. The wholesale distributor of roofing supplies and related materials already has a location in Norfolk. The Williamsburg site will be led by Kenny White and will be the company’s 15th branch in the Southeast. RSG provides distribution services from roofing product manufacturers to roofing contractors and homebuilders. Each branch carries roofing products, including composition asphalt shingles, underlayment and associated ancillary products.(VirginiaBusiness.com)

Smithfield Foods Inc.’s hot-dog plant in Portsmouth will stop production in mid-August.  Smithfield notified the state — in a notice required by the federal Worker Adjustment and Retraining Notification Act — that 122 employees at the plant would lose their jobs as of Aug. 16. The company had said in 2011 that it would close the plant and move production to a renovated facility in Kinston, N.C. At the time, the plant, which also makes lunchmeat, employed 425 people.(The Virginian-Pilot)

The Virginia Port Authorityhas retained executive search firm Boyden to help it find the next leader of the Port of Virginia. Boyden helped the VPA in its 2007 search, when it hired Jerry Bridges as its executive director. Bridges retired in October, and Rodney W. Oliver has been serving as interim executive director.(VirginiaBusiness.com)

360IT Partnersin Virginia Beach was named the2013 Small Business of the Yearfor Virginia Beach and the entire Hampton Roads region by the Hampton Roads Chamber of Commerce. 360IT PARTNERS was chosen based on its financial performance, business history, staff training and growth, among other factors. 360IT was also chosen as a finalist to represent Hampton Roads in the U.S. Chamber of Commerce Small Business of the Year Contest.(News release)     

 

 


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