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FOR THE
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| MERGERS & ACQUISITIONS | DEALS | NEW PLANTS & COMPANIES | EXPANSIONS | |
| CUTBACKS & CLOSINGS | EXECUTIVE PROMOTIONS | DIRECTORS | STOCKS | CONTRACTS |
This report is compiled from company releases, business journals and newspapers from around the state. If you have an item for these listings, mail it to Catherine Leitch at VIRGINIA BUSINESS, 411 East Franklin Street, Suite 105, Richmond, Va. 23219, e-mail it to ForTheRecord@va-business.com, or fax it to (804) 649-6311.
MERGERS & ACQUISITIONS
AES Corp., an Arlington-based power company, will acquire the assets of Ecogen Energy of Victoria, Australia, a state-owned electricity generator, for $350 million.
Cadmus Communications Corp., a Richmond-based printing company, acquired The Mack Printing Group, a printing firm based in Easton, Pa., for $200 million.
Givens & Williams Inc., an insurance agency in Fairfax, was purchased by BB&T Insurance Services Inc., a Raleigh, N.C.-based independent insurance agency. The company will operate as BB&T-Givens & Williams. Terms were not disclosed.
Hilb, Rogal and Hamilton Co., an insurance agency based in Glen Allen, acquired American Phoenix Corp., a property and casualty firm based in Hartford, Conn. Under the agreement, Hilb Rogal will exchange $49 million in cash, $32 million of convertible notes and 1 million shares of common stock for American Phoenix's outstanding stock.
Media General Inc. a Richmond-based newspaper, broadcast television and recycled newsprint business that publishes Virginia Business magazine, agreed to sell its cable television systems in Fairfax County and Fredericksburg to Cox Communications Inc., an Atlanta-based broadcasting and cable TV company, for $1.4 billion. The cash deal would take Media General out of the cable business.
Portsmouth-based Western Branch Diesel, a distributor of industrial diesel engines, acquired the marine sales division of Norshipco, a Norfolk-based shipbuilder. The deal created Engines 1, a division that will distribute marine and industrial small engines.
DEALS
American Management Systems, a Fairfax-based information technology consulting firm, and Revenue Systems Inc., an Alpharetta, Ga.-based software provider for government vehicles and watercraft, formed a marketing and distribution alliance. Under the agreement, AMS will have full licensing and distribution rights to Revenue Systems' vehicle registration and titling system software.
Dulles-based America Online, an interactive service provider, and eBay, an online person-to-person trading company based in San Jose, Calif., formed a four-year alliance to expand person-to-person commerce on AOL. As part of the agreement, AOL and eBay will create customized and co-branded sites for AOL's multiple brands.
America Online and the Financial Times, a newspaper specializing in global business, formed a partnership to make the Financial Times the key provider of international business news on the AOL service.
Dan River Inc., a women's apparel and textile manufacturer based in Danville, and Grupo Industrial Zaga, a Mexico City-based textile and apparel company, entered a partnership to build and operate a $100 million apparel fabrics manufacturing plant near Mexico City. The joint effort will result in the production of fabrics that Dan River can't afford to make in the United States.
Online Resources & Communications Corp., a McLean-based provider of Internet and remote banking services, and Intuit Corp., a financial management software company based in Mountain View, Calif., formed a partnership to offer small business-banking and bill-paying software to financial institutions.
Peoples Income Tax, a Richmond-based income tax preparation agency, and Secure Tax, an interactive tax service based in Rome, Ga., formed a partnership to provide an interactive system for taxpayers to electronically prepare and file federal and state income tax returns on the Internet.
NEW PLANTS AND COMPANIES
Division of Johnson
& Johnson
to build facility in Roanoke
Innotech, an eyeglass development company that is a division of New Brunswick, N.J.-based Johnson & Johnson, will build a vision products production facility in Roanoke. The $125 million investment is the largest new plant investment in Roanoke Valley history
Gov. Jim Gilmore approved a $2 million grant from the governor's economic development fund to assist the city of Roanoke with site preparation. The plant will create 600 jobs over the next three years.
* * *
Roseland, N.J.-based Annin & Co., a flag manufacturer and the official flag maker for the United Nations, plans to create a manufacturing plant in Halifax County. The company plans to expand the Dettra Flag facility with a $2.5 million investment. Annin & Co. will hire 160 employees.
DynaMarketing, a Westbury, N.Y.-based mail catalog service company, will build a customer-service center in Spotsylvania County. The facility will create 200 full- and part-time jobs.
Omaha, Neb.-based First Date Resources, a credit-card processing company, will open a plastics facility in Chesapeake. The company plans to create 500 jobs through a $15 million investment.
Winchester-based Glaze Components, a manufacturer of pre-engineered building components, will build a manufacturing and distribution facility in LaCrosse. The $2.4 million investment will create 40 to 60 jobs.
John Deere, a subsidiary of Moline, Ill.-based Deere & Co. and a manufacturer of agricultural and construction equipment, will build a $30 million plant in James City County to produce the company's line of multipurpose utility vehicles. When fully operational, the plant will create more than 300 jobs.
Koyo Steering Systems of USA, a steering systems manufacturer and subsidiary of Osaka, Japan-based Koyo Seiko Co, will build its headquarters in Botetourt County. The facility will produce electronic steering systems and create 200 jobs within the next five years through a $37 million initial investment.
New Dominion Pictures, a Virginia Beach-based producer and distributor of TV programs, plans to invest $5.5 million in a new studio in Suffolk that will initially bring 75 jobs. An additional 130 jobs will be created within 30 months.
Stanley Furniture Co., a Stanleytown-based furniture manufacturer, will purchase a 300,000-square-foot facility near its headquarters to produce home and office furniture products. The $15 million investment will create 300 jobs.
Virtual Training Co., a software development agency, has moved its headquarters from Silicon Valley, Calif., to Winchester.
EXPANSIONS
American Fiber Industries, a Richmond-based textile manufacturer, plans to expand in Henry County. Gov. Jim Gilmore approved $500,000 from the governor's economic development fund to assist the county with site preparation. The $15.5 million investment will create 250 new jobs over the next five years.
Applied Felts Ltd., a U.K.-based manufacturer of polyester sleeves for drainage systems, plans to expand its operations in Henry County from a 16,000-square-foot facility to an 84,000-square-foot facility. The company will invest more than $3 million.
PRA International, a Charlottesville-based clinical research organization, is moving its three local operations into an expanded 80,000-square-foot facility in the University of Virginia Technology Park at North Fork.
CUTBACKS & CLOSINGS
Dimon closes plant, reduces work force
Dimon Inc., a tobacco purchaser, processor and reseller based in Danville, will close its tobacco-processing plant in Kinston, N.C., reduce staffing at its processing facility in Farmville, N.C., and downsize its leaf tobacco buying department in the United States. The Kinston operations will be transferred to the company's Danville plant. The action, which is a result of smaller U.S. tobacco crops anticipated in 1999, will eliminate more than 200 full-time positions and 1,000 seasonal positions. Dimon will take about $25 million in pre-tax restructuring charges.
EXECUTIVE PROMOTIONS
David Baker, president, Extil Inc., an Internet technology services company based in Reston.
Najaf Husain, president, W. Quinn Associates, a developer of storage management software based in Reston.
Charles M. Logan, president, Chapman-Logan Insurance Inc., a Salem-based insurance agency.
Elaine P. Looney, COO, the AB&C Group, a McLean-based direct-marketing firm.
John J. Reis, president and CEO, Halifax Corp., an Alexandria-based technology services and management company.
Bob Sasser, COO, Dollar Tree Stores, a Chesapeake-based discount variety store chain.
DIRECTORS
Marc Andreessen, chief technology officer, American Online Inc., a Dulles-based interactive services company.
Phyllis Huff Arnold, CFW Communications.
Jack Daggitt, Extil Inc., a Reston-based Internet technology services company.
Rahm Emanuel, RxDrugstore, a Chantilly-based Internet drugstore.
Douglas J. Mello, Herndon-based Netrix Corp., a developer of networking technologies and products based in Herndon.
J. Lee E. Osborne, president, Carter, Brown & Osborne P.C., a Roanoke-based law firm.
James S. Quarforth, CFW Communications, a Waynesboro-based integrated communications provider.
Richard Yalen, Netrix Corp.
STOCKS
Capital One Financial Corp., a Falls Church-based credit-card issuer, approved a three-for-one common stock split. The split will increase Capital One's outstanding shares from 65 million to 195 million.
McLean-based Online Resources & Communications Corp., an electric commerce services company, filed a registration statement for a proposed initial public offering of common stock.
Optical Cable Corp., a Roanoke-based fiber-optic cable manufacturer, amended its stock repurchase plan to allow the repurchase of up to $15 million in common stock. The company's original plan authorized the repurchase of up to $5 million.
Reston-based Proxicom Inc., an Internet solutions provider, recently began trading on the Nasdaq International Market. The company began selling 4 million shares at $13 a share under the symbol PXCM.
Newington-based Sensys Technologies Inc., a communications equipment company, was approved for listing on the Nasdaq SmallCap Market.
Charlottesville-based Value America, an Internet retailer, went public with an initial public offering of 5.5 million shares of common stock at $23 per share.
CONTRACTS
Analytic Services Inc., Arlington: $5 million from the General Services Administration for professional support services.
Automation Research Systems, Alexandria: $2.5 million from General Services Administration for management support services.
Boeing Information Services, Vienna: $2.7 million from the Fleet and Industrial Supply Center for professional support services.
BTG Inc., Fairfax: $3.6 million to support the U.S. Army Special Operations Forces Simulation Center at Fort Bragg, N.C.
ChoicePoint Inc., Falls Church: $3.8 million from the U.S. Marshals Service for fugitive locator services.
Cube Corp., McLean: $7.9 million from the Energy Department for maintenance and support services.
Framatome, Lynchburg: undisclosed portion of $130 million from the Department of Energy to convert nuclear weapons material into fuel for nuclear power plants.
Infracorps Inc., Richmond: $3.3 from the U.S. National Park Service for the rehabilitation of existing underground utilities in Shenandoah National Park.
Kira Inc., Vienna: $641,219 from the U.S. Air Force for housing management services.
Moon Engineering Co., Portsmouth: $2.7 million from the U.S. Navy for ship components.
NV Enterprises, Reston: $3.5 million to provide engineering services to federal government agencies and employees.
R.R. Donnelley & Sons Co., Falls Church: $11.1 million from the Government Printing Office for printing services.
Universal Systems & Technology, Fairfax: $103 million from the Federal Aviation Administration to provide technical services required to help in the transition to new traffic-control communications.
Virtexco Corp., Norfolk: $3.5 million from the U.S. Navy to revitalize family housing.
© JUNE 1999, Media General Business
Publications Inc.,
publisher of Virginia Business Magazine