For the
Record
February 2000This 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:
Holly Rodriguez
Virginia Business
P.O. Box 85333
Richmond, Va. 23293
or e-mail it to ForTheRecord@va-business.com,
or fax it to (804) 649-6311.
Mergers & Acquisitions
Nextel Communications, a Reston-based
wireless telephone company, plans a hostile takeover of Hawthorne, N.Y.-based Nextwave
Telecom, also a wireless telephone company, for $8.3 billion. The proposal, filed with the
Securities and Exchange Commission, offers $5.3 billion in cash, owed to the Federal
Communications Commission from bankrupt Nextwave, and $500 million to Nextwave creditors.
Stockholders would be paid $2.5 billion or $10 per share. The tender offer began on Jan. 3
and expires Feb. 17.
AES Gardabani Holdings BV and AES Georgia
Holdings BV, two subsidiaries of Arlington-based AES Corp., a global electric
power company, plan to acquire control of three electric generating facilities from the
Republic of Georgia for $91 million.
America Online, a Dulles-based Internet
service and information provider, plans to acquire New York-based Time Warner Inc., the
world’s largest media and cable company, for $178 billion.
AMSEC LLC, a Virginia Beach-based subsidiary of Science
Applications International Corp., acquired the engineering services division of Applied
Technical Systems Inc., a Bremerton, Wash.-based engineering design and development
company.
Chesapeake Corp., a Richmond-based
paper products company, plans to acquire outstanding shares of Boxmore International, a
packaging company based in Belfast, Northern Ireland.
Consolidated Engineering Services, a subsidiary of Charles
E. Smith Residential Realty Inc. of Arlington, acquired New England Mechanical
Services Inc., a Connecticut-based engineering and mechanical contracting company.
The Dominion Cos. of Richmond, a supplier of wholesale baking
equipment, acquired Marlen Research Corp., an Overland Park, Kan., supplier of meat,
snack, fruit and vegetable processing equipment.
Eastern Virginia Bankshares, a Tappahannock-based holding
company, plans to acquire Hanover Bank, which is expected to open in the spring in
Hanover County.
Media General Inc., a Richmond-based provider
of news, information and entertainment services throughout the Southeast, plans to acquire
Spartan Communications, the owner of 13 broadcast television stations, for $605 million.
OneMain.com, a Reston-based Internet service provider,
acquired Teleport Inc., a California-based ISP.
Performance Food Group, a Richmond-based distributor of
private-label foods and food products, acquired Nesson Meat Sales, a Norfolk-based
meat-processing company.
Virginia Paint Co., a Richmond-based painting supply company,
acquired Richmond-based Creative Paint Co., also a paint supply company.
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Divestitures
CSX Corp., a Richmond-based transportation
company, sold its international container shipping business, Sea-Land Service
International, to Maersk Line, a Danish container-shipping company, for $800 million.
Dynex Capital Inc., a Glen Allen-based
financial services company, sold the manufactured housing, lending and services operations
of its subsidiary, Dynex Financial Inc., to a subsidiary of Bingham Financial
Services Corp., a specialty finance company.
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Expansions
B.W. Wilson Paper Co., a Richmond-based
printing and information systems firm, opened a warehouse in Lynchburg.
Comdial Corp., a Charlottesville-based
integrated communications company, opened a technical support center in Herndon.
Proxicom Inc., a Reston-based consulting and development
company, opened Proxicom UK Ltd. in London. The company will expand financial services
practices.
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Deals
Value America, a Charlottesville-based online
retailer, formed an agreement with Sony PNSC, a subsidiary of Sony Inc., to sell
Sony’s computer products online. Value America began running advertisements for Sony
products in December, and is one of only a few e-commerce companies authorized to sell
Sony products.
Advanced Switching Communications Inc., a
Vienna-based broadband services access provider, and Tampa-based 2nd Century
Communications, an Internet service provider, formed a partnership to expand 2nd
Century’s network services.
America Online, a Dulles-based Internet service and
information provider, formed an alliance with Wal-Mart Stores Inc. to create a new
cobranded Internet service provider. AOL also has formed a three-year agreement with
Net2Phone Inc., an Internet telephone services company, to provide AOL Instant Messenger
users with Net2Phone communications services.
ESI International, an Arlington-based
professional training company, and Omega Performance, a professional development company,
formed an agreement to provide expanded services for financial institutions.
FinancialPlanAuditors.com, a development and marketing
company in Richmond, and First Montauk Securities Corp., a Red Burn, N.J.-based financial
services firm, have agreed to jointly market a cobranded Web site to expand services for
customers.
Household International, a Reston-based financial services
company, together with General Motors Corp. of Detroit and Reston-based CyberCash Inc.,
agreed to offer an online payment services option to customers of CashRegister Auto
Insurance.
Liveprint.com, an Alexandria-based marketing company, and
Stamps.com, an Internet postage company, will form a partnership to offer Internet postage
and direct marketing materials for online customers.
Network Solutions Inc., a Herndon-based Internet address
registrar, and CNET, a technology company, have formed an alliance to promote each
other’s Internet services to customers.
Online Resources & Communications Corp. of McLean, a
provider of electronic commerce services, announced an agreement with Politzer &
Haney, an electronic banking software company, to provide customers with Web-based
cash-management services.
Picis, an Arlington-based information systems company, formed
an agreement with VHA Inc., an Irving, Texas-based network of health care organizations
and physicians, to provide the CareSuite perioperative information system to members of
VHA’s network.
Proxicom Inc., a Reston-based consulting and development
company, and Ericsson Professional Services and Consulting, a communications company,
formed a partnership to combine e-business consulting services.
Treev, a Herndon-based integrated software company, formed a
partnership with Document Imaging Solutions Inc., a Dayton, Ohio-based systems integration
company, to expand Treev’s product distribution.
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New Plants and Companies
Outsourcing Solutions Inc., a St. Louis,
Mo.-based strategy management company, plans to open a financial services facility in
Henrico County. The company will invest $2 million in the project and create 375 new jobs.
The 65 employees from the company’s Chesterfield County facility will be retained.
New Jersey and Massachusetts also were considered as possible locations for the facility.
AccessNationalBank.com of Chantilly launched
its online banking services Web site.
American Woodmark Corp., a Winchester-based cabinet supply
company, plans to open a manufacturing plant in Humboldt, Tenn. The company would invest
up to $25 million in the project and create 120 jobs.
Avenir Inc., an information technology
company based in New York, plans to open a software development facility in Prince William
County. The company would invest more than $3 million in the project and create 166 jobs.
Certified Drug and Alcohol Testing, a drug program
development company, opened its headquarters in Richmond.
Luminat Technologies, a Web development, intranet and
database company, opened its headquarters in Richmond.
M.G. MiniGears, a gear manufacturer based in Padova, Italy,
plans to open a plant in Virginia Beach. The company expects to invest $14 million in the
project and generate 150 jobs.
National Catalog Corp., based in Greenwich, Conn., plans to
build an e-commerce distribution and customer service center in Henry County. The $3
million investment would create 200 jobs.
Orion Technologies Inc., an Alexandria-based Internet and
telecommunications company, announced the formation of its subsidiary, Globalinx Corp., a
provider of worldwide integrated telecommunications systems.
Vane Brothers Co., a Baltimore-based petroleum company, plans
to open a facility in Portsmouth. Employees working in Chesapeake and Norfolk will be
relocated to the site.
VFP Inc., a Roanoke-based concrete manufacturer, plans to
move its concrete division plant to Scott County. The $1.2 million investment will create
100 new jobs.
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Stocks
WLR Foods Inc., a Broadway-based provider
of meat and chicken products, plans to repurchase $1.7 million of its stock.
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Cutbacks
& Closings
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Executive
Promotions
Luanne Abell, senior vice president of planning and
strategic development, Edelmann Scott Inc., a Richmond-based advertising and marketing
firm.
Ed Abner, vice president for sales consulting
and training at Federal Sources, a McLean-based information technology consulting firm.
Scott Broughton, senior vice president, ICBA Bancard, a
subsidiary of the Independent Community Bankers Association of America, in Arlington.
Robert C. Cole, senior vice president, Orkand Corp., a
McLean-based information technology firm.
Jonathan Cotton, vice president of corporate sales, Hildrup
Moving and Storage in Stafford.
Glenda Dorchak, president and CEO, Charlottesville-based
Value America Inc., an Internet-based retailer.
William J. Flynn, senior vice president, strategic planning,
CSX Corp. of Richmond.
J.W. Fox Jr., senior vice president of coal marketing,
Norfolk Southern Corp.
Greg Hannahs, vice president, Worth Higgins & Associates,
a printing company in Richmond.
James C. Harrison IV, COO, The Branch Group, a construction
company in Roanoke.
Robert E. Huffman, vice president of intermodal operations,
Norfolk Southern Corp.
Michael Kurkjian, vice president of sales and
marketing, The Employee Owned Company, a custom software and professional consulting
services firm.
Joseph LaVoie, vice president, Baker GeoResearch, an
information systems subsidiary of Fairfax-based Michael Baker Corp.
Jeff Leininger, president, B.W. Wilson Paper Co.
Bernard Niemeier, vice president, planning and research for
the publishing division of Media General Inc. in Richmond.
Scott C. Price, senior vice president, Alexandria-based Delta
Associates, a real estate consulting company.
Larry Rauppius Jr., vice president, B.W. Wilson Paper Co.
Lawrence H. Rauppius, CEO and chairman, B.W. Wilson Paper Co.
Sheri Robey-Lapan, vice president of marketing and corporate
strategy, Alexandria-based Comtex Scientific Corp., a news service company.
Donald W. Seale, senior vice president of merchandise
marketing, Norfolk Southern.
Larry P. Simms Sr., vice president of operations,
Richmond-based Cavalier Telephone, a local, long distance and Internet service provider.
Gary T. Stout, president, Daily News Leader, a Staunton-based
daily newspaper.
Paul B. Toms, COO, Hooker Furniture Corp., a manufacturer of
residential wood furniture in Martinsville.
Douglas Williams, executive vice president, manufacturing,
Hooker Furniture Corp.
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Contracts
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Real
Estate
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Directors
Steven Kotler, ColumbusNewport LLC, an
Arlington-based e-commerce banking and strategy company.
Richard E. Smith, Southern Financial Bank, a
Warrenton-based company.
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* * *
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 Holly Rodriguez
at Virginia Business, P.O. Box 85333, Richmond, Va. 23293, fax it to (804) 649-6311, or
e-mail it to ForTheRecord@va-business.com
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