For
the Record is
compiled from company releases, business
journals and newspaper reports from around
the state. If you have an item for these
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For the Record
Virginia Business Magazine
P.O. Box 85333
Richmond, VA 23293
Infineon Technologies, a
German semiconductor manufacturer, is expanding
production at its Henrico County facility for
the manufacture of 300-mm wafers. The first phase
of the $1 billion project will create 800 jobs
and, when complete, will account for a total of
1,200 new jobs. The expansion, previously planned
in 2000, was delayed by market conditions. (04/23/04,
Press release)
ABB, a producer of power and automation
technologies for utility and industrial customers,
announced plans to expand its transformer manufacturing
facility in Halifax County. The $3 million investment
will create 25 jobs. Virginia competed with
Oregon and China for the investment. (04/20/04,
Press release)
Martinsville Speedway, a
motor sports facility in Martinsville, is to invest
$3 million in capital improvements at the raceway.
Plans call for relocating railroad tracks that
run parallel to the backstretch, repaving the
track surface and installing “soft walls”
as a safety upgrade. Although there is no current
plan to expand seating, moving the railroad tracks
could allow for an additional 30,000 seats in
the future. The Speedway has invested $17 million
in various improvements since 1988. (04/16/04,
Danville Register & Bee)
Northrop Grumman Newport News, a shipbuilding
subsidiary of Northrop Grumman of Los Angeles,
will hire 600 new workers, mostly in design
and engineering, as part of the project to design
and a build a new class of aircraft carrier
for the Navy. The contract for the preliminary
design and planning on the CVN-21 program is
expected to be worth about $1.5 billion once
negotiations are completed. (04/14/04, The
Associated Press)
Joy Mining Machinery, a developer and
manufacturer of underground mining equipment,
announced plans to expand its manufacturing
operations in Scott County. The $1.4 million
investment is expected to create 45 jobs. Virginia
competed with Pennsylvania and Illinois for
the project. (04/14/04, Press release)
Shenandoah Furniture, a Henry County
furniture manufacturer of stylized furniture
for national retailers such as Crate & Barrel,
will invest $1.2 million expanding its Patriot
Centre facility and another $450,000 on new
equipment. About 50 jobs are to be added over
the next two years. (04/13/04, The Roanoke
Times)
Strandex International Corp.,
a Salem, N.H., industrial engraving firm, announced
a restructuring of its Standex Engraving division
that will close its Rochester, N.Y., plant and
transfer operations to the Richmond facility
of its I R International subsidiary. The move
is expected to enhance efficiency and add to
the company’s capacity. (04/12/04,
Press release)
Aerojet, a Sacramento,
Calif., aerospace company, announced plans to
invest $6.9 million at its recently purchased
propulsion facility in Orange County, formerly
Atlantic Research Corp. Expansion of the operation
will create 149 new jobs. The Orange site was
selected over Aerojet facilities in Arkansas,
California and New Mexico. (04/06/04, Press
release)
NCI Information Systems,
a Reston IT firm, opened a regional office in
Albuquerque, N.M, to extend its relationships
with federal energy and defense operations in
that region. (04/08/04, Business Wire)
