DuPont Inc., a Wilmington, Del., chemical manufacturer,
bought a majority interest in Magellan Systems International
Inc. of Richmond, a research and development company.
Magellan and DuPont Advanced Fiber Systems of
Richmond have teamed in the development of an ultra
high-strength performance fiber for protective materials
to be used in the military and law enforcement sectors,
among others. (PRNewswire)
WinWholesale Inc., a Dayton, Ohio wholesaler
of plumbing and heating supplies, acquired Noland
Co., its Newport News-based competitor for $250
million. WinWholesale plans to take Noland private,
but no layoffs are expected at either company. Noland
elected to sell when faced with the prospect of recapitalizing
and undertake a multi-year growth plan in order to
remain competitive in the construction supplies sector. (The
Virginian-Pilot)
Nortel Networks Inc., the U.S. subsidiary of
multi-national technology company Nortel, bought PEC
Solutions Inc. of Fairfax for $448 million. The
new company, Nortel PEC Solutions Inc., will
provide information technology services to governmental
entities at the federal, state and local level. (Business
Wire)
Silvercrest Asset Management Group LLC, a New
York-based asset management company, acquired Heritage
Financial Management, a Charlottesville investment
advisory firm. The merged companies will have nearly
$6 billion in assets under management. Silvercrest's
clients have between $5 million and $600 million under
management. (Richmond Times-Dispatch)
