Industries

Central Virginia—For the Record

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Alcoa Inc. sold its packaging and consumer businesses to the Rank Group Ltd. of New Zealand in a $2.7 billion cash deal. Alcoa’s consumer products and flexible packaging businesses are based in Richmond and employ about 1,300 in the region. It also has plants in South Boston and Grottoes. (Richmond Times-Dispatch)

The Richmond law firm LeClairRyan merged with Seiden Wayne, a law firm based in the greater New York City area. LeClairRyan will expand its presence in financial markets and its geographic presence in the Northeast through the move. LeClairRyan has 170 lawyers and Seiden Wayne, 45. (News release)

Neathawk Dubuque & Packett, a Richmond-based ad agency, acquired the firm Daniel+Douglas+Norcross of Chattanooga, Tenn. Daniel Fell and Douglas Cook, co-founders of the Chattanooga firm, will hold positions with Neathawk: Fell as an executive vice president and Cook as a creative director. (News release)

Commercial Metals Co., an Irving, Texas-based metals company, will open a facility in Amherst County’s Amelon Commerce Center. The operation will be used for reinforced steel detailing. The facility should create 25 new jobs and grow to 45 jobs within two years. The Amherst County Economic Development Authority will construct a 6,000-square-foot building to house the facility. (The News & Advance)

Showbest Fixture Corp. of Richmond, a manufacturer and installer of fixtures in retail stores, will invest $2.5 million to open a Nottoway County facility. Virginia competed with North Carolina and Pennsylvania for the project, which will create 104 jobs. (News release)

The McIntire School of Commerce at the University of Virginia returned to the university’s famous Lawn in an academic complex that includes a refurbished Rouss Hall and a new Robertson Hall. The school conducted classes on Lawn from 1955 to 1975 in Rouss Hall. The complex will include 156,370 square feet of academic space for the commerce school. The new building was named for edge fund manager Julian H. Robertson Jr. and his wife, Josie. Principal gifting for the facility was made by John A. Griffin, founder of the Blue Ridge Capital hedge fund and a 1985 graduate of McIntire. (News release and The Daily Progress)

Also at U.Va., the Darden School of Business class of 1974 has erected a 9-foot bronze sculpture of Thomas Jefferson on the school’s grounds. The sculpture, created by Daub Firmin Hendrickson Sculpture Group of Berkeley, Calif., depicts Jefferson as a 74-year-old man completing his 1817 survey of the university’s grounds. (News release)

Circuit City Stores Inc., a Henrico County-based retailer of consumer electronics, offered key executives and company managers cash incentives to stay with the retail chain as it tries to improve its financial performance. Two executive vice presidents were offered $1 million each and 11 senior vice presidents, $600,000 each to stay until Jan. 1, 2011. Stock incentives were also included in the offer. Cash incentives are also being offered to other key personnel such as vice presidents, directors and store managers. (Richmond Times-Dispatch)

Genworth Financial Inc., a financial services company headquartered in Henrico County, approved a stock repurchase program to acquire up to $1 billion of common stock through 2009 as part of a capital management plan. Timing of the purchases would depend on market conditions, and the program may be suspended at any time. (Richmond Times-Dispatch)


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