Bow-Tie Cinemas opened Criterion Cinemas at Movieland, a new art and independent film theater, in Richmond. The four-screen theater is adjacent to Bow-Tie Cinemas’ existing 17-screen Movieland complex in the city’s North Side. Bow-Tie also plans to launch a new program at Criterion Cinemas called “DocWeek,” which will showcase documentaries during the first week of every month. (VirginiaBusiness.com)
Dominion Virginia Power has received an award of up to $4 million from the U.S. Department of Energy to develop offshore wind technology. Dominion proposes designing, developing and demonstrating a 12-megawatt offshore wind facility consisting of two 6-megawatt turbines. The primary location for the demonstration project is in federal waters about 22 miles off the coast of Virginia Beach, although the ultimate site will depend on detailed investigations.
Henrico County-based Genworth Financial Inc. announced a reorganization plan in January designed to isolate its struggling U.S. mortgage business from its other operations, helping the company avoid a credit-rating downgrade. The Fortune 500 company, one of the Richmond area’s largest employers, said the plan, which creates a new holding company, would reduce the risks associated with its mortgage insurance business but would not impact shareholder ownership. The move appeared to satisfy Moody’s Investors Service, which confirmed the company’s credit rating at Baa3. Moody’s had been considering since June whether to downgrade Genworth debt to junk status. The ratings agency said it has concluded its review. (Richmond Times-Dispatch)
Richmond-based Markel Corp. plans to acquire specialty insurance and reinsurance company Alterra Capital Holdings Ltd. in a $3.13 billion deal. Markel’s offer for Alterra is worth about $31 per share in stock and cash. Under the terms of the definitive merger agreement, each Alterra common share will be converted into the right to receive 0.04315 Markel common shares (with cash paid for fractional shares) plus a cash payment of $10. (VirginiaBusiness.com)
Richmond-based Performance Food Group Inc. plans to acquire Fox River Foods Inc., a Montgomery, Ill.-based food distribution company. Fox River Foods serves 7,000 customers, which include fine dining establishments, family restaurants, schools, health-care facilities and concessionaires. Performance Food delivers food and food-related products to more than 128,000 independent and national chain restaurants, quick-service eateries, pizzerias, theaters, schools, hotels, health-care facilities and other institutions. (VirginiaBusiness.com)
Virginia State University in Petersburg is a partner in a $400 million federal contract supporting the U.S. Army’s IT system. The contract is led by Arlington-based Tantus|OnPoint, a joint venture involving Tantus Technologies Inc. and OnPoint Consulting Inc. Under the terms of a subcontracting agreement signed between VSU and OnPoint, the university will have the opportunity to work in the following task areas: information assurance, independent verification and validation, Internet Protocol Version 6, migration/integration IT services, and warranty and maintenance. (VirginiaBusiness.com)
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