Industries

For the Record - Central Virginia, January 2012

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AMF Bowling Worldwide Inc. filed for Chapter 11 bankruptcy, blaming the weak economy. The Mechanicsville-based firm filed in the U.S. Bankruptcy Court for the Eastern District of Virginia, saying it plans to reorganize and exit Chapter 11 within five months. AMF reached an agreement with its largest lenders and the landlord of most of its bowling centers to reorganize and restructure its debt. The company has secured $50 million in financing to continue operating while in bankruptcy. (VirginiaBusiness.com)

The Brink’s Co. is selling two of its business units in Europe as the company looks to exit markets that it deems unlikely to produce an acceptable return. The Henrico County-based security services company said it had agreed to sell its event security operations in France to Groupe Ageparfi, and its cash-handling business in Poland to Impel Security Polska. Terms were not disclosed. Both transactions are expected to be completed in the first quarter of 2013. (Richmond Times-Dispatch)

The chambers of commerce in Fluvanna, Greene, Louisa and Orange counties have entered a regional affiliation with the Charlottesville Regional Chamber of Commerce. Leaders from all five localities said that by jointly leveraging their local influence, they can benefit small businesses by bolstering a broader regional marketplace. The Charlottesville chamber has about 800 members. The Orange chamber has about 280 members; Fluvanna and Louisa counties have about 180 members each; and Greene has 90. (The Daily Progress)

IBM has selected the city of Richmond to receive an IBM Smarter Cities Challenge grant. The grant provides the city with access to some of IBM’s top experts to analyze and recommend ways Richmond can improve services. Launched in 2011, the IBM Smarter Cities Challenge is a three-year, 100-city, $50 million competitive grant program. (News release)

The Kroger Co. opened its new 123,600-square-foot store in Stonebridge, a mixed-use development on the site of the former Cloverleaf Mall. The store, off Midlothian Turnpike in Chesterfield County, will carry home furnishings, children’s toys, bed sheets, kitchen appliances, vacuum cleaners and furniture, along with the items carried in a traditional grocery store. (VirginiaBusiness.com)

Richmond City Council has approved an economic-development package that will build a nearly $9 million training camp facility for the Washington Redskins. The package includes $6.3 million in commitments to city school facilities over 10 years.  Bon Secours Richmond Health System will be the major sponsor of the training camp to be built behind the Science Museum of Virginia. In exchange for $6.4 million in naming rights and lease fees, the city will lease a former school site to Bon Secours for a major expansion of St. Mary’s Hospital. (Richmond Times-Dispatch)

The MeadWestvaco Foundation, based in Richmond, is providing founding support for a program at the University of Virginia that will explore the role of business in society. The program will publish case studies, sponsor conferences for students and executives, teach courses in the MBA and executive education programs, and sponsor research that will explore how business, government and society can work together toward common goals, such as addressing risk and creating value for society. (Richmond Times-Dispatch)

After lengthy negotiations, Richmond City Council approved an economic-development package that will build a nearly $9 million training camp facility for the Washington Redskins. The package includes $6.3 million in commitments to city school facilities over 10 years.  Bon Secours Richmond Health System will be the major sponsor of the training camp to be built behind the Science Museum of Virginia. In exchange for $6.4 million in naming rights and lease fees, the city will lease a former school site to Bon Secours for a major expansion of St. Mary’s Hospital. (Richmond Times-Dispatch)

Rolls-Royce plans to build a second manufacturing plant in Prince George County, creating 140 new jobs. The power systems company said it will begin construction on a $136 million Advanced Airfoil Machining Facility at its 1,000-acre Crosspointe campus in Prince George. The 90,000-square-foot plant, which would produce turbine blades and nozzle guide vanes for Rolls-Royce engines, will be located alongside its jet engine disc manufacturing facility, which opened in May 2011. (VirginiaBusiness.com)

SportsQuest, the now-bankrupt amateur sports haven in Chesterfield County, must pay the state of Virginia nearly $1 million for improprieties in how it sold memberships and handled dues for a health and fitness center that never was built. Attorney General Ken Cuccinelli’s office filed a civil suit in February against SportsQuest accusing it of violating Virginia’s Health Spa and Consumer Protection acts by selling memberships without giving an opening date and then by selling memberships that included “false or misleading information about the projected opening date,” according to court papers. (Richmond Times-Dispatch) 

Tredegar Corp., a manufacturer of plastic films and aluminum extrusions, announced that it has sold its mitigation banking business for $16 million to Arc Ventures LC, a Virginia company affiliated with John Gottwald, a member of Tredegar’s board of directors. The purchase price paid to Richmond-based Tredegar includes cash and shares of common stock of Tredegar that are owned by Arc Ventures.  (VirginiaBusiness.com)

The Pearson Auto Group will move its Infiniti dealership next year from West Broad Street in Henrico County to a property double its size in Chesterfield County that’s currently occupied by its Mitsubishi dealership. As part of the move, Pearson has decided to terminate its relationship with Mitsubishi and shut down that franchise. The company employs about 30 people at that location and will try to find jobs for each of the affected workers. (Richmond Times-Dispatch)

 

 


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