Industries

For the record - Central Virginia

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Afton Chemical Corp., a Richmond-based manufacturer of petroleum additive products, released a new detergent product for diesel engines, Greenclean, intended to substantially reduce emissions without sacrificing engine performance. (News release)

American Hoffman, a Lynchburg manufacturer of machinery for balancing mechanical devices to reduce friction and vibration, laid off 20 of its 100 workers. (The News & Advance)

Belden Inc., a manufacturer of components for industrial automation systems headquartered in St. Louis., closed its Chesterfield County plant with the loss of 45 jobs. The move comes as part of a corporate restructuring, and the work will be moved to a facility in Tijuana, Mexico. (Richmond Times-Dispatch)

Capital One Financial Corp., a financial services company headquartered in McLean, laid off 35 workers in Richmond. The accounting and financial services they provided will be outsourced. The company also cut its dividend from 37.5 cents to 5 cents in a move expected to save over $500 million a year. (Richmond Times-Dispatch)

Eastern Virginia Bankshares Inc. of Tappahannock and Glen Allen-based First Capital Bancorp Inc. plan to merge. The combined company would create the second-largest community bank, by total assets, based in the Richmond area and one of the 10 largest in Virginia. (Richmond Times-Dispatch)

First Market Bank, based in Richmond, will merge with Bowling Green-based Union Bankshares Corp. in a $105 million deal. The bank will be renamed Union First Market Bankshares Corp. and have its headquarters in Richmond. The combined banks will have 97 branch locations and assets of more than $3.9 billion. (Richmond Times-Dispatch)

Frank Chervan Inc., a manufacturer of hardwood frames for furniture products, closed its lumber mill in Bedford with the loss of 23 jobs. The company had laid off 60 employees earlier in the year, and another 30 workers were transferred to its Roanoke operation. (The Associated Press)


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