Industries

For the record - Southwest Virginia

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CGI, a unit of the IT firm CGI Group Inc., will expand its software development and system integration facility in Lebanon. The move will add 100 workers to the operation, which employs 290. (Associated Press)

Columbus McKinnon Corp., a manufacturer of material-handling products, will invest $5 million in its Damascus Hoist Division in Washington County as part of a corporate restructuring and consolidation effort. The project will create 70 jobs and retain 174 existing ones. Virginia competed with three other states for the investment. (News release)

First Community Bancshares Inc. of Bluefield repaid the Treasury Department $41.5 million secured under the TARP program. First Community was able to repay the investment by raising $62 million through an offering of 5.3 million shares of common stock. (Business Wire)

Intrexon Corp., a pharmaceutical company based in Blacksburg, received $10 million funding from Third Security LLC, an investment firm headquartered in Radford. The money, distributed through the New River Management V fund, will be used to advance work on new cancer therapies. (The Roanoke Times)

Luna Innovations Inc., a Roanoke technology firm, filed for Chapter 11 bankruptcy in an effort to reduce its obligations from a California lawsuit. Luna elected not to fight the $36.3 million judgment for Hansen Medical Inc., but rather asked the U.S. Bankruptcy court to reduce the award to $1.3 million. The Chapter 11 filing is not expected to impact operations in Luna’s other Virginia offices. (The Roanoke Times)


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