Industries

Southern Virginia—For the Record

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Bassett Furniture, a Bassett-based furniture manufacturer, settled a proxy battle with Costa Brava Partnership III LP, agreeing that a shareholder representative could attend company director meetings. Costa agreed to withdraw its nominees for the company’s board, and Bassett dropped its lawsuits and agreed to pay a portion of Costa’s legal costs. (Martinsville Bulletin)

Bassett Furniture’s directors announced plans to issue shareholders a special one-time dividend of $1.25 per share, approximately $15 million. (News release)

Danville Regional Foundation gave $1.8 million to Danville Community College and Piedmont Community College to aid students receiving instruction under the Federal Trade Act. Assistance would include supplemental unemployment payments and health insurance assistance. (Danville Register & Bee)

Dan River Inc., a Danville-based textile company, filed for bankruptcy, citing liabilities of $100 million to $500 million and assets of $50 million to $100 million. The company filed Chapter 11 in 2004 and was later bought by India-based Gujurat Heavy Chemicals Ltd. in 2006. Dan River once employed 12,000 workers but has only 165 employees today. (Danville Register & Bee)

A $3.5 million, 100,000-square-foot shell building has been proposed to Martinsville and Henry County officials. The building would replace one bought by RTI International Metals in January for a titanium plant. The shell building would be in the Patriot Centre regional industrial park. (Martinsville Bulletin)

Luna Innovations Inc. researchers have discovered a nanomedicine that may help grow new hair. Testing of the nanomedicine is in its early stages. It was discovered during research on antioxidants. (Danville Register & Bee)

Hooker Furniture Inc., a Martinsville-based furniture company, increased its allocation for repurchase of company stock by $10 million. Along with funds the company has $13.2 million for future stock purchases. (News release)

Southern Business & Development magazine named the Danville-Pittsylvania County and Martinsville-Henry County areas among its “Top 10 Comeback Kids” list. Facing the loss of traditional jobs in furniture, textile and tobacco, the areas were cited for overcoming the loss of old-line industrial jobs by diversifying their economies and attracting new manufacturers. (Danville Register & Bee)


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