For the Record - Central Virginia, September 2010

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Babcock & Wilcox Co., a Charlotte, N.C.-based designer and provider of nuclear power systems with operations in Lynchburg, was spun off from its parent company, McDermott International. B&W also announced a deal with the Bechtel engineering firm to build its “Generation mPower” 125-megawatt nuclear reactor. It hopes to have the first unit by 2020 and be prepared to develop a model ready to be built and easily deployed to many locations. (News & Advance)

Markel Corp., a Henrico County-based insurer, paid $135 million for Aspen Holdings of Omaha, Neb., operating primarily as FirstComp Insurance Co. Inc. magazine has ranked Aspen among its 500 fastest-growing companies for the past four years. (Richmond Times-Dispatch)

Northern Neck State Bank and Rappahannock National Bank merged into Union First Market Bank. The two institutions were community banks under Richmond-based Union First Market Bankshares Corp. and are now part of a statewide network from Hampton Roads to Roanoke and into Northern Virginia.  (Richmond Times-Dispatch)

Praxair Inc., a manufacturer of gases for industrial use, signed a 15-year deal to buy carbon dioxide from Osage Bio Energy. The company will invest $15 million in a facility at Osage’s ethanol plant in Hopewell to extract the carbon dioxide. Praxair plans to be running by late 2011 and employ 17 people. (Richmond Times-Dispatch)

Universal Corp., a global tobacco merchant based in Richmond, agreed to pay nearly $9 million to settle a federal bribery investigation. Its Brazilian subsidiary has pleaded guilty to violating bribery and conspiracy provisions of the federal Foreign Corrupt Practices Act. Universal said it voluntarily told federal officials of suspicious payments discovered by the company’s audit committee.
(News release)

Virginia Business Bank has named Scott C. Harvard, the former president of Shore Financial Corp., as a special adviser to the board and selected Scott & Stringfellow as its financial adviser. They are to help the Richmond-based financial institution craft a business plan to ensure long-term success. The bank is under agreement with the Federal Reserve Bank of Richmond and the Virginia Bureau of Financial Institutions to improve its finances. (Richmond Times-Dispatch)

Virginia Commonwealth University received a $20 million grant from the National Institutes of Health in support of projects that will speed medical research and innovations from the lab to patient care. VCU is one of nine schools, including Harvard, John Hopkins and Duke, added to the NIH’s research consortium. (Richmond Times-Dispatch)

Virginia State University received its largest gift ever, $1.5 million, from the Reginald F. Lewis Foundation. VSU will rename its School of Business for Lewis, an alumnus who became the first African-American to build a billion-dollar company in 1987 with the leveraged buyout of Beatrice International Foods. Mr. Lewis died in 1993 of cancer at age 50. (Richmond Times-Dispatch)

NTP Inc., a Richmond-based patent-holding company, filed suit against six leading technology companies, including Apple Inc., Microsoft Corp. and Google Inc., for alleged infringement of wireless communication patents. In 2006, the company settled a similar suit against Research in Motion, maker of the Blackberry device, for $612.5 million. (The Associated Press)

Virginia awarded a $68 million contract to Archer Western Contractors of Atlanta to replace 11 bridges in a seven-mile span along Interstate 95 in the Richmond area. Work will begin this fall and is expected to last until 2014. (Richmond Times-Dispatch)



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