For the Record - Central Virginia

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Babcock & Wilcox, a Lynchburg provider of nuclear power services, received a $450 million contract from the Defense Department for nuclear components, including power reactors for submarines and aircraft carriers. The order is part of a series of contracts that could be worth $26 billion over 10 years. The work will be done in Lynchburg and B&W facilities in Tennessee and Ohio. (News & Advance)

Diffusion Pharmaceuticals LLC, a Charlottesville drug-development company, closed on $5.9 million in private financing in the second half of 2009, making a total of $7.1 million raised for the year. The proceeds will be used for ongoing operations, including clinical trials for a drug compound to treat patients with peripheral arterial disease. (News release)

First Market Bank of Richmond will lay off 26 employees at its operations center as part of its merger with Union Bankshares Corp. The move is part of 72 positions being eliminated by the newly formed Union First Market Bankshares Corp. First Market’s operations center will close in April and that work transferred to the Union Bankshares operations center in Caroline County. (Richmond Times-Dispatch)

Fountainhead Properties and WVS, two Richmond development firms, plan to build 170 apartments in former industrial buildings in the Canal Walk section of Richmond. The 6-acre site, owned by Reynolds Packaging Group, is assessed at $13.7 million. (Richmond Times-Dispatch)

The Martin Agency, a Richmond-based advertising firm, was named the top ad agency in the country by Adweek magazine. It is the first time Martin has received the top ranking. The agency was also ranked fourth in the country by Ad Age magazine, up from seventh last year. (Richmond Times-Dispatch)

Mattress King, a Henrico County retailer of bedding products, announced plans to liquidate its assets and close its six stores. The company, opened by Anil K. “Neil” Gulati in 1981, operated 25 locations by 2005. (Richmond Times-Dispatch)

The U.S. Postal Service announced plans to close its processing and distribution center in Charlottesville and transfer that work to a larger facility in Sandston, outside Richmond. The move is expected to save about $6.3 million. The estimated 170 workers will be offered other positions with the postal service. (Daily Progress)

Bear Island Paper Co., a Hanover County newsprint manufacturer, filed for Chapter 11 reorganization. A shrinking newsprint market and a stronger-than-expected Canadian dollar left Bear Island’s parent company, White Birch Paper Co. of Nova Scotia, in debt over $51 million from financial transactions. (Richmond Times-Dispatch)

Dominion Resources Inc., a Richmond-based power company, invested $3 million for a minority stake in Power Tagging Technologies Inc., a Colorado company working on digital signal processing techniques to allow smart grids to operate at a fraction of current costs. (Richmond Times-Dispatch)


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