Industries

For the Record - Eastern Virginia, October 2012

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General Dynamics, NASSCO, a Norfolk ship repair and dry-dock facility, received a $115 million contract modification from the Navy for work on the amphibious landing ship Oak Hill.  Work will include upgrades and repairs to several onboard systems, including engineering controls and power management. The work is expected to be completed in 2013. (The Virginian-Pilot)

Interstate Hotels & Resorts, an Arlington hotel management company, bought the Williamsburg Hotel & Conference Center, through a joint venture with Waramaug Hospitality LLC and a private investment group. Plans call for a $7.5 million renovation and conversion of the 295-room facility to the DoubleTree by Hilton brand. (Business Wire)

Newport News Shipbuilding offered buyout packages to about 1,200 nonunion, salaried employees who are at least 60 years old as a way to reduce costs. Qualified employees who accept buyouts will leave the company by Dec. 30. (The Virginian-Pilot)

Norfolk Southern Corp., a Norfolk-based rail company, made $20.5 million in improvements to track, bridge and signal operations in Pennsylvania’s Monongahela Valley. The work is part of a maintenance effort to service coal customers in the region. (PRNewswire)

Regent University changed the name of its School of Global Leadership and Entrepreneurship to the School of Business and Leadership. The Virginia Beach university also renamed its School of Undergraduate Studies as the College of Arts and Sciences. (The Virginian-Pilot)

Tak Investments Inc., of Gaithersburg, Md., will invest $60 million to launch a subsidiary, ST Tissue, to recycle waste paper into tissue for napkins and towels. The project, housed in part of International Paper’s Franklin mill, will create 85 jobs. Virginia competed with Wisconsin for the investment. (News release)

 


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