Welcome back to Cardinal Commerce Notes, our regular feature catching you up on various recent business news items.
If you missed last week’s edition, check it out here to learn more about Framatome’s Lynchburg headquarters building going up for sale, Roanoke-based Branch getting a new CEO and Appalachian Power seeking bids for more energy storage.
Please send news tips to matt@cardinalnews.org or connect with me on LinkedIn and message me there.
Fresh off acquisition, AeroFarms adds new products
About four months after it was acquired by an investment firm — and saved from shutting down and laying off all of its employees — the indoor farming company AeroFarms in Pittsylvania County is adding products to its portfolio.
Micro-arugula and micro-broccoli now join the company’s slate of microgreens that already include bok choy, kale and salad greens. AeroFarms sells its products at 2,000 retail stores nationwide, including Whole Foods, Costco and Harris Teeter, according to an Aug. 26 news release.
The company is also touting the safety of the indoor vertical farming system at its 140,000-square-foot Ringgold facility at a time when consumers are concerned about food-related illnesses and contaminants such as a diarrhea-causing parasite tied to lettuce.
“Our indoor aeroponic system eliminates many of the key exposure points of traditional field agriculture, including soil, open-field contamination risk, and risk from dependence on unpredictable irrigation sources. In contrast, our Farm uses only purified water that is continuously monitored and tested,” CEO Gustavo Burger said in a news release.
Burger became CEO after Palm Ventures — a family investment office based in Greenwich, Connecticut, and Austin, Texas — bought AeroFarms in April.
That deal ended months of uncertainty over AeroFarms’ future. Officials began warning in December that the company might shut down, imperiling between 100 and 200 jobs, but said in May it had found a buyer to keep the business going. That buyer was revealed in June to be Palm Ventures.
Lynchburg-based Foster Electric bought by N.C. company
Lynchburg-based Foster Electric has been acquired by Raleigh, North Carolina-based Electrical Equipment Co. The deal closed Aug. 11, and terms were not disclosed, according to a news release.
Foster Electric, founded in 1956, is an independent, employee-owned company providing electrical equipment for residential, commercial and industrial projects. It has 25 employees.
Electrical Equipment Co., founded in 1926, specializes in industrial automation and power solutions. It has 11 locations across Virginia, North Carolina and South Carolina and employs 265 people.
Foster Electric will continue to operate under its same name with the same employees.
“Joining EECO gives us access to greater resources while allowing us to keep operating the way our customers have come to expect,” Duane White, president of Foster Electric, said in the release.
Veteran-centric career fair set for Lynchburg
A job fair focused on veterans is set for Sept. 30 in Lynchburg.
The Next Chapter Veterans Career and Hiring Expo will be “a dynamic event designed to connect veterans, transitioning service members, and job seekers with employers, career resources, and meaningful employment opportunities.”
It will be held from 10 a.m. to 3 p.m. at the Lynchburg Regional Business Alliance, 300 Lucado Place. Early-access networking begins at 9 a.m.
While the event is focused on veterans, it’s open to the general public. Admission is free and registration is available here.
That’s a wrap for this week. Do you know of a new business expanding or relocating in your town? Excited about a restaurant opening up soon? Maybe you’ve got an update on a story we’ve reported before. Please send me your tips and suggestions: matt@cardinalnews.org or connect with me on LinkedIn.
