Hello Cardinal News readers. Welcome back to Cardinal Commerce Notes, our new regular feature catching you up on various recent business news items.
This is the second edition of Cardinal Commerce Notes. If you missed the first, check it out here to learn more about a big construction milestone in Franklin County, a growing artisans hub in Big Stone Gap and a new restaurant planned for Salem.
I’m always on the lookout for news tips, so please send them my way: matt@cardinalnews.org.
Roanoke-based investment company acquires Wytheville machining firm
Clarke Precision Machine, a machining and fabrication company with roots in Wytheville going back 60 years, has been acquired by the Roanoke-based investment firm Harbor.
Clarke Precision Machine makes custom parts for the automotive, building and food industries, among others, according to its website.
CEO Matthew Clarke said his company has about 25 full-time employees plus student interns and part-time employees.
Harbor CEO Andrew Dunlap said in an email to Cardinal News that his company “exists to keep Virginia companies growing and thriving in Virginia” and that this acquisition is “our first step in building a much larger, state-wide, machine group” under Matthew Clarke’s leadership.
Harbor said in a Feb. 3 news release that Clarke Precision Machine’s existing management team and its day-to-day operations will remain unchanged.
The acquisition “positions Clarke Precision Machine for its next phase of growth,” Harbor said.
“With the support of Harbor, the company will gain access to long-term capital to invest in advanced manufacturing equipment, expand production capacity, and strengthen its engineering, sales, and business development teams,” the company said in the release.
Clarke said in an email that he is “very excited about the opportunity to collaborate with such a strong group of partners and to continue growing Clarke Precision Machine with the support of Harbor’s investment.”
“We look forward to sharing additional announcements in the coming years as we pursue both organic growth and strategic acquisitions,” he said.
In a news release from the Joint Industrial Development Authority of Wythe County, local officials praised the deal.
“This investment is a vote of confidence in our region’s workforce and our ability to compete at the highest level,” said David Manley, the IDA’s executive director.
Danville’s economic development department relocates
Danville’s Office of Economic Development and Tourism has a new home.
The office announced Feb. 3 that it has officially relocated to Dan River Falls, the former mill building that’s turned into a mixed-use property, at 420 Memorial Drive, Suite 200.
No longer will the River City’s economic development office be divided among multiple spaces in the city’s municipal building on Patton Street.
The new location gives it more space for collaboration as well as hosting workshops, training and visits from prospects, the office said in a news release
It also puts the office under the same roof as the city’s parks and recreation department.
“We are deeply thankful for City leadership’s investment in this modern space, which serves as an essential tool in our toolbox as we work to showcase our community in the best possible light,” Corrie Bobe, director of the Office of Economic Development and Tourism, said in the release.
“The design and layout of the new office also create greater opportunities for staff collaboration, strengthening our ability to host investors and community leaders while demonstrating Danville’s continued growth and potential.”
Virginia launches new paid internship resources
Virginia will commit $14.5 million to a new statewide paid internship program for higher education students, the governor’s office announced Feb. 4.
The program, called InternshipsVA, will provide grants for small- and mid-size employers to match undergraduate interns’ wages; recruitment capabilities through Handshake, an online jobs platform for students; and other program support and resources.
“InternshipsVA aims to make sure every student educated in the Commonwealth has the chance to begin and build a lasting career right here in Virginia,” Gov. Abigail Spanberger said in a news release.
“By partnering with businesses to give students real‑world experience before graduation, we’re strengthening a talent pipeline that will drive Virginia’s economic growth for years to come.”
For more information, visit the InternshipsVA section of the Virginia Economic Development Partnership website.
Contractor picked for big Campbell County building
In summer 2024, Campbell County announced that it would develop an $11 million, 103,000-square-foot industrial building in the Seneca Industrial Park on U.S. 29 near U.S. 460.
At that time, officials said it was the largest project that the county’s economic development department had taken on in a decade.
Work is moving along, with county officials saying in a Feb. 3 email newsletter that they’ve chosen a contractor for the first phase of construction, which consists of the foundation, framing, outside walls, roof and basic utilities.
The county said it received seven bids, and Forest-based Coleman-Adams Construction earned the contract with a bid of $5.675 million. Architectural Partners of Lynchburg will provide construction management services.
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 your tips and suggestions to: matt@cardinalnews.org.
