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 how to share your thoughts on the proposed merger of NextEra Energy and Dominion Energy and get updates on a couple of Roanoke-area restaurants.
I’m always on the lookout for news tips. Please email me at matt@cardinalnews.org or connect with me on LinkedIn and message me there.
Lynchburg-based BWX Technologies to sell medical business
Lynchburg-based nuclear firm BWX Technologies recently announced that it will sell its medical business to the private equity firm Nordic Capital in a deal valued at up to $800 million.
The sale includes BWXT Medical, which traces its roots to the 2018 purchase of a medical isotopes business from Sotera Health, and the medical isotopes business of Kinectrics, which BWXT acquired last year. Both have facilities in Ontario.
Medical isotopes are radioactive forms of elements used in diagnostic imaging and treatment of cancer and other conditions.
“Since acquiring the medical business in 2018, we have roughly tripled revenue, improved profitability and significantly expanded the product portfolio, including novel therapeutic isotopes,” BWXT president and CEO Rex Geveden said in an Aug. 3 news release.
“As the business enters its next phase, this transaction provides an opportunity for the medical team to grow under an owner deeply committed to the healthcare sector, as we concentrate management resources and capital on our core businesses in nuclear national security and nuclear power.”
BWXT supplies nuclear reactors and components for U.S. submarines and aircraft carriers. It also develops commercial small modular nuclear reactors and fuel. The company employs about 2,850 people in the Lynchburg region.
Assuming regulatory approval, the deal is expected to close by the end of this year. BWXT will maintain a minority stake in the company.
Free virtual hiring fair Thursday
The Virginia Department of Small Business and Supplier Diversity, in partnership with Virginia Works, will hold a free virtual employment fair on Thursday.
The event is designed to connect small businesses with job seekers through virtual interviews and online hiring.
Registration is available here.
Employers interested in participating should act quickly: Registration and at least one job posting are required by 5 p.m. Tuesday.
Job seekers can register up until the event begins at 10 a.m. Thursday.
Nuclear simulator overview now available
The Virginia Department of Energy has released a report, the “Virginia Nuclear Simulator Capabilities Overview,” that outlines what nuclear power simulators the commonwealth has and how they’re being used to train the workforce.
Virginia has simulators at the University of Virginia’s College at Wise, the Virginia Tech Corporate Research Center, George Mason University, Virginia Commonwealth University, Dominion Energy sites, and Naval Station Norfolk.
The report describes the power plant technologies covered by the simulators and explains the simulators’ various roles as well as some limitations.
“This report demonstrates the depth of the Commonwealth’s nuclear-training infrastructure and the partnerships that make Virginia a leading destination for advanced nuclear innovation, research, and workforce development,” Vince Maiden, director of Virginia Energy, said in a news release.
Lynchburg airport gets $5.3 million grant
The Lynchburg Regional Airport will get about $5.3 million from a Federal Aviation Administration grant program, according to the city of Lynchburg.
The city said in a news release that the grant, announced Aug. 4, “will fund the airport’s North Apron Landside Development project, a major infrastructure investment that will prepare the site for future aviation business growth by constructing the roads, utilities, parking, and supporting infrastructure needed for new hangar development.”
Lynchburg’s airport was among 339 airports in 44 states and two territories to get a piece of $870 million in federal grants.
Planning is underway, and the city awarded the construction contract to Lynchburg-based J and M Infrastructure, according to the release.
USDA names dozens of Virginia localities as drought disaster areas
The U.S. Department of Agriculture recently designated more than 40 Virginia localities as natural disaster areas due to the ongoing drought.
These include the counties of Alleghany, Amherst Bath, Bland, Bedford, Botetourt, Buchanan, Carroll, Craig, Dickenson, Franklin, Floyd, Giles, Highland, Montgomery, Patrick, Pulaski, Roanoke, Rockbridge, Russell, Scott, Smyth, Tazewell, Washington, Wise and Wythe and the cities of Buena Vista, Covington, Radford, Roanoke and Salem.
Farmers in disaster-designated localities are potentially eligible for USDA relief or Farm Service Agency emergency loan assistance.
In June, many of these localities were designated as disaster areas due to freeze and frost conditions that occurred this past spring.
“Challenges to the sustainability and operations of our local farms demand federal attention. … With this expansion in primary natural disaster area designations, more eligible Ninth District farmers can access the drought assistance they need,” U.S. Rep. Morgan Griffith, R-Salem, said in an Aug. 5 statement, referring to the congressional district he represents.
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.
