2,500 Jobs Projected for For Virginia
About 2,500 jobs will be created in 1986 when businesses ranging from coal equipment manufacturers to consulting firms move to or expand facilities in Virginia, the Department of Economic Development has projected.
In the first quarter of 1986, 36 manufacturing companies said they planned to build or to expand facilities: Nineteen companies were building or planning to build new facilities and projected 1,160 jobs would be created; 17 companies were planning to expand existing businesses and expected 716 additional employes.
During the same period, 18 manufacturing companies said they planned to expand or to move to Virginia, representing an estimated 720 additional jobs and $5.8 million in capital investments.
Employment projection is down slightly from the first quarter of 1985, according to the department. Last year, 35 manufacturing companies projected 2,428 additional jobs, and 15 nonmanufacturing companies projected 1,600 jobs in the first quarter.
Evelyn M. Glazier, director of marketing for the department, attributes the drop to major expansion plans in 1985 at Howmet Turbine Components Corp. and Army-Air Force Exchange Service that added 1,300 jobs to the first-quarter report.
"The number of companies planning activity is higher this year than reported in the first quarter of '85, but projected employment is lower," said Glazier. "On the whole, 1985 was a good year, and the first-quarter report is a continuation of strong economic activity."
Schwieger Industries Inc., Fairchild International and Atlantic Food Services Inc. led firms that are planning to hire, each projecting an additional 200 to 250 employes.
Industries leading in the employment projection include the manufacturing of nonelectrical machinery, food and kindred products, furniture, fixtures and apparel.
Companies announcing capital investments of $1 million or more include Atlantic Food Service Inc., $10 million; Arlington Woodworking & Lumber Co. Inc., $3.66 million; Grapha Manufacturing Corp., $3 million; Western Reserves Plastics Inc., $2.5 million; and Benjamin Moore and Co.; $1 million.
Martin Marietta Corp. and Alpha Industries of Massachusetts plan to form a joint venture to develop a next generation of high-speed electronic circuitry for military applications.
The venture will produce computer chips made of gallium arsenide, a high-frequency semiconductor material that carries data five times faster than conventional silicon.
The advanced microchips will be used in such applications as high-frequency millimeter-wave radar to enable guidance systems to locate targets more accurately.
Alpha Industries, a major manufacturer of microwave and millimeter-wave semiconductors, will join the venture with expertise in the design and production of the individual advanced microchips.
Martin Marietta contributes technical expertise in development of processes for material production, design and analysis of integrated systems, development of chip testing methods and ability to build and manage complex systems that use integrated circuits.
Jefferson Bankshares Inc., the Charlottesville holding company, will acquire Peoples Bank of Stafford, Va., subject to approval by Peoples'shareholders and by regulatory authorities.
Peoples' shareholders will receive 10 shares of Jefferson Bankshares common stock, calculated as though the 3-for-2 stock split that is payable on April 30, 1986, already were issued. Peoples Bank has 30,000 shares of stock outstanding.
Jefferson Bankshares operates Jefferson National Bank, which has $1.1 billion in total assets and 72 banking offices.
Peoples Bank has five banking offices in Stafford and Fredericksburg counties and had total assets of $45 million and shareholders' equity of $4.4 million on Dec. 31.
F & M National Corp., a multibank holding company based in Winchester, Va., acquired the Virginia Capital Bank and merged it with its Suburban Bank of Richmond to form the F & M Bank in Richmond. Terms of the acquisition were not disclosed.
F & M Bank, with combined assets of $40.4 million, will operate six banking offices in Richmond. Virginia Capital shareholders received F & M National shares on a share-for-share basis.