VIRGINIA / Richmond School Takes Part in Fed Challenge

The Fifth District championship round of the 2007 Fed Challenge was held at the Federal Reserve Bank of Richmond on Tuesday.The winner was Severn School of Severna Park, Md.

Also participating in the final round were Trinity Episcopal School of Richmond and Millbrook High School of Raleigh, N.C.

“There is an excitement and achievement that comes with participating in the Fed Challenge competition that seems to enrich the participants’ view of what is at work in the economy locally, nationally and globally,” said Steve Malone, who oversees the Richmond Fed’s economic-education and financial-literacy program. “They know so much more than they did when they signed up for the competition or when they walked through the doors of the bank.”

Severn advances to the national finals May 19-21 in Washington.

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Trinity Episcopal School was a finalist at the Fed Challenge competition. Team members (front row, from left) are Logan Mintz (alternate), William Hurd, Thomas “Alex” Eschenroeder and Robert Warneford-Thomson. In the back row (from left) are Paige Harland, Bob Patterson (faculty adviser) and Victoria Marchetti. (photo cutline)

Essel Propack facility in Danville will expand

Essel Propack, an India-based manufacturer of laminated and plastic tubes for the cosmetic, oral- and health-care industries, will invest $14 million to expand the capacity of its facility in Danville.

The company also will create a printing center to support Essel Propack and its subsidiary, Arista Tubes, which also is in Danville. The expansion will create about 35 jobs, Gov. Timothy M. Kaine said yesterday. The announcement came at the conclusion of a Virginia trade mission to India.

Essel Propack is the largest specialty-packaging company in the world, headquartered in Mumbai, India.

Three central Va. firms recognized for growth

Three central Virginia firms were recognized at the Virginia Chamber of Commerce Fantastic 50 Awards last night in Northern Virginia.

The awards recognize the fastest-growing privately held companies in the state.

T-Solutions Inc., a woman- and veteran-owned consulting and maintenance engineering firm from Chesapeake, was the fastest- growing firm. T-Solutions had 2,202 percent growth from 2002 through 2005.

From the metro area:

— Compass Energy Solutions Inc., energy sales and services company, was No. 9, with 612 percent growth.

— Logistics Solutions Group Inc. of Hopewell, an information- technology firm, was No. 24, with 214 percent growth.

— AdvanceTEC, a clean-room contractor, was No. 49, with 108 percent growth.

Nominations for the 2007 Fantastic 50 were sought last fall from local chambers of commerce, economic-development organizations and through the sponsors’ networks. Companies also could nominate themselves.

Companies are judged on a four-year sales history. To be considered, they must show sales between $200,000 and $100 million and demonstrate positive revenue growth and positive net income in their most recent fiscal year over the previous year.

THE NATION

U.S. to give utilities a regulatory bypass

WASHINGTON – The federal government said yesterday that it would give power companies special rights to build their lines in the Washington region and some other parts of the country. They would let the companies go over the heads of state officials if necessary in the interest of bolstering the nation’s electrical grid.

The change could give Dominion Virginia Power greater authority to build a controversial line through Northern Virginia. The company says it has no plans to bypass the state but will not rule it out.

During a briefing, U.S. Energy Secretary Samuel Bodman announced that the networks of high-voltage power lines in two regions – the Southwest and the mid-Atlantic – are so inadequate that fixing them is a national priority.

As a result, he said, he has named the areas “national interest” corridors. That means that if state officials deny or delay power- line projects, companies can appeal to the Federal Energy Regulatory Commission, which can overrule states and force the projects through.

ILLUSTRATION: PHOTO

MEMO: Excerpted from BUSINESS BRIEFS

(c) 2007 Richmond Times – Dispatch. Provided by ProQuest Information and Learning. All rights Reserved.