Atlantic Union completes $507M purchase of American National

Richmond-based Atlantic Union Bankshares completed its acquisition Monday of Danville-based American National Bankshares, parent company of American National Bank and Trust. Based on the $35.31/share closing price Thursday of Atlantic Union common stock, the transaction value was approximately $507 million, according to Atlantic Union’s news release Monday.

The deal was announced in July 2023, and in February, the Federal Reserve’s Board of Governors approved the acquisition, allowing the deal to close Monday. Under the terms of the merger, American National shareholders will receive 1.35 shares of Atlantic Union common stock in exchange for each share of American National common stock, with cash paid in lieu of partial shares.

Virginia Business

Gaston County to mull incentives for $74M, 300-job manufacturing expansion

Gaston County appears to be in contention for a major existing-industry expansion that could create 300 jobs.

The Gaston County Board of Commissioners is scheduled tonight to consider incentives for Project Upcycle. County documents show the project calls for a $74 million investment, which would be made to expand the unnamed company’s existing manufacturing and distribution operations.

Charlotte Business Journal

Nucor launches new business unit after $115M acquisition of Southwest Data Products

Nucor Corp. (NYSE: NUE) has launched a new business unit after completing the $115 million acquisition of a California company.

The Charlotte-based steelmaker announced today it had launched Nucor Data Systems, a business unit that services customers in the data center infrastructure industry. The business unit is being launched after Nucor bought Southwest Data Products Inc. The company makes and installs data center infrastructure at its offices and manufacturing facility in San Bernardino, California. SWDP has 147 employees.

Charlotte Business Journal

Energy Secretary: Georgia now at center of ‘Battery Belt’

Georgia’s clean energy expansion: ‘The industrial Midwest has taken note’

Investment in Georgia’s clean energy sector is garnering national attention

“I can tell you the industrial Midwest has taken note,” Energy Secretary Jennifer Granholm says about Georgia’s concentration on the EV and battery manufacturing markets.

Granholm calls Georgia the “main strap of the battery belt.” 

Granholm visited the Russell Innovation Center for Entrepreneurs Thursday to discuss the Biden Administration’s goal of bringing manufacturing jobs back to the United States through the clean energy supply chain.

Granholm said the U.S. lost millions of jobs in the 2000s and that Georgia lost about 25% of its manufacturing workforce. 

Atlanta Business Chronicle

PrizePicks confirms new $25M HQ, 1,000-job expansion

Daily fantasy sports company PrizePicks will invest $25 million into its new Atlanta headquarters, Georgia Gov. Brian Kemp announced Thursday.

PrizePicks is leasing 33,000 square feet at Star Metals Offices, a more than $300 million development in West Midtown. Atlanta Business Chronicle first reported the expansion last month. PrizePicks is leaving a smaller workspace at Midtown’s Promenade Tower.

The move will allow PrizePicks to hire 1,000 new workers over the next seven years, according to Kemp’s announcement. Today, the company has more than 500 employees worldwide.

Atlanta Business Chronicle

Baton Rouge Automation Manufacturer to Expand Headquarters, Create 75 Direct New Jobs

BATON ROUGE, La. – BBP, a Louisiana-based automation solutions manufacturing company, announced it is expanding its Baton Rouge headquarters with the construction of a new facility to better accommodate growing customer demand for its products.

The $4.2 million investment will allow the company to create 75 direct new jobs over the next 10 years, while retaining 51 current positions in Louisiana. Louisiana Economic Development estimates the project will result in 59 indirect new jobs, for a total of 134 potential new jobs in the Capital Region.

“While we are always seeking new investors, Louisiana is equally focused on making sure the businesses that have already invested in our state and built a workforce here continue to grow,” LED Secretary Susan B. Bourgeois said. “I thank BBP for renewing its commitment to our state and our skilled manufacturing workforce. We look forward to working with them as they continue to expand and strengthen Louisiana’s economy.”

To facilitate an uninterrupted workflow and increase production capacity, the new facility will include a crane spanning the length of the facility, state-of-the-art automated valve assembly work cells, vertical warehousing and a sensor assembly area.

“As we move forward with our expansion endeavors, I am proud to announce the construction of our new manufacturing facility and the expansion of our headquarters in Baton Rouge,” BBP President Scott Romero said. “This strategic initiative marks a significant milestone for our company as we aim to enhance our capabilities and better serve our customers. Louisiana has been the cornerstone of our operations since 1990, and our decision to expand our manufacturing reaffirms our confidence in the region’s potential and our dedication to fostering economic prosperity.”

Construction on the new facility began in July 2023 with commercial operations expected to begin by the end of June. The company anticipates the project to be completed by the end of the year.

“In Baton Rouge, we are not just witnessing growth; we are actively cultivating it,” said Baton Rouge Mayor-President Sharon Weston Broome. “Today’s announcement by BBP to expand its headquarters and build a new facility here is a testament to our city’s vibrant economic landscape and its role as a leader in the region and the state for job creation. This $4.2 million investment indicates the confidence businesses have in our community. Let this expansion serve as a beacon to other businesses considering Baton Rouge as their home: here, you will find support, opportunity and a community ready to grow together.”​​

To secure the project in Baton Rouge, the state of Louisiana offered BBP a competitive incentives package including the comprehensive workforce development solutions of LED FastStart. The company is also expected to participate in the state’s Industrial Tax Exemption and Quality Jobs programs.

“BBP’s decision to expand in Louisiana’s Capital Region solidifies Baton Rouge’s strength as a manufacturing hub,” said Russell Richardson, Baton Rouge Area Chamber senior vice president of business development. “Their expansion in our community will not only bring in $4.2 million in capital expenditures, but an equally impressive 75 new direct jobs. We are fortunate to have such a strong community partner in BBP, and we are here to support their continued growth.”

Register here to be notified about BBP job opportunities, hiring events and news updates.

About BBP
BBP is a leading provider of instrumentation, valves, analytical products, and control systems, dedicated to delivering high-quality solutions to customers across the southeast U.S. With a commitment to innovation and customer satisfaction, BBP specializes in manufacturing automation and precision engineering. The company’s state-of-the-art facilities and cutting-edge technologies enable it to meet the diverse needs of industries ranging from industrial automation to process control. Through a combination of expertise, reliability, and forward-thinking, BBP continues to set the standard for excellence in the manufacturing sector. Learn more at BBPsales.com.

About LED
Louisiana Economic Development is responsible for strengthening the state’s business environment and creating a more vibrant economy. In 2023, LED attracted more than $25 billion of capital investment resulting in the creation of 19,000 potential new and retained jobs. Explore how LED cultivates jobs and economic opportunity for the people of Louisiana and employers of all sizes at OpportunityLouisiana.gov.