Category Archives: Economy

Furniture Frame Manufacturer Closing Most of its Bedford, VA Plant in February

[Frank Chervan, Inc.](http://www.chervan.com/ “Frank Chervan”), manufacturer of wood frames for furniture, announced the closure of several operating units located in its Bedford, Virginia Plant. The company notified approximately 90 affected workers that operations will be closed in early February. The company will still operate a rough lumber mill in Bedford that will likely employ approximately 30 people.

Chervan is now headquartered in Roanoke, Virginia. The company is over 80 years old and has focused on the business of contract manufacturing of wood and upholstered seating. As a supplier to the health care, office, hospitality and residential furniture industries, Chervan has grown in spite of industry challenges. However rapidly rising health care costs and turmoil in financial markets have made the recent operating environment particularly challenging.

The company expects to offer most of the affected employees positions at its Roanoke facility.

[Read](http://www.wsls.com/sls/news/local/article/frank_chervan_closing_majority_of_bedford_plant/22364/#When:19:25:00Z “Read the Notice”) (WSLS-10)

Intermet could lay off 140 employees in Radford, VA

[Intermet Corp.](http://www.intermet.com/ “Intermet”) has told the state of Virginia it has tentative plans to lay off most of its Radford work force.

The maker of cast-metal automotive components, based in Ft. Worth, Texas, filed a notice Nov. 21 saying its unionized Radford foundry will possibly lay off 140 of its 160 employees on or before Jan. 20.

[Read](http://www.roanoke.com/news/breaking/wb/186361 “Read the Article”) (Roanoke Times)

Wytheville, VA Fasteners Plant to Close in 2009

[Acument Global Technologies](http://www.acument.com/index.asp “Acument Global Technologies”)’ plant in Wytheville, VA will close early next year.

Acument makes fasteners for automotive and industrial applications. The company employs 162 people.

A company spokesman says the closure is directly related to the slowdown in the auto industry.

[Read](http://www.wdbj7.com/global/story.asp?s=9450566 “Read the Article”) (WDBJ-7)

What Was the Price of Gas in Salem, VA Tuesday, 12.02.2008? (down)

The gasoline prices at the [Shell @ 4th & Union Streets](http://maps.google.com/maps?f=q&hl=en&geocode=&q=40+W+4th+St+24153&sll=37.295274,-80.056729&sspn=0.030214,0.06609&ie=UTF8&ll=37.285646,-80.05865&spn=0.007554,0.016522&t=h&z=17&g=40+W+4th+St+24153&iwloc=addr “Google Map”)
in Salem, VA:

Grade | Price
——– | ——-
Regular | $1.399
Mid | $1.499
Premium | $1.539
Diesel | $2.799
Kerosene | $3.499

Regular and mid-grade unleaded were down 4 cents, and premium was down 10 cents per gallon.

What is the Price of Gas in Salem, VA Monday, 12.01.2008? (down)

The gasoline prices at the [BP @ Apperson & Colorado](http://maps.google.com/maps?q=200+Apperson+Dr,+Salem,+VA+24153,+USA&ie=UTF8&t=h&sll=37.274899,-80.053909&sspn=0.006295,0.006295&ll=37.274898,-80.053908&spn=0.006258,0.014291&z=17 “Google Map”)
in Salem, VA:

Grade | Price
——– | ——-
Regular | $1.439
Mid | $1.539
Premium | $1.639
Diesel | $2.799
Kerosene | $3.499

Unleaded prices are down 2 cents per gallon.

November 2008 Gas Price Summary for Salem, Virginia

The gasoline prices at the BP @ Apperson & Colorado in Salem, VA:

Grade

 Price 11/1 

 Price 11/30

 $ Change 

% Change

YTD $ Change

YTD % Change

Regular

 $          2.299

 $          1.459

 $          (0.84)

-36.5%

 $               (1.44)

-38.5%

Mid

 $          2.399

 $          1.559

 $          (0.84)

-35.0%

 $               (1.44)

-37.5%

Premium

 $          2.499

 $          1.659

 $          (0.84)

-33.6%

 $               (1.50)

-37.5%

Diesel

 $          3.399

 $          2.799

 $          (0.60)

-17.7%

 $               (0.84)

-19.8%

Kerosene

 $          3.499

 $          3.499

 $                

0.0%

 $                0.10

2.9%

What is the Price of Gas in Salem, VA Friday, 11.28.2008? (down)

The gasoline prices at the [Shell @ 4th & Union Streets](http://maps.google.com/maps?f=q&hl=en&geocode=&q=40+W+4th+St+24153&sll=37.295274,-80.056729&sspn=0.030214,0.06609&ie=UTF8&ll=37.285646,-80.05865&spn=0.007554,0.016522&t=h&z=17&g=40+W+4th+St+24153&iwloc=addr “Google Map”)
in Salem, VA:

Grade | Price
——– | ——-
Regular | $1.459
Mid | $1.559
Premium | $1.659
Diesel | $2.799
Kerosene | $3.499

Unleaded are down 2 cents per gallon.

Cycle Systems lays off 35 workers (17 1/2% of its workforce)

Roanoke-based [Cycle Systems](http://www.cyclesystems.com/ “Cycle Systems”) laid off 35 employees (17 1/2% of its workforce) last week across the company’s eight locations. Five workers in Roanoke lost their jobs.

It was the first time in Cycle Systems’ 92-year history that the family-owned company has laid off more than a couple of employees at once.

The company attributed the cuts to the faltering economy and decreased demand by automakers, steel manufacturers and other industrial clients for recycled metals and processed scrap.

[Read](http://www.roanoke.com/business/wb/185514 “Read the Article”) (Roanoke Times)

Valley Bank to receive money from federal government

Valley Financial Corporation, the parent company of [Valley Bank](http://www.myvalleybank.com/ “Valley Bank”), says the Treasury Department has given preliminary approval for $16 million. The cash infusion will come from the purchase of preferred stock from the company. The $16 million will come from the Treasury Department’s “Capital Purchase Program,“ which was created to help stabilize the financial system and increase lending by banks.

[Read](http://www.wsls.com/sls/news/local/article/valley_bank_to_receive_money_from_feds/22077/#When:22:00:53Z “Read the Article”) (WSLS)

What Was the Price of Gas in Salem, VA Wedneday, 11.26.2008?

The gasoline prices at the [Shell @ 4th & Union Streets](http://maps.google.com/maps?f=q&hl=en&geocode=&q=40+W+4th+St+24153&sll=37.295274,-80.056729&sspn=0.030214,0.06609&ie=UTF8&ll=37.285646,-80.05865&spn=0.007554,0.016522&t=h&z=17&g=40+W+4th+St+24153&iwloc=addr “Google Map”)
in Salem, VA:

Grade | Price
——– | ——-
Regular | $1.479
Mid | $1.579
Premium | $1.679
Diesel | $2.799
Kerosene | $3.499

Regular and mid-grade unleaded were down 2 cents, but premium was up 4 cents per gallon.

What Was the Price of Gas in Salem, VA Tuesday, 11.25.2008? (down)

The gasoline prices at the [Shell @ 4th & Union Streets](http://maps.google.com/maps?f=q&hl=en&geocode=&q=40+W+4th+St+24153&sll=37.295274,-80.056729&sspn=0.030214,0.06609&ie=UTF8&ll=37.285646,-80.05865&spn=0.007554,0.016522&t=h&z=17&g=40+W+4th+St+24153&iwloc=addr “Google Map”)
in Salem, VA:

Grade | Price
——– | ——-
Regular | $1.499
Mid | $1.599
Premium | $1.639
Diesel | $2.799
Kerosene | $3.499

Unleaded prices were down 4 cents per gallon.

What Was the Price of Gas in Salem, VA Monday, 11.24.2008? (down)

The gasoline prices at the [Shell @ 4th & Union Streets](http://maps.google.com/maps?f=q&hl=en&geocode=&q=40+W+4th+St+24153&sll=37.295274,-80.056729&sspn=0.030214,0.06609&ie=UTF8&ll=37.285646,-80.05865&spn=0.007554,0.016522&t=h&z=17&g=40+W+4th+St+24153&iwloc=addr “Google Map”)
in Salem, VA:

Grade | Price
——– | ——-
Regular | $1.539
Mid | $1.639
Premium | $1.679
Diesel | $2.799
Kerosene | $3.499

Regular and mid-grade unleaded were down 4 cents and premium was down 10 cents per gallon.

What Was the Price of Gas in Salem, VA Sunday, 11.23.2008? (down)

The gasoline prices at the [Shell @ 4th & Union Streets](http://maps.google.com/maps?f=q&hl=en&geocode=&q=40+W+4th+St+24153&sll=37.295274,-80.056729&sspn=0.030214,0.06609&ie=UTF8&ll=37.285646,-80.05865&spn=0.007554,0.016522&t=h&z=17&g=40+W+4th+St+24153&iwloc=addr “Google Map”)
in Salem, VA:

Grade | Price
——– | ——-
Regular | $1.579
Mid | $1.679
Premium | $1.779
Diesel | $2.799
Kerosene | $3.499

Unleaded prices were down 2 cents per gallon.

What Was the Price of Gas in Salem, VA Saturday, 11.22.2008? (down)

The gasoline prices at the [Shell @ 4th & Union Streets](http://maps.google.com/maps?f=q&hl=en&geocode=&q=40+W+4th+St+24153&sll=37.295274,-80.056729&sspn=0.030214,0.06609&ie=UTF8&ll=37.285646,-80.05865&spn=0.007554,0.016522&t=h&z=17&g=40+W+4th+St+24153&iwloc=addr “Google Map”)
in Salem, VA:

Grade | Price
——– | ——-
Regular | $1.599
Mid | $1.699
Premium | $1.799
Diesel | $2.799
Kerosene | $3.499

Unleaded prices were down 6 cents per gallon.

What is the Price of Gas in Salem, VA Friday, 11.21.2008? (down)

The gasoline prices at the [Shell @ 4th & Union Streets](http://maps.google.com/maps?f=q&hl=en&geocode=&q=40+W+4th+St+24153&sll=37.295274,-80.056729&sspn=0.030214,0.06609&ie=UTF8&ll=37.285646,-80.05865&spn=0.007554,0.016522&t=h&z=17&g=40+W+4th+St+24153&iwloc=addr “Google Map”)
in Salem, VA:

Grade | Price
——– | ——-
Regular | $1.659
Mid | $1.759
Premium | $1.859
Diesel | $2.799
Kerosene | $3.499

Unleaded prices are down 4 cents per gallon.