VIRGINIA

Current USA to buy retailer Lillian Vernon

COLORADO SPRINGS, Colo. -- Current USA Inc. has agreed to acquire gift catalog and online retailer Lillian Vernon Corp., which filed for bankruptcy protection in February.

Bankruptcy court filings show Current USA agreed to a base purchase price of $15.8 million. The sale is expected to close Thursday.

Current USA is a subsidiary of Taylor Corp. that provides stationery, home decor and personalized items. It says it expects Lillian Vernon's operations at its facility in Virginia Beach, Va., would continue.

Israeli bioscience firm opens Richmond office

EnzySurge, an Israeli bioscience company focused on chronic wound management, has established its U.S. office at the Virginia BioTechnology Research Park in downtown Richmond.

The company developed DermaStream, a treatment for hard-to-heal chronic wounds. The product is for use for hospitals, clinics and home treatment.

"We're dedicated to developing innovative solutions that expedite wound healing and improve patients' quality of lives," said Amir Shiner, EnzySurge's chief executive.

The biotech park is home to about 55 public and private bioscience companies. The companies are housed in nine buildings totaling more than 1.1 million square feet of space.

Markel subsidiary buys insurance group

Markel Insurance Co., a subsidiary of Henrico County-based Markel Corp., said yesterday that it has acquired Specialized Insurance Inc. of Blair, Neb.

Specialized Insurance provides coverage for garages, gas stations, body shops, lube and tune centers, car washes and some used-car dealers, primarily in the western United States, Markel said.

The value of the deal, which closed Tuesday, was not disclosed.

THE NATION

U.S. to continue adding oil to petroleum reserve

WASHINGTON -- The Energy Department said yesterday that it would continue putting oil into the Strategic Petroleum Reserve even as crude oil prices remain above $100 a barrel.

The department announced a solicitation of bids for 13 million barrels of oil, with deliveries expected to begin in August, when the current delivery contracts expire. Oil will be put into the reserve at about 76,000 barrels a day, about the same rate as current deliveries, through December.

Bids are due by May 13, the department said.

The government reserve, which was created to serve as a cushion against major oil supply disruptions, has a capacity of 727 million barrels. It holds about 700 million barrels.

Energy Department officials have said the amount of oil being put into the reserve is too small to affect the oil markets, which globally consume 86 million barrels of oil a day.

Honeywell purchases safety equipment maker

NEWARK, N.J. -- Honeywell International Inc. yesterday said it will buy Norcross Safety Products LLC for $1.2 billion to expand its line of personal protective gear.

Norcross, based in Oak Brook, Ill., makes protective and safety equipment for the fire service, utility and general industrial worker segments. Honeywell, a major employer in the Richmond area, is buying the company from its majority owner, Odyssey Investment Partners.

Honeywell spokeswoman Julie Franklin said Norcross has manufacturing in South Carolina, Rhode Island and Ohio, but not in Virginia. The acquisition will not directly affect Honeywell operations in Chesterfield County that make Spectra, a high-strength fiber used in protective equipment, but Honeywell sees future opportunities to blend the two companies' technologies and build that business, she said.

Morris Township, N.J.-based Honeywell will integrate the company into Honeywell Life Safety, part of its automation and control solutions group, which had sales of $3.44 billion in the fourth quarter of 2007.

Norcross had revenues of about $609 million in 2007, said Honeywell, which had revenue of $34.6 billion that year.

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