HARRISON HUNT First aeronautics major to fly solo
PAGE 5 VOLUME 28 NUMBER 21 ■ CHARLESTONBUSINESS.COM
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POWER LIFTERS
Women in Manufacturing
Leaders share their experiences in industry. Page 6
Robot designed to interest kids in STEM charms conference attendees. Page 8
Doing good
Effort to improve fundraising for nonprofit leads to a new Lowcountry business. Page 10 The Upstate, with its diverse manufacturing base, is a big beneficiary of ports activities, according to a study. (Photo/SCPA)
Health Care Heroes finalists have been chosen with a date set to reveal winners. Page 11
INSIDE
Upfront ................................ 2 SC Biz News Briefs ................ 3 Best Advice .......................... 4 In Focus: Banking and Finance ......... 15 List: Financial Brokerage Firms ................................. 19 At Work .............................. 21 People in the News ..............22 Hot Properties .....................22 Viewpoint ...........................23
By Ross Norton
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Spot the Robodog
Heroic honorees
Benefitfocus agrees to $570M deal for sale to Voya
SC Ports turning in strong performance since pandemic By Krys Merryman
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kmerryman@scbiznews.com
he S.C. Ports Authority’s annual fiscal year 2022 report shows the Upstate experiences a $32.8 billion economic impact out of the $63.4 billion total impact attributed to the ports, with more than $5.5 million in capital expenditures poured into Inland Port Greer. S.C. ports also bring in $1.1 billion in annual state tax revenue and account for nearly 117,000 jobs in the Upstate alone because of port-dependent businesses, including recent investments from companies such as BMW, Bosch and Walmart. The SCPA is expanding Inland Port Greer to add more cargo and rail capacity to the railserved inland terminal, helping to speed goods
to market, according to the report. The expansion involves building additional rail processing and storage tracks within the terminal, expanding the container yard to the east and west, enlarging the existing chassis yard, and building new facilities for port operations. Greer Mayor Rick Danner said Inland Port Greer is sort of a “hidden treasure,” an enigma for residents. “From a statewide standpoint, there is undeniable impact the inland port has on the state, the Upstate, and the city,” said Danner. “It’s changed the ways we do business here and the growth of distribution models we see in the Greer area. We know there is direct impact to the city in regard to its presence here. But if you tell people there is See PORT, Page 13
High-Tech Beer Buying Brewery crafts NFT purchasing platform. Page 15
rnorton@scbiznews.com
oya Financial Inc., a health, wealth and investment company, intends to buy high-profile Charleston company Benefitfocus Inc., a cloud-based benefits administration technology company. Under terms of the agreement announced in a news release and during a stockholder meeting Wednesday, Voya will acquire all outstanding shares of Benefitfocus common stock for $10.50 per share in an all-cash transaction valued at approximately $570 million, inclusive of Benefitfocus debt and outstanding preferred shares. Benefitfocus serves a brokerage and consulting firm in the health and benefits industry, working through its employer and health plan customers. The company says it “touches more than 25 million lives” on its platform. Combined with its own existing workplace customers, Voya will serve approximately 38 million individuals following completion of the acquisition, according to the news release. “Our acquisition of Benefitfocus is an exciting opportunity to accelerate our workplace-centered strategy and increase our capacity to meet the growing demand for comprehensive benefits and savings solutions at the workplace,” Heather Lavallee, president and CEO-elect of Voya Financial Inc., said in the news release “Benefitfocus’ exceptional talent, strong capabilities, and extensive reach across the benefits industry will expand Voya’s ability to deliver innovative solutions for employers and health plans, and help improve the financial, physical and emotional wellbeing of their employees and members. At the same time, Voya’s technology resources, digital capabilities, and operational expertise will add tremendous value to See BENEFITFOCUS , Page 9