PRINCO LLC to Establish Manufacturing Facility in VirginiaFebruary 21, 2023
RICHMOND, VA – Governor Glenn Youngkin today announced that PRINCO LLC, a joint venture comprised of Premier, Inc. (NASDAQ: PINC), a leading technology-driven healthcare improvement company (through its affiliate SVS LLC), Vario Labs LLC of Virginia Beach, and Caretrust LLC, will establish a healthcare products manufacturing facility in the City of Norfolk. PRINCO LLC will create approximately 284 jobs and initially invest $18.1 million, with potential additional investment of $5.7 million. PRINCO LLC will manufacture incontinence pads, bringing the production of this product from overseas to the United States to support more than 4,400 hospitals in Premier’s customer portfolio, as well as other healthcare providers nationwide.
“This tremendous new venture represents the onshoring of a necessary healthcare product, a boost for the industry supply chain, and high-quality manufacturing jobs all happening in the Commonwealth of Virginia,” said Governor Glenn Youngkin. “PRINCO LLC’s new manufacturing facility in the City of Norfolk will benefit from the region’s outstanding logistical advantages, skilled workforce, and diverse ecosystem of suppliers, innovators, and customers. This venture is a blueprint for future investment in Virginia, and we look forward to the company’s future success.”
“This new operation is a substantial addition to Virginia’s manufacturing sector, bringing more than 280 valuable jobs and economic opportunity to the City of Norfolk,” said Secretary of Commerce and Trade Caren Merrick. “The Commonwealth continues to play a significant role in reshoring manufacturing, and we are excited that the founding partners of PRINCO LLC recognize Virginia as a prime business location for this major new venture.”
“A strong workforce, expanding port infrastructure, and access to domestic and global markets make the Commonwealth of Virginia an ideal location for the production of incontinence pads – a vital product for our nation’s healthcare providers,” said Michael J. Alkire, President and CEO of Premier. “We thank the Governor, the Virginia Economic Development Partnership, and the City of Norfolk officials for their work with us on this project. This investment and their support will help drive greater domestic production of the supplies providers need to care for patients – and strengthen resiliency in the U.S. healthcare supply chain.”
“We are enthusiastic about launching this medical products manufacturing facility in the business-friendly City of Norfolk. We thank Governor Glenn Youngkin and Norfolk Mayor Kenneth Alexander and their teams for welcoming us here. Virginia’s extremely business-friendly environment and Norfolk’s site-ready locations and great access to The Port of Virginia made this an easy choice for Virginia,” said Brent Dillie, CEO, PRINCO LLC. “With the excellent healthcare ecosystem in the region and the great state and local focus on workforce development, our manufacturing operations will thrive here.”
“A manufacturer's ability to promptly produce and distribute innovative healthcare products in an ever-growing industry is critical to its providers and their customers. We are delighted that Norfolk's advanced transportation infrastructure and robust workforce offer significant logistical advantages for domestic distribution,” said Norfolk Mayor Kenneth Alexander. “We appreciate Premier, Inc.'s trust in our ability to bolster its U.S. production capabilities and essential role in the global healthcare industry. The creation of an anticipated 284 jobs will support Norfolk's thriving workforce.”
“Through this investment in a new manufacturing facility, PRINCO will be supporting the healthcare industry for the Commonwealth and across the country,” said Stephen A. Edwards, CEO and Executive Director of the Virginia Port Authority. “The Port of Virginia is ready to work with PRINCO and its partners to handle all of their supply chain needs today and well into the future. With this Norfolk location, PRINCO will be close by, and we are ready to begin a long and productive relationship with this newest corporate neighbor.”
“I am very pleased that Premier will move from sourcing certain of its products overseas and will now be sourcing a portion of its supply from Norfolk,” said Senator Lionell Spruill, Sr. “This is a huge asset to the City of Norfolk with the employment opportunities PRINCO will offer, and I welcome PRINCO to our area.”
“I am pleased to welcome PRINCO LLC to the City of Norfolk. We anticipate that this venture will provide well-paying jobs for our residents, as well as expand the economic base of the city,” said Delegate Angelia Williams Graves. “I look forward to working with PRINCO as it grows and expands in Norfolk.”
Premier unites an alliance of more than 4,400 U.S. hospitals and health systems and approximately 250,000 other providers and organizations to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and consulting and other services, Premier enables better care outcomes at a lower cost. Premier plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, North Carolina, Premier is passionate about transforming American healthcare.
Vario Labs LLC is a wholly owned subsidiary of PremiumEstore LLC DBA Premium-PPE. Premium-PPE is a domestic manufacturer of personal protective equipment located in Virginia Beach, Virginia. Employees manufacture critical disposable PPE masks for the federal government, healthcare providers, and the general public. It has supplied more than 100 million FDA-cleared masks to the federal government since early 2020 to help the United States address critical shortages of PPE masks. Caretrust LLC brings products to market in a cost-effective manner with the highest quality required by U.S. healthcare providers. Caretrust specializes in international materials, global product sourcing, logistics, supply chain management, and manufacturing operations.
The Virginia Economic Development Partnership worked with the City of Norfolk to secure the project for Virginia. Governor Youngkin approved a $50,000 grant from the Commonwealth’s Opportunity Fund to assist the City of Norfolk with the project. PRINCO LLC is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development, as well as from the Port of Virginia Economic and Infrastructure Development Zone Grant Program. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.