Foreign trade zones allow businesses to defer paying U.S. Customs duties on imported goods held within the zones until the goods enter the United States for domestic consumption. No duties are paid if goods are re-exported. Companies also receive the benefit of not having to pay duties on broken or scrapped product. Businesses are allowed to store goods within FTZs for an unlimited period of time.
RICHMOND - Governor Bob McDonnell today announced that North American Mold Technology (NAMT) will invest $4.35 million to establish a manufacturing operation in the City of Danville. The company will produce and refurbish the molds used in the manufacture of tires, creating 120 new jobs. Its customer base will include almost all major tire manufacturers in the U.S. Virginia successfully competed against Ohio for the project.
RICHMOND - Governor Bob McDonnell today announced that Korona S.A., one of the largest producers of candles in the world, will invest $18.3 million to locate its first U.S. candle production facility in Pulaski County. The company, based in Poland, will create 170 new jobs. Virginia successfully competed against North Carolina for the project.
RICHMOND - The Virginia Economic Development Partnership (VEDP) today announced that Andreas Dressler will serve as Director of State of Virginia, Europe. Dressler succeeds Matthias Duys, who will retire after serving the Commonwealth for nearly 15 years.
RICHMOND - Governor Bob McDonnell today announced that Eastman Chemical Company will invest $40 million over the next three years to expand its manufacturing operation in Henry County. Eastman acquired the site in 2012 and became the leading global manufacturer of window films for the automotive and architectural markets. The company’s facility in Henry County is one of the largest and most integrated window and performance-coated film manufacturing sites in the world. The investment in Henry County is expected to create 25 new jobs.
RICHMOND - Governor Bob McDonnell today announced that Cvent (NYSE: CVT), a leading cloud-based event management platform that recently went public, will move its headquarters to SAIC’s former headquarters building in Tysons Corner, the recently renamed “Greensboro Station.” Virginia successfully competed against Maryland for the project, which will create 400 new jobs in three years and retain 451 jobs.
RICHMOND - Governor Bob McDonnell today announced a $1.9 million investment by DESMI Inc., a global company specializing in the development and manufacture of pump solutions for marine, industry, oil spill combating, defense & fuel, and utility, both locally and globally, to expand its assembly and manufacturing operation in the City of Chesapeake. The fully renovated, 37,000-squre-foot facility will open on November 1. This expansion follows the company’s consolidation of its U.S.
RICHMOND - Governor Bob McDonnell today announced that Dominion Packaging will invest $45 million to establish a manufacturing operation in Henrico County. The company, which produces high-quality packaging solutions for major customers in the tobacco, quick service restaurant, and consumer markets, will also move its headquarters to Henrico. Virginia successfully competed against North Carolina for the project, which will create 113 new jobs.
RICHMOND - Governor Bob McDonnell today announced that Classic Creations, LLC will invest $1.4 million to establish a new commercial screen printing operation to provide retail products to the sports industry. Virginia successfully competed against North Carolina for the project, which will create 55 new jobs.
RICHMOND - Governor Bob McDonnell announced today that TE Connectivity Ltd. (NYSE: TEL) will invest more than $15 million in the expansion of the company’s operations in the Town of Culpeper in Culpeper County. The plant designs and manufactures undersea fiber optic telecommunication cables, electro-optical-mechanical cables, and steel wire. The project is expected to create approximately 30 new jobs.