10 Va. companies graduate VEDP export program

Ten Virginia companies are the latest to graduate from the Virginia Economic Development Partnership’s Virginia Leaders in Export Trade (VALET) program, which helps companies work on international export growth strategies, Gov. Glenn Youngkin announced this week.

The two-year VALET program helps Virginia companies that have established domestic operations use international exporting as a growth strategy. Businesses receive assistance developing international sales plans from international service providers, meetings with potential partners, educational events and customized market research. On average, participants see a 78% increase in international sales.

The program, introduced in 2002, now has more than 350 graduates. Currently, 51 companies are participating in the program. Since its inception, VALET has accepted more than 415 Virginia companies.

“Each of the 10 graduating companies represents a Virginia success story, and we commend their accomplishments achieved in the global marketplace since joining VALET two years ago,” Youngkin said in a statement. “This award-winning program accelerates the development of international business by connecting companies with the practical tools needed for successful export sales, which in turn creates jobs and grows Virginia’s economy.”

The graduating companies are:

• American K-9 Interdiction LLC, Isle of Wight County
• BecTech Inc., Alexandria
• Embody Inc., Norfolk
• Ensco Inc., Fairfax County
• Har-Tru LLC, Fluvanna County
• Kapsuun Group, Fairfax County
• Moog Inc., Montgomery County
• Morphix Technologies, Virginia Beach
• PaneraTech Inc., Fairfax County
• T.R.U. Ball/Axcel Archery, Amherst County

VEDP has a network of international market research consultants covering 120 countries.

“When Virginia businesses expand their target markets overseas and increase revenues, the commonwealth’s economy grows,” VEDP President and CEO Jason El Koubi said in a statement. “The VALET program has helped more than 350 companies successfully navigate the changing global marketplace and expand international sales over the past two decades, directly contributing to Virginia’s economic vitality. We are excited to see the export growth these graduates will experience as a result of their time in the program.”

Virginia exports more than $35 billion in goods and services annually, supporting more than 257,000 jobs and generating $2 billion in annual tax revenue, according to a news release.