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Tag: VJIP

Lyon Shipyard to expand, adding 134 jobs

Lyon Shipyard, a 95-year-old family-owned ship repair facility in Norfolk, will spend $8.5 million to expand its operations and add an estimated 134 jobs, Gov. Glenn Youngkin announced Wednesday.

The shipyard plans to increase its capacity to work on commercial ships and vessels that will work on offshore wind farm operations. Virginia competed with Maryland and North Carolina for the project.

“Lyon Shipyard has been a leader in marine repair and industrial services in Norfolk for nearly a century, and its new investment will allow the company to service vessels integral to Virginia’s growing offshore wind industry,” Youngkin said in a statement. “We thank Lyon Shipyard for its long-term partnership with the commonwealth and advancing Virginia’s position as a leading state in this emerging sector on the East Coast.”

Established in 1928, Lyon has two facilities in Norfolk located on more than 30 acres along the eastern branch of the Elizabeth River. The company provides marine electronics repair, barge repair and pier side repairs and hauls vessels out of the water for underwater repairs to equipment including propellers, tail shafts and rudders. The company’s commercial customers include tug and barge operators, dredging and marine construction contractors, ferry and cruise ship operators, research vessels and commercial fishing companies. Its government customers include the Navy, Army, Coast Guard, Military Sealift Command and the Maritime Administration.

The company announced a $24.4 million expansion in 2021, during which it added 119 jobs, and it has received several Navy contracts this year, according to Pentagon records, including one for repair, alterations and maintenance for vessels that is valued up to $70 million through September 2027 if all options are exercised. The region is also home to Dominion Energy’s $9.8 billion Coastal Virginia Offshore Wind project.

“We want to be the change so many other companies just talk about — Lyon Shipyard wants to lead the charge and help transform the socioeconomical landscape for the city of Norfolk and its residents,” Nikole Dunkley, Lyon’s vice president of human resources, said in a statement.

The Virginia Economic Development Partnership worked with Norfolk and the Hampton Roads Alliance to secure the project for Virginia and will support Lyon Shipyard’s job creation through the Virginia Jobs Investment Program, which provides consulting and funding to companies creating jobs to support employee recruitment and training activities.

Canadian company to spend $22.8M to expand to Suffolk

Toronto-based Automatic Coating Ltd., which provides advanced custom powder, liquid, and blasting, will invest $22.8 million to open its first U.S. location in Suffolk, adding an estimated 50 jobs, Gov. Glenn Youngkin announced Thursday.

Virginia competed with Florida for the project. The move supports an existing contract with the U.S. Navy, and the company plans to expand with additional industrial and commercial customers in the U.S. The company contracts with the Navy to use its patented process for corrosion coating on a variety of components, including water tight doors, louvers and hatches.

“I am proud that another international company has selected the commonwealth as home to its first U.S. operation, again reinforcing the strategic advantages a Virginia location offers,” Youngkin said in a statement. “Hampton Roads boasts a robust workforce that includes a high veteran and exiting military population to supply Automatic Coating with a pipeline of talent to serve its contracts with the U.S. Navy, strengthening the region’s reputation as a hub for innovation in defense.”

Founded in 1954, Automatic Coating also provides field corrosion coating and offers mobile field coating services, coating removal, mobile blasting, pipe rehabilitation and other services. Automatic Coating has a patented process for corrosion coating.

“This is the next step in the evolution of our company and will deliver a local and made-in-America presence to our patented Tidal Coat system.  This will assist the U.S. Navy in their North Star 75 project and will save the Navy millions of dollars in cost avoidance and extended life cycle of parts,” Jocelyn Bamford, CEO of Automatic Coating Limited U.S.A., said in a statement. “We could not have found a better support in the Hampton Roads Alliance, the City of Suffolk and the state of Virginia. We look forward to being an integral part of [the] community and contributing to job growth and prosperity in the region.”

Announced in January, North Star is a Navy initiative to have 75 surface ships mission-capable on any given day as part of a readiness drive. That number represents nearly half of the Navy’s total surface fleet, according to Defense News.

The Virginia Economic Development Partnership worked with Suffolk and the Hampton Roads Alliance to secure the project, and Youngkin approved a $200,000 grant from the Commonwealth’s Opportunity Fund to assist Suffolk with the project. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.

Henrico insurer to create 72 jobs in $6.2M expansion

Henrico County-based insurance company Berkley Insurance Co. will invest $6.2 million to expand its office in the county’s Innsbrook area, with plans to create 72 jobs, Gov. Glenn Youngkin announced Thursday.

A subsidiary of Connecticut-based Fortune 500 company W. R. Berkley Corp., the firm will lease an additional 8,920 square feet of office space from Highwoods Properties to accommodate growth in its Berkley Aspire, Berkley Mid-Atlantic Insurance Group and Verus Specialty Insurance businesses. The new jobs will include underwriters, financial analysts, accountants and C-suite positions, according to a news release. Currently, more than 177 employees are based in the Henrico office.

“Berkley Insurance Co.’s decision to expand in Henrico County demonstrates the continued positive momentum of Virginia’s economy and the business process services industry,” Youngkin said in a statement. “Greater Richmond is renowned for providing the robust talent pipeline that leading companies like Berkley Aspire, Berkley Mid-Atlantic and Verus Specialty require.”

Berkley Mid-Atlantic Insurance Group serves small and middle markets and focuses on six industries: construction, retail, service, wholesale, real estate and manufacturing. It has two additional offices, in Columbus, Ohio, and Pittsburgh.

“We are proud to confirm our expectation for growth and advancement within the Henrico County, Virginia, territory,” Berkley Mid-Atlantic Insurance Group President Michelle D. Middleton said in a statement. “As we reflect on the exceptional talent that Henrico has consistently provided for us, particularly in the realm of excess and surplus lines insurance, we are excited for the future. With the projected expansion, particularly of Verus Specialty and Berkley Aspire, we envision continued growth, bolstered by the incredible talent pool and the invaluable relationships we have cultivated with insurance brokers in this region. Henrico as a hub for our business expansion is undeniable, and we embrace the opportunities that lie ahead.”

The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority to secure the project, which Virginia competed with Arizona and Ohio to secure. Youngkin approved $217,500 from the Commonwealth’s Opportunity Fund to assist the county. VEDP will support the insurer through its three-year Virginia Jobs Investment Program (VJIP), which provides cash grant reimbursements for associated human resources costs after a company has had new employees on the payroll for at least 90 days.

Berkley Insurance will be the fourth company to receive incentives through Henrico’s Innsbrook Technology Zone, which the county Board of Supervisors approved in April 2022. In it, new tech businesses that invest at least $1 million and create 10 jobs can qualify for waived county planning and permitting fees.

In November 2022, Genworth Financial subleased the former SunTrust Business Center near Innsbrook instead of building a new headquarters. In December 2022, BHE GT&S, a Berkshire Hathaway Energy subsidiary, moved its headquarters to the former Capital One Financial Corp. complex, which it purchased for $20.75 million, according to a news release. Education technology company EAB invested more than $6 million to relocate, consolidating its Richmond-area operations, in June 2022.

Henrico has a strong labor market for insurers, said Anthony Romanello, executive director of the Henrico County Economic Development Authority. In May, Richmond National Group Inc. announced an an expansion of its headquarters in the county, and in March 2022, Bermuda-based Hamilton Insurance Group Ltd. announced it would establish the U.S. headquarters of its subsidiary in Henrico.

“Henrico has a very strong presence of the insurance industry, and this kind of growth is exactly what we expect, and we’re especially excited to see additional investment in Innsbrook,” Romanello said. “…We have every reason to believe that Berkley and the other insurers are going to continue to see Henrico and Greater Richmond as an area where they’re going to want to continue to expand and continue to grow.”

Rail equipment manufacturer to expand in Salem

Wabtec Corp. is investing $2.7 million to expand its existing facility in Salem, adding 38 jobs, Gov. Glenn Youngkin announced Wednesday.

Headquartered in Pittsburgh, Wabtec provides equipment, systems, digital solutions and other services for freight and transit rail globally. The expansion will accommodate the relocation of its pneumatically controlled braking systems manufacturing lines within its Graham-White manufacturing facility in Salem.

Virginia competed with Missouri, Pennsylvania, South Carolina and Mexico for the project.

“Wabtec Corp.’s expansion of its Salem facility fuels the resurgence of high-quality manufacturing jobs in Virginia, and we thank the company for its long-term commitment to the commonwealth as a valued employer,” Youngkin said in a statement. “The Roanoke region offers the skilled workforce and custom solutions to support Wabtec’s continued growth, and we are confident they will thrive for the next 100 years in Virginia.”

Wabtec’s Salem facility employs more than 200 people in Salem and manufactures air dryers, valves, gages/flowmeters and braking equipment for the rail freight, rail transit, truck and bus industries.

“As a leading global provider of transportation solutions, we are proud of our long history of manufacturing excellence in Salem and delighted to be expanding our operations there,” said Mike Fetsko, president of Wabtec’s freight and industrial components business, in a statement. “Wabtec’s collaborative relationship with the Commonwealth of Virginia, and the business-friendly approach from state and local agencies, provided us with the confidence to make this significant investment. With new products and additional high-quality manufacturing jobs, our expansion in Salem represents our continued commitment to the community and its key role in supporting Wabtec’s future growth.”

The Virginia Economic Development Partnership worked with Salem and the Roanoke Regional Partnership to secure the project for Virginia and will support job creation through the Virginia Jobs Investment Program (VJIP), which provides consulting services and funding to companies creating jobs to support employee recruitment and training activities. Salem, the Roanoke Regional Partnership, the Greater Roanoke Workforce Development Board and Center for Manufacturing Excellence in Southwest Virginia will provide custom programs to support the company’s expansion, including talent recruitment, marketing assistance and workforce training.

Air compressor maker plans $7.4M Norfolk expansion

Norfolk-based Bauer Compressors Inc., a subsidiary of Munich-based Bauer Kompressoren Group, will invest $7.4 million to expand its production capacity in Norfolk, creating an estimated 47 jobs, Gov. Glenn Youngkin announced Wednesday.

The company will increase its capacity to produce hydrogen and natural gas compressors.

“Bauer’s long-term success in the city of Norfolk reinforces the commonwealth’s strong foundation for job growth and the company’s continued confidence in our pro-business climate, infrastructure and workforce,” Youngkin said in a statement. “The expansion of global industry leaders like Bauer strengthens the local and regional economies and Virginia’s advanced manufacturing sector.”

Bauer Compressors specializes in high-pressure breathing air; General Services Administration/military breathing air; industrial air and gas; plastics technology; natural gas; and inert gas compression. Bauer is a 2010 graduate of the Virginia Leaders in Export Trade Program, which assists Virginia exporters that have established domestic operations and want to pursue international exporting to grow.

“Bauer is excited to be able to continue our long-standing partnership with the city of Norfolk and the commonwealth of Virginia,” Bauer Compressors President Tony Bayat said in a statement. “The favorable business climate, easy access to the port and room to grow make Norfolk an ideal location for us.”

The Virginia Economic Development Partnership worked with Norfolk and the Hampton Roads Alliance to secure the project, for which Virginia competed with Ohio and South Carolina. Youngkin approved a $50,000 grant from the Commonwealth’s Opportunity Fund to assist Norfolk with the project. Bauer is eligible to receive benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. VEDP will support Bauer through the three-year Virginia Jobs Investment Program (VJIP), which provides cash grant reimbursements for associated human resources costs after a company has had new employees on the payroll for at least 90 days.

Agtech startup to invest $25M in Albemarle expansion

Agricultural biotech startup AgroSpheres will invest $25 million to expand in Albemarle County, creating an estimated 50 jobs, Gov. Glenn Youngkin announced Thursday.

The company will increase production at its facility at 1180 Seminole Trail and build a research and development and demonstration facility for new products, which will be a pilot plant for a potential larger manufacturing operation.

“Thanks to innovative companies like AgroSpheres, Virginia is quickly becoming a hub for cutting-edge developments in agriculture technology,” Youngkin said in a statement. “As the commonwealth’s largest private sector industry, agriculture is engrained in the foundation of our economy. We are proud that Virginia-educated entrepreneurs took a leap that is paying off.”

Founded in the Charlottesville area, AgroSpheres has two patented technologies, AgriCell and AgriShell, that aid the development of biological pesticides with multiyear shelf lives. AgriCell is a biodegradable delivery technology. It makes manufacturing and delivering biomolecules, small molecules and semiochemicals in the field at a reduced dose cost-effective, according to a news release.

“We are blessed to have started AgroSpheres in one of the best states to do business. There is no better place to build our company than right here in Charlottesville,” AgroSpheres founder and CEO Payam Pourtaheri said in a statement. “The Commonwealth of Virginia is a strong supporter of biotech, from providing investments to establishing a major biotech institute in Charlottesville, to grant administration by the Virginia Catalyst and the Commonwealth Commercialization Fund to supporting R&D.”

In 2019, the Virginia Innovation Partnership Corp. provided a $600,000 grant to AgroSpheres through its Commonwealth Research Commercialization Fund.

The Virginia Economic Development Partnership worked with Albemarle County to secure the project for Virginia. Youngkin approved a $200,000 grant from the Commonwealth’s Opportunity Fund to assist the county. VEDP will support AgroSpheres through the three-year Virginia Jobs Investment Program, which provides cash grant reimbursements for associated human resources costs after a company has had new employees on the payroll for at least 90 days.

Henrico insurer to create 100 jobs in HQ expansion

Specialty insurer Richmond National Group Inc. will invest $350,000 to expand its Henrico County headquarters, a move expected to create more than 100 jobs, Gov. Glenn Youngkin announced Tuesday.

The company, founded in 2021 as a holding company for Richmond National Insurance Co., will add 7,200 square feet of office space to its roughly 10,000-square-foot headquarters at 3951 Westerre Parkway. The new jobs will be full-time.

“We are committed to fostering a business environment that supports startups of all sizes in the commonwealth, and Richmond National Group’s growth since its founding two years ago is a strong Virginia success story,” Youngkin said in a statement. “Greater Richmond provides the talent pipeline and quality of life that makes the region a hotspot for economic development, and we are excited about the company’s future.”

Richmond National Insurance Co. is a specialty excess and surplus lines insurance company that serves select wholesale brokers across the U.S. The company specializes in underwriting property, casualty and professional liability risks for small businesses. In March, Richmond National Group raised more than $30 million from employees and existing shareholders, including HF Capital, Bonhill Capital, and WT Holdings Inc., bringing its total equity capital raised since 2021 to more than $100 million.

“We chose to start our specialty insurance company in the Richmond, Virginia, area, primarily due to its deep talent pool of insurance and financial services professionals and its favorable business environment,” Richmond National Group President and CEO Joseph C. Kavanagh said in a statement. “So far, we have hired more than 75 highly talented employees and we are continuing to grow.”

Virginia Economic Development Partnership worked with the Henrico Economic Development Authority to secure the project, for which Virginia competed with Chicago and North Carolina. VEDP will support the insurer through the three-year Virginia Jobs Investment Program (VJIP), which provides cash grant reimbursements for associated human resources costs after a company has had new employees on the payroll for at least 90 days.