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Virginia Corporate Moves

International Paper Invests $83 million in Wight County Mill

International Paper is investing $83 million to repurpose a portion of its closed mill in Isle of Wight County as a fluff pulp mill capable of annually producing up to 270,000 metric tons of high quality fluff pulp for the global market. The project will create 213 new jobs.

Speaking about the recent announcement, Gov. Bob McDonnell said, “This project is tremendous news for Isle of Wight County and the entire region. After International Paper’s closure that resulted in a devastating job loss, it is hugely significant that the company has decided to make this $83 million investment in a fluff pulp operation at its former mill. This project is a great sign of the Commonwealth’s ongoing economic rebound. It will help offset the economic ripple effect caused by the company’s 2009 announcement and it is further evidence that Virginia is wide open for business. ”

“Isle of Wight County and the surrounding region have the available, trained workforce that is ready to fill these 213 new positions,” said Jim Cheng, Virginia Secretary of Commerce and Trade. “The mill’s current assets, transportation options and proximity to the Port of Virginia for product export all were factors that contributed to the company’s decision to re-invest in the repurposing of the property. In addition, the availability of U.S. Southern Pine in the area is ideal for the production of high-quality fluff pulp.”

International Paper is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company’s North American distribution company. Headquartered in Memphis, Tennessee, the company employs about 59,500 people in more than 24 countries and serves customers worldwide. 2010 net sales were more than $25 billion.

“IP is currently the third largest global supplier of fluff pulp and this investment gives us greater participation in a growing market,” said Mark Sutton, International Paper Senior Vice-President Printing and Communications Papers the Americas. “IP is a leader in the use of renewable energy. The Franklin fluff pulp facility will be 89% energy self-sufficient, utilizing power generated from carbon-neutral biomass on-site. The capability of producing energy from renewable biomass resources makes the remaining portions of the Franklin Mill site an ideal location for other partners looking for on-site green energy options.”

The Virginia Economic Development Partnership worked with Isle of Wight County to secure the project for Virginia. The Virginia Department of Environmental Quality also assisted with the project. Governor McDonnell approved a $350,000 grant from the Governor’s Opportunity Fund to assist Isle of Wight County. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment and training activities.

“We would like to thank International Paper for its unprecedented efforts in repurposing the mill,” said Thomas J. Wright, III, Chairman, Isle of Wight County Board of Supervisors. “We appreciate the efforts of the Governor and VEDP in assisting the County with this deal. This announcement comes at a critical time for Isle of Wight County as we strive to maintain excellent schools and services in a difficult economic environment. Additionally, we would like to thank the displaced workers and our citizens for their confidence in our ability to attract desirable industrial partners.”

Cadence, Inc. To Expand Staunton Manufacturing Facility

Gov. Bob McDonnell recently announced that Cadence, Inc., a manufacturer of cutting and piercing instruments for industrial, medical, and life science applications, will invest $15.9 million to expand its operation in the City of Staunton and create 65 new jobs within three years. Virginia successfully competed against Costa Rica for the project.

“Cadence, formerly known as Specialty Blades, has thrived in Staunton for 25 years. We are pleased that Cadence decided to continue their long relationship with Virginia and the City of Staunton in choosing to expand their facility, rather than move to a new location,” Gov. McDonnell said. “The path of success continues with this significant investment, which will allow for a larger facility and increased manufacturing production to accommodate the company’s rapid growth. The addition of 65 new jobs is also tremendous news for the region.”

“It is always a pleasure to see a Virginia-based company continue to grow,” said Jim Cheng, Virginia Secretary of Commerce and Trade.

Cadence, Inc. began in 1985 as Specialty Blades to address the needs of industries, original surgical manufacturers, and medical design engineers who required high performance, razor sharp custom-made cutting blades. Cadence has emerged as a premier metals manufacturing company focused on new medical technologies, such as minimally invasive devices. Headquartered in the Green Hills Technology Center in Staunton, Virginia, Cadence now has more than 200 shareholders. Proprietary “sharps” and tube fabrication technologies enable Cadence to supply the most critical components and sub-assemblies for medical devices, scientific, and industrial applications.

“This major expansion represents another significant step on our journey of solid growth,” said Peter Harris, Cadence, Inc. CEO. “Partnering with our state and local officials to make this happen enables our ongoing commitment to precision and repeatability in everything we do for our customers, shareholders, and employees.”

The Virginia Economic Development Partnership worked with the City of Staunton to secure the project for Virginia. Gov. McDonnell approved a $150,000 grant from the Governor’s Opportunity Fund for the project. The company is eligible to receive benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance (VDBA) will provide funding and services to support the company’s recruitment and training activities.

Safety Technologies Creates Jobs in Lunenburg/Fairfax County

Safety Technologies, Inc. a technology leader in providing a permanent, cost-efficient solution for any type of fuel storage tank against explosions, blasts and fire, will invest $5.89 million to open a manufacturing facility in Lunenburg County, creating 46 new jobs; and expand its Administrative office in Fairfax County, where the company is based, creating 15 new jobs.

The company holds the exclusive marketing and manufacturing rights for the Detonation Suppression System (DSS™) within North America and marketing/distribution rights to a number of other countries. DSS™ is a unique patented technology developed to prevent explosions and mitigate blasts and the spread of fires in any fuel storage system. The DSS technology also provides significant environmental and energy savings. It cuts in half CO2 emissions into the environment and also it provides energy savings by reducing fuel loss in storage fuel tanks caused by fuel evaporation.

STI’s top markets include defense, homeland security, state and local government, energy, chemical, transportation and other government and industrial sectors. The company’s new operation in Lunenburg County will manufacture an aluminum foil product used in the DSS™. Virginia successfully competed against Alabama, Maryland, New Mexico and Pennsylvania for the project.

“This competitive project is tremendous news for the Commonwealth. STI also chose to locate its new manufacturing facility in Virginia, and Lunenburg County’s trained manufacturing workforce and proximity to the Port of Virginia for international sales sealed the deal. Fairfax County is the ideal base to expand STI’s administrative office due to its access to federal clients. An overall gain of 61 new jobs and the growth of a Virginia company is great news for our Commonwealth and our citizens.”

“Lunenburg County’s infrastructure and the availability of a shell building that could be outfitted to meet STI’s needs added to Virginia’s advantage over other states,” said Jim Cheng, Virginia Secretary of Commerce and Trade. “The company’s DSS™ product is one of a kind, and we are proud that a Virginia export helps protect both military troops and civilians nationally and overseas.”

STI’s explosion-suppression technology defeats conventional explosives, incendiary weapons or other attack modes that can have catastrophic consequences. In addition, it provides significant environmental benefits by reducing hydrocarbon emissions as well as energy savings by reducing fuel evaporation loss.

According to Dr. Nick Stergioulas, president and CEO of the company, “Virginia is an ideal location for business. The Commonwealth offers a strong manufacturing base, the best access to domestic and global markets, and the cost of doing business and quality of workforce are among the best in the country. We chose Lunenburg County for our manufacturing facility because of its location, its hardworking workforce and the overall support we got from the local community. We are also very appreciative of the tremendous support we have received from the Virginia Economic Development Partnership, Lunenburg County, Fairfax County, the Virginia Tobacco Indemnification and Community Revitalization Commission, and the Virginia Department of Business Assistance.”

The Virginia Economic Development Partnership worked with Lunenburg County and Fairfax County to secure the project for Virginia. Governor McDonnell approved a $100,000 grant from the Governor’s Opportunity Fund to assist Lunenburg County with the project. The Virginia Tobacco Indemnification and Community Revitalization Commission approved $160,000 in Tobacco Region Opportunity Funds for the project. The company is eligible to participate in the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment and training activities.

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