Virginia Lands Its Largest Capital Investment Project In Modern History

Micron Technology will invest approximately $3 billion and create 1,100 new jobs with its expansion in the City of Manassas, VA.


https://businessfacilities.com/2018/08/manassas-virginia-lands-largest-capital-investment-project-modern-history/
Micron Technology will invest approximately $3 billion and create 1,100 new jobs with its expansion in the City of Manassas, VA.
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Virginia Lands Its Largest Capital Investment Project In Modern History

Micron Technology will invest approximately $3 billion and create 1,100 new jobs with its expansion in the City of Manassas, VA.

Virginia Lands Its Largest Capital Investment Project In Modern History

Micron Technology, Inc. will invest $3 billion to increase memory production at its operation in the City of Manassas, VA. One of the world’s largest semiconductor companies, Micron will create 1,100 new jobs by 2030 in a community that has become a regional hub for technology and advanced manufacturing industries.

Manassas
(Photo: Micron Technology)

“Micron’s Manassas site manufactures our long-lifecycle products that are built using our mature process technologies, and primarily sold into the automotive, networking and industrial markets,” said Micron President and CEO Sanjay Mehrotra. “These products support a diverse set of applications such as industrial automation, drones, the IoT (Internet of Things) and in-vehicle experience applications for automotive. This business delivers strong profitability and stable, growing free cash flow. Micron is grateful for the extensive engagement of state and local officials since early this year to help bring our Manassas expansion to fruition. We are excited to increase our commitment to the community through the creation of new highly skilled jobs, expanded facilities and education initiatives.”

The City of Manassas and the Commonwealth of Virginia faced fierce competition against other U.S. states and countries, including the Republic of Singapore, to secure what the Virginia Economic Development Partnership (VEDP) estimates to be the largest private-sector capital investment in modern Virginia history. The expansion also marks the largest project win in terms of increased exports for the Commonwealth and strengthens Micron’s position as Virginia’s largest exporter. The City of Manassas plans to work closely with major education institutions including Northern Virginia Community College and George Mason University to ensure Micron has a continuous pipeline of qualified, technically-skilled labor.

As part of the expansion, Micron will establish a global research and development center in Manassas for memory and storage solutions primarily focused on the automotive, industrial and networking markets. The R&D center will include laboratories, test equipment and approximately 100 product engineers focused on applications such as unmanned and autonomous automotive systems, IoT, and other industrial and networking applications. Additionally, the company announced that the Micron Foundation, the company’s philanthropic organization, will commit $1 million toward growing the next generation of scientists, engineers and technicians at several Virginia universities and community colleges.

VEDP worked with the City of Manassas and the General Assembly’s Major Employment and Investment (MEI) Project Approval Commission to secure the project for Virginia. Micron will be eligible to receive an MEI custom performance grant of $70 million for site preparation and facility costs, subject to approval by the Virginia General Assembly. Additionally, the City of Manassas and utility partners are providing a broader, comprehensive support package to enable the expansion, including substantial infrastructure upgrades and additional incentives.

“Micron’s expansion in the City of Manassas represents one of the largest manufacturing investments in the history of Virginia and will position the Commonwealth as a leader in unmanned systems and Internet of Things,” said Governor Ralph Northam. “This $3 billion investment will have a tremendous impact on our economy by creating 1,100 high-demand jobs, and solidifies Micron as one of the Commonwealth’s largest exporters. We thank Micron for choosing to deepen their roots in Virginia and look forward to partnering in their next chapter of major growth.”

“For almost two decades Micron and Manassas have been partners in the manufacturing of semiconductors and community development, as the City was with IBM before them,” said Mayor Harry J. Parrish II. “The significant benefits that the company brings Manassas by virtue of their employment and investment help us make advances in public education, infrastructure development and in maintaining a stable tax rate for all of our citizens. On behalf of our entire community I am thrilled Micron has chosen to modernize and expand operations here which will guarantee the relationship continues into the future.”

Relocating or Expanding Your Business In Virginia

Considering Virginia for your company’s relocation or expansion project? Check out Business Facilities’ Virginia Incentives and Workforce Development Guide.

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