VA: Canon Virginia to Expand, Invest $100M in Newport News
9 Jan, 2015
Governor Terry McAuliffe announced Canon Virginia, Inc. (CVI), a wholly owned subsidiary of Canon U.S.A., Inc., will invest $100 million to expand its operation in the City of Newport News. Canon Virginia, Inc. will add additional printer cartridge production lines and increase its toner manufacturing and filling.
Canon U.S.A., Inc., is a leading provider of consumer, business-to-business, and industrial digital imaging solutions. With approximately $36 billion in global revenue, its parent company, Canon Inc. (NYSE:CAJ), ranks third overall in U.S. patents granted in 2013 and is one of Fortune Magazine's World's Most Admired Companies in 2014. Governor McAuliffe met with Canon Inc. in Tokyo to discuss this project during his recent Asia Marketing Mission.
Speaking about today’s announcement, Governor McAuliffe said, “Canon Virginia and the Commonwealth have maintained a solid corporate partnership for nearly 30 years, and it is an honor for me to work directly with CVI, CUSA and Canon Inc. to strengthen this invaluable relationship and support the company’s continued commitment to Virginia. An investment of this magnitude will further grow the impressive Newport News operation to increase production and secure its viability for years to come. This high-tech, new equipment requires intensive higher scale training, and will provide workers with skills of the 21st century that are essential as we build a new Virginia economy.”
“Canon Virginia’s continued growth and investment in Virginia is a powerful testament to the Commonwealth’s pro-business climate, strong workforce and high quality of life,” said Maurice Jones, Virginia Secretary of Commerce and Trade. “Advanced manufacturing is an increasingly important sector in our dynamic economy, and CVI is ahead of the curve with its Newport News facilities and equipment. We are confident that Canon and Virginia will continue to enjoy a mutually beneficial relationship for many years to come.”
Headquartered in Newport News, Canon Virginia, Inc. serves as the manufacturing, engineering, recycling and technical support center in the Americas region. CVI produces new products using advanced manufacturing methodologies while also serving as a factory service center providing expert customer service in the repair and refurbishment of numerous Canon cameras and office products. CVI is also focused on research and development activities with a concentration on the environment through state of the art recycling operations.
“For nearly three decades, Canon has enjoyed a special relationship with our friends in Virginia,” said Toru Nishizawa, President & CEO of Canon Virginia. “We are pleased to expand our partnership and position our company and our community for future success. We thank the state and local community for their tremendous support and look forward to investing in the growing prosperity of the Newport News region.”
The Virginia Economic Development Partnership worked with the City of Newport News to secure the project for Virginia. Governor McAuliffe approved a $3 million performance-based grant from the Virginia Investment Partnership program, an incentive available to existing Virginia companies. Funding and services to support the company’s employee retraining activities will be provided through the Virginia Jobs Investment Program.
“Canon Virginia continues to raise the bar of excellence,” said McKinley L. Price, DDS, Mayor, City of Newport News. “We are proud of the company’s success and are encouraged by its growth and innovation in Newport News.”
Since the beginning of the McAuliffe administration, 264 economic development deals have been closed in Virginia with more than $5.67 billion in capital investment, more than twice the amount of capital investment brought to the Commonwealth in any Governor's first 11 months in office.