VA: EURO-COMPOSITES® Group to Invest $10.5M, Hire 58 in Culpeper County
4 Feb, 2016
Governor Terry McAuliffe announced EURO-COMPOSITES® Group will invest $10.5 million to expand its U.S. operation in Culpeper County. The company manufactures advanced honeycomb composite materials used in aviation, space, industrial, and defense technology applications, and will expand the facility by 51,000 square feet and add new equipment to increase production of composite-based parts associated with the aerospace industry. Virginia successfully competed against Echternach, Luxembourg for the project, which will create 58 new jobs.
Speaking about the announcement, Governor McAuliffe said, “This significant project represents EURO-COMPOSITES® Group’s second major investment in its only U.S. operation. An expanded facility and new equipment for increased production secures its viability as a major employer in Culpeper County for years to come. We appreciate the company’s commitment to the Commonwealth, and celebrate 58 new, good-paying manufacturing jobs that provide workers with skills of the 21st century that are essential in our efforts to build a new Virginia economy.”
“EURO-COMPOSITES® expansion in Culpeper is great news for the growing manufacturing industry in the region and across the Commonwealth,” said Secretary of Commerce and Trade Maurice Jones. “We are especially pleased when an existing business is growing and creating new jobs for Virginians, and this expansion is another testament to the world-class talent, outstanding infrastructure and great quality of life in Virginia.”
EURO-COMPOSITES®, a privately held company, established its worldwide headquarters in Echternach, Luxembourg in 1984. Its United States Corporation was established in Culpeper County, Virginia in 1988. EURO-COMPOSITES® is a global player in the field of advanced composite products.
Michael Graham, President and COO, Sales, Production & Technology, said, “We are proud to be a business partner in Culpeper County and an integral part of the Culpeper community for over 25 years. EURO-COMPOSITES® Group is committed to the long-term growth of its U.S. business here in Culpeper. We are looking forward to working closely with the City of Culpeper, Culpeper County, and the Commonwealth of Virginia as we invest in new facilities, manufacturing equipment, and new employees to support our future growth. We have partnered with Germanna Community College to bring specialized CNC training to our best employees and are looking to extend our technical training opportunities in the future. We want to thank Governor McAuliffe for his staunch support for business growth in Virginia and particularly to EURO-COMPOSITES® Corporation’s new facility expansion project this year.”
The Virginia Economic Development Partnership worked with Culpeper County to secure the project for Virginia. Governor McAuliffe approved a $150,000 grant from the Commonwealth’s Opportunity Fund to assist Culpeper County with the project. The company will receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
“One of our economic development strategies in Culpeper is the growth and expansion of our current businesses,” said Alexa Fritz, Chairperson of the Culpeper County Board of Supervisors. “While bringing new businesses to Virginia is important, we are elated to see an established, well-run enterprise like EURO-COMPOSITES® Corporation grow and prosper here in Culpeper. We welcome the opportunity to work with the Commonwealth to create these very desirable jobs that strengthen our economy.”
“The decision by Euro-Composites to expand its North American headquarters will bring jobs and tax revenue to the Commonwealth, and it also means additional cargo moving across The Port of Virginia,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority. “For companies that are expanding in Central Virginia, like EURO-COMPOSITES®, we believe in the potential for them to become users of Richmond Marine Terminal, given our reinvestment there and their proximity to that facility.”
"It's always nice to bring economic development of this type to Culpeper,” said Delegate Michael Webert. “Production of products should be a significant portion of our economy, be it agriculture or, in this case, manufacturing, as production of materials provides good-paying jobs. I applaud the Governor and county in working to make this a reality in Culpeper."
Since the beginning of the McAuliffe administration, 599 economic development deals have been closed in Virginia with more than $9.82 billion in capital investment, which is more than any previous governor in the first 24 months in office.