ICYMI: Governor Spanberger Announces Nearly $30 Million in New Business Investment in Virginia

RICHMOND, VA - This week, Governor Abigail Spanberger announced three new major investments in the Commonwealth's economy - reinforcing her focus on strengthening Virginia's position as the best place in the country to start or expand a business.

In total, Fukoku Korea, Interstate Group, and Richmond National Group have pledged nearly $30 million in new projects that will create more than 180 jobs for Virginians in Henry, Giles, and Henrico.

Last month, Governor Spanberger announced that global aerospace leader Avio USA Inc. is investing more than $500 million to establish an 860,000 square-foot manufacturing facility in Pittsylvania County - the second-largest economic development deal ever in Southern Virginia.

Read below for coverage from across the Commonwealth of the new business investments announced by the Governor:

-

$18 Million Investment in Henry County by Fukoku Korea

WFXR [Roanoke]: Governor Spanberger announces company will open $18.9 million plant in Henry County

South Korean automotive parts manufacturer Fukoku Korea is planning to invest $18.9 million in Henry County to establish a new plant, creating 60 new jobs.

The new plant will operate out of the Patriot Centre Industrial Park in Martinsville, according to Governor Abigail Spanberger. It will manufacturer rubber damper pulleys for automotive engines and thermal gap fillers for EV (electric vehicles) batteries.

ABC13 [Lynchburg]: Gov. Spanberger announces more than $18M investment in Henry County; creating new jobs

"Fukoku Korea's decision to establish its first manufacturing operation in Virginia highlights the Commonwealth's strength," said Governor Abigail Spanberger. "This exciting investment will create 60 new jobs in Henry County and bring even more innovative manufacturing to Southern Virginia. Fukoku Korea's investment should serve as an example for all international companies: Virginia is ready to help you establish, grow, and succeed in the U.S. market."

Cardinal News: Auto-parts maker to invest $18.9 million in Henry County, create 60 jobs

Spanberger approved a $500,000 state grant for the project. The company will be eligible for assistance from a state employee-training program.

Fukoku Korea, a subsidiary of Japan-based Fukoku Co. Ltd., was founded in 1987. It makes automotive components, specializing in rubber-based parts to reduce noise and vibration, according to the governor's release.

Virginia Business Magazine: Fukoku Korea to invest $18.9M in Henry manufacturing facility

The company will use an existing shell building at Patriot Centre Industrial Park, where it will make rubber damper pulleys for automotive engines and thermal gap fillers for electric vehicle batteries. The facility is expected to begin operations by January 2027, according to a news release distributed Jan. 30 by Japan-based Fukoku, the parent company of Fukoku Korea.

"This investment marks an important step in our long-term growth strategy and strengthens our commitment to serving our automotive customers in North America," Fukoku Korea CEO Ikjun Kwon said in a news release.

$9 Million Expansion in Giles County by Interstate Group

WSLS [Roanoke]: Gov. Spanberger announces nearly $9 million investment in Interstate Group facility in Giles County

On Tuesday, Gov. Abigail Spanberger announced that Interstate Group LLC is investing $8.9 million to "expand operations" at their Giles County manufacturing facility. This investment is expected to create 46 new jobs.

Interstate Group manufactures trailers, and intends to expand their product availability throughout the East Coast. The Giles County facility is located in Glen Lyn.

WFXR [Roanoke]: Cargo trailer manufacturer expanding operations in Giles County

"Interstate Group's decision to expand in Giles County underscores why Virginia continues to be a top destination for American manufacturers," said Governor Abigail Spanberger. "This multi-million-dollar investment will create good-paying jobs in the New River Valley and strengthen the Commonwealth's advanced manufacturing sector. We are proud to support companies that choose to invest and reinvest in the future of the Commonwealth."

Virginia Business Magazine: Interstate Group to expand in Giles County, creating 46 jobs

Gov. Abigail Spanberger announced the expansion on Tuesday. Interstate Group manufactures a variety of trailers, including professional-grade and consumer-grade cargo, dump and utility trailers, that it sells through its TrailerPlus retail locations.

According to the governor's office, the company's investment is meant to increase the availability of its products throughout the East Coast. As part of the Giles County expansion, the company will invest in automation, new machinery and facility upgrades.

$1.75 Million Expansion in Henrico County by Richmond National Group

8News [Richmond]: Henrico insurance provider to create 75 new jobs through $1.75 million expansion

A Henrico County-based specialty insurance provider is expanding its operations, promising to create 75 new jobs.

Richmond National Group will invest $1.75 million to expand its operations in the Glen Allen area of Henrico, according to a March 4 press release from Gov. Abigail Spanberger's office.

Henrico Citizen: Richmond National Group to expand Glen Allen operations, create 75 jobs

Founded in 2020, Richmond National Group specializes in property and casualty insurance designed for small and mid-sized businesses that have difficulty securing coverage in the standard insurance market. The company established its headquarters in the Richmond region in part because of the area's strong financial services and insurance workforce, according to Richmond National President and CEO Joseph C. Kavanagh.

Governor Spanberger said the expansion reflects the region's continued strength in those industries.

Virginia Business Magazine: Richmond National to expand operations, create 75 jobs in Henrico

"Richmond National Group's latest expansion in Henrico County highlights the strength of Central Virginia's financial services and insurance talent," Spanberger said in a statement. "The commonwealth's vast network of talent helped bring Richmond National here, and it continues to enable this exciting expansion six years later. We are proud to see Richmond National continue to build its future here in Virginia."

# # #