Alcoa to invest more than $8 million to expand manufacturing operation
RICHMOND - Governor Terry McAuliffe announced today that lightweight metals leader Alcoawill invest more than $8 million to expand its aerospace forging capabilities at its Alcoa Titanium & Engineered Products manufacturing operation in Henry County. The investment will add a new grinder and two new forge furnaces, doubling the facility's forging capacity and creating 15 new jobs paying above the average prevailing wage in the region. Alcoa expects to complete the expansion by the end of this year.
"Creating good jobs in key sectors like advanced manufacturing is at the very heart of our work to build a new Virginia economy in every region of the Commonwealth," said Governor McAuliffe. "This project represents the third manufacturing expansion in Henry County in 2016, which is a testament to the Commonwealth's business resources and infrastructure. I look forward to continuing to work with Alcoa to promote Virginia as a hub for advanced manufacturing and continued economic growth."
"This expansion is a tribute to the great team at Alcoa and the superior workforce infrastructure and business climate in the Henry County area," said Secretary of Commerce and Trade Maurice Jones. "Alcoa has been an excellent corporate partner, and we are thrilled that it will continue to grow within the Commonwealth."
"Alcoa is pleased to work with the Virginia Economic Development Partnership, the Martinsville-Henry County Economic Development Corporation, and the Commonwealth of Virginia to bring new jobs and new opportunities to the region," said Eric Roegner, President, Alcoa Titanium & Engineered Products. "Through this investment, we are positioning Alcoa to capture profitable growth and create greater sustainable value for our customers, employees and shareholders.
"The Virginia Economic Development Partnership worked with the Martinsville-Henry County Economic Development Corporation to secure the project for Virginia. The Virginia Tobacco Region Revitalization Commission approved $80,000 in Tobacco Region Opportunity Funds. The company is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development.
"This is a great day for Henry County," said Jim Adams, Chairman of the Henry County Board of Supervisors. "We are thrilled that Alcoa sees the value of being in Henry County, and we are thrilled that this expansion is happening here."
"The Tobacco Commission was proud to have played an important part in securing the Alcoa expansion in Henry County," said Senator William Stanley, "and the Commission continues to be committed to not only bringing new advanced manufacturing industries into our region, but also assisting those industries that are already here to expand their operations and employ our citizens as an integral part of our economic revitalization strategy for Southside Virginia."
"This region is fortunate to have committed individuals who are dedicated to promoting economic growth in our community," said Delegate Les Adams. "This is another example of their efforts that will benefit our increasingly qualified workforce."