RICHMOND - Governor Terry McAuliffe announced today that Aerojet Rocketdyne (NYSE:AJRD) will invest $11 million to expand its manufacturing operation in Orange County. The company produces propulsion systems and operates a technology development center and laboratories for solid propulsion, and test facilities for rocket motors and air-breathing propulsion systems. The expansion is anticipated to create 100 new jobs.
Speaking about today’s announcement, Governor McAuliffe said, “Growing the aerospace industry in Virginia is an essential element of diversifying and building the new Virginia economy, and Aerojet Rocketdyne’s success in Orange County over the past decade is a testament to the Commonwealth’s pro-business environment. Aerospace is one of America’s advanced industries, and today’s announcement is another indicator that Virginia is a significant player in this growing sector.”
“This expansion by one of Virginia’s existing corporate citizens is another vote of confidence in the competitive business environment in the Commonwealth,” said Secretary of Commerce and Trade Maurice Jones. “I offer my congratulations to Aerojet Rocketdyne and Orange County, whose stellar workforce, great quality of life and best-in-class infrastructure is contributing to the company’s growth and expansion.”
Aerojet Rocketdyne is an innovative company delivering solutions that create value for its customers in the aerospace and defense markets. The company is a world-recognized aerospace and defense leader that provides propulsion and energetics to the space, missile defense and strategic systems, tactical systems and armaments areas in support of domestic and international markets.
“We have enjoyed a great partnership with Virginia for the past few decades and are pleased to be able to expand our facility in Orange County,” said Aerojet Rocketdyne CEO and President Eileen Drake. “It’s an honor to be here today to celebrate this milestone and further demonstrate our commitment to being part of the economic development of the region.”
The Virginia Economic Development Partnership worked with Orange County to secure the project for Virginia. Governor McAuliffe approved a $300,000 grant from the Commonwealth’s Opportunity Fund to assist Orange County with the project.Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
“This is thrilling news for Orange County,” said Lee Frame, Chairman of the Orange County Board of Supervisors. “Aerojet Rocketdyne’s decision to choose their Orange County campus for expansion is a testament to Orange County and the Commonwealth of Virginia’s highly educated workforce and pro-business environment.”
“Aerojet Rocketdyne has been a wonderful corporate citizen for Orange County,” said Winston Sides, Chairman of the Orange County Economic Development Authority. “From a selection of 14 other facilities in multiple states, we’re honored they chose Orange County for their expansion, and we look forward to supporting their continued growth here.”
“I am pleased to learn that Aerojet Rocketdyne has decided to make additional investments in Orange County, and with that bring 100 new jobs to our local economy,” said Senator Bryce Reeves. “Job growth and economic development are vital to the long-term strength of our Commonwealth, and I am glad that Orange will be the recipient of this investment. I am thrilled at the work the General Assembly has done to support policy initiatives that allow businesses to invest in our Virginia economy and support further private sector growth. I applaud Aerojet Rocketdyne for their work, and I look forward to witnessing the further development in the region."
"Creating jobs and opportunity in the Commonwealth is a top priority for state and local elected officials,” said Delegate Ed Scott. “I appreciate Aerojet Rocketdyne's selection of Virginia and Orange County for this important expansion."
Since the beginning of the McAuliffe administration, 429 economic development deals have been closed in Virginia with more than $7.65 billion in capital investment, which is more than twice the amount of capital investment brought to the Commonwealth by the previous two governors in the first 17 months in office.