RICHMOND - The Virginia Economic Development Partnership (VEDP) Board of Directors today announced that it has signed a Memorandum of Understanding with the Virginia Port Authority (VPA) Board of Directors to undertake joint initiatives to best market Virginia to businesses using port facilities that create jobs and invest capital in Virginia.

The MOU was signed today in conjunction with the VEDP Board Meeting in Irvington.

RICHMOND - Governor Bob McDonnell today announced that Virginia-based Capital One Financial Corporation (NYSE: COF) will invest more than $150 million to establish a new data center in Chesterfield County. This Virginia data center is part of Capital One’s core IT infrastructure that incorporates new technologies to better meet customer needs. Capital One recently completed acquisitions of ING Direct and HSBC’s US credit card portfolio. The project will create at least 50 new jobs. Virginia successfully competed against Texas for the project.

RICHMOND - Governor Bob McDonnell today announced that Big R Bridge, a national leader in developing engineered solutions in steel bridges, corrugated metal structures, retaining wall systems and corrugated pipe, will invest $1.9 million to establish an operation in Washington County. The company will manufacture prefabricated bridge parts, creating 32 new jobs over the next three years. Virginia successfully competed against South Carolina for the project.

RICHMOND - Governor Bob McDonnell today announced that Morooka America, under a license agreement with Japan-based Morooka Co., Ltd, a manufacturer of rubber track carriers, will establish a manufacturing operation in Hanover County. The first Morooka Track Carrier plant in the U.S., along with its sister company Virginia Steel Specialties LLC, will establish two product assembly operations. The facilities will encompass 50,000 square feet and an output of 100 machines annually valued at more than $15 million.

RICHMOND - Governor Bob McDonnell today announced that Tak Investments, Inc. will invest $60 million to establish a recycled tissue plant in Isle of Wight County. The company subsidiary, ST Tissue, will recycle waste paper into tissue for napkins and towels using part of International Paper’s Franklin mill. The project will create 85 new jobs. Virginia successfully competed against Wisconsin for the project.

RICHMOND - Eleven companies from across the Commonwealth graduated from the Virginia Economic Development Partnership’s (VEDP) Virginia Leaders in Export Trade (VALET) Program, touting impressive results from their newly acquired tools to successfully export products and services overseas.

RICHMOND - Governor Bob McDonnell today announced that Navy Federal Credit Union will make a multi-million dollar investment to expand its member service operation in Frederick County. The credit union will construct an additional facility on its Winchester, Virginia campus, adding 400 new jobs. Virginia successfully competed against Florida for the project.

RICHMOND - Governor Bob McDonnell today announced that McKee Foods Corporation will invest $19 million to expand production at its manufacturing facility in Stuarts Draft in Augusta County. The company will create 78 new jobs. Virginia successfully competed against Arkansas for the project.

RICHMOND - Governor Bob McDonnell announced today that iGATE, the first integrated technology and operations company providing Business Outcomes-based solutions, will invest $1.0156 million to establish a new facility in Loudoun County. The company will perform a wide range of technology consulting services for government agencies and businesses, and will offer design-build-operate-maintain services for Federal Government projects. The project will create 250 new jobs over the next two to three years.

RICHMOND - Governor Bob McDonnell today announced that Commonwealth Laminating & Coating, Inc. (CLC), a manufacturing company with a strong emphasis on solar-control window films and precision, high-performance coatings, will invest $5.45 million to expand its operation in Henry County. The company will create 60 new jobs. Virginia successfully competed against Arizona and North Carolina for the project.