RICHMOND - The Virginia Economic Development Partnership (VEDP) today announced the economic results for Fiscal Year (FY) 2014, which ended June 30. In 1995, the Virginia General Assembly created the VEDP to better serve those seeking a prime business location and increased trade opportunities, and, therefore, to foster increased expansion of the Commonwealth's economy.

VEDP-assisted projects generate a steady revenue source for the Commonwealth, increasing its ability to fund the important needs for Virginia’s citizens.

RICHMOND - Governor Terry McAuliffe announced today that Continental, a leading international automotive supplier, will invest approximately $150 million to expand its operation in the City of Newport News. The investment will start up turbocharger production and increase production of Continental’s gasoline high pressure injector, fuel rail and pump assembly lines. This is the first time Continental plans to produce turbochargers in the U.S. Virginia successfully competed against Mexico for the project, which will create approximately 500 new jobs.

RICHMOND - Governor Terry McAuliffe announced today that the Volvo Group will invest $38.1 million at the New River Valley (NRV) assembly facility in Pulaski County, where all Volvo Trucks models for North America are assembled. The investment will allow Volvo to make several plant upgrades and build a 36,000-square-foot Volvo Trucks Customer Experience Center on the NRV grounds. In addition to the investment, Volvo will add 32 new jobs at NRV.

Richmond - Governor Terry McAuliffe announced today that Friant and Associates, a manufacturer of custom office furniture, will invest $17.4 million to establish its first Virginia operation at the CenterPoint Intermodal Center in the City of Suffolk. Virginia successfully competed against Maryland for the project, which will create 166 new jobs.

Richmond - Governor Terry McAuliffe announced today that McKee Foods Corporation will invest $34 million to expand production at its manufacturing facility in Stuarts Draft in Augusta County. Virginia successfully competed against Arkansas for the project, which will create 54 new jobs.

Richmond - Governor Terry McAuliffe announced today that Stone Brewing Co., the 10th largest craft brewer in the United States, will, pending city approvals next week, invest $74 million to construct a production brewery, packaging hall, destination restaurant, gardens, retail store and administrative offices in the City of Richmond. Virginia was selected among more than 20 states that submitted proposals after Stone’s request for proposal was sent out in January.

Richmond - The Virginia Economic Development Partnership (VEDP) today announced that Andrew Harfoot will serve as Director of State of Virginia, United Kingdom and Ireland, and Heather Wells as Business Attraction Manager.

Richmond - Governor Terry McAuliffe announced today that Blue Ridge Railcar Repair LLC (Blue Ridge), a subsidiary of Patriot Rail Company LLC, will invest $2.41 million to expand its operations in Charlotte County. Virginia successfully competed against Louisiana for the project, which will create 37 new jobs.

Richmond - Governor Terry McAuliffe announced today that Andrews Farming Inc. and its sister company, ANDCO Logistics, Inc., will invest more than $5.6 million to expand their agricultural production, warehousing and distribution operation in Carroll County. Virginia successfully competed against North Carolina for the project, which will create 51 new jobs paying above the average prevailing wage.

The Port of Virginia Economic and Infrastructure Development Grant (EID Grant) is designed to incentivize companies to locate new maritime-related employment centers or expand existing centers to encourage growth of The Port of Virginia. EID Grants are administered by the Virginia Port Authority.

For additional program information, refer to The Port of Virginia.