RIVANNA, a medical technology company is going to expand its facility in Albemarle County. Additionally, the expansion will also create some new jobs.

$260,000 Investment by RIVANNA

RIVANNA is an imaging based medical solutions developer organization operating in Albemarle County. They are planning to invest $260,000 to expand and renovate their existing facility. This was announced by Governor Ralph Northam a couple of weeks back. The medical tech company have witnessed rapid development in their sales. In addition, they have also formulated new strategic partnerships with multi-national biotechnology leaders and organizations. The company is expecting to create ta least 18 new jobs in the county through this investment and expansion.

Future Investment Prospects

The company release says that RIVANNA received several other federal grants and contracts. They include one from the Biomedical Advanced Research and Development Authority. The company will use this grant for designing and developing a computer-aided 3-D fracture detection and diagnosis product called Accuro XV. RIVANNA will receive $11.6 million in funding over the 24 months. Hence, the company may secure more funding to support further development up to $65 million.

“RIVANNA’s expansion in Albemarle County demonstrates the infrastructure, resources, and talent available in Virginia for medical-technology developers,” said Northam. “We look forward to seeing this home-grown company’s far-reaching impact. Medical innovation like this will advance the medical field in Virginia and beyond.”

Virginia Jobs Investment Program

Virginia managed to secure this investment over North Carolina. North Carolina was also competing to bring RIVANNA’s investment. The investment is a part Virginia Jobs Investment Program. Moreover, The Virginia Economic Development Partnership worked with Albemarle County and the Central Virginia Partnership to get this project for Virginia. In addition, the investment is likely to support the expected job creation through the Virginia Jobs Investment Program.

“RIVANNA is a homegrown business demonstrating very clearly the value of the University of Virginia and its alumni to Virginia and the Charlottesville area. “This investment will invigorate the local economy, and the new jobs will further diversify our workforce. Thanks to the Virginia Economic Development Partnership, Albemarle County, and Governor Northam and his staff for working together to bring to fruition this important investment in bioscience jobs”. Senator Creigh Deeds came up with his views on the expansion.

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Starplast USA is planning to invest $17.7 million to develop a new facility in Chesterfield County. The company is a subsidiary of an Israel based company named Starplast.

Governor Ralph Northam of Chesterfield County came up with this announcement. Starplast USA produces a wide range of high-performance plastic products, like plastic housewares, garden storage, and toys. In addition, Virginia was competing with Ohio and Pennsylvania for the project and ultimately came out successful in getting the investment.

300 New Jobs

The new facility is expensed to create more than 300 jobs over the next five years. “We are so pleased to see global manufacturers like Starplast USA planting their roots right here in Virginia,” Gov. Ralph Northam said. The Virginia Economic Development Partnership worked with Chesterfield County and the Greater Richmond Partnership to secure the project.“Starplast chose Chesterfield County for its new manufacturing operation because the geographic location is very attractive, especially given its proximity to the East Coast and the Port of Virginia,” said Starplast Chief Executive Officer Danny Schwartz. “Starplast has a strong history in developing quality plastics products, and we thank the company for creating 300 new jobs in Chesterfield County.”  Secretary of Commerce and Trade Brian Ball said this in a statement.

The Israel based company started in 1958. However, it marked its steps in USA in 2005. Starplast USA established its first manufacturing facility in Houston, Texas in 2018, allowing the company to respond optimally to the needs of major U.S. retailers. Currently, the Virginia Economic Development Partnership worked with Chesterfield County and the Greater Richmond Partnership to secure the project for Virginia.

Virginia Jobs Investment Program

This investment is part of USA’s job creation through the Virginia Jobs Investment Program. Moreover, the program provides consultative services and funding to companies creating new jobs in order to support employee recruitment and training activities. The state has funded Virginia Jobs and Investment Program and is demonstrating Virginia’s commitment to enhancing job opportunities for citizens. The company is eligible to receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program. Above all, the company will also benefit from the Major Business Facility Job Tax Credit for new, full-time jobs created.

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