Governor McAuliffe Announces $12 Million Investment in King George County
~Commercial Metals Company to expand manufacturing operation~
Governor Terry McAuliffe announced today that Commercial Metals Company (NYSE: CMC), a global, low-cost metals recycling, manufacturing, fabricating, and trading enterprise, will invest $12 million to relocate and expand its manufacturing operation in King George County. The project will retain approximately 40 existing jobs and create another 20 new jobs.
Speaking about today’s announcement, Governor McAuliffe said, “My top priority as Governor is to create a new Virginia economy, and Commercial Metals Company’s investment in the Fredericksburg region is another step forward in this goal. Virginia is proud to retain a valued employer and corporate partner like CMC, and King George County’s manufacturing site with rail service meets the company’s current growth needs and provides capacity for future expansion.”
“Commercial Metals Company is a great asset to the Fredericksburg region and the Commonwealth,” said Maurice Jones, Virginia Secretary of Commerce and Trade. “Advanced manufacturing is an increasingly important sector for catalyzing economic growth and job creation in Virginia. We look forward to CMC’s future in King George County.”
Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network including steel minimills, steel fabrication and processing plants, construction-related product warehouses, metal recycling facilities and marketing and distribution offices in the United States and in strategic international markets.
The Virginia Economic Development Partnership worked with King George County and the Fredericksburg Regional Alliance to secure the project for Virginia. The company is eligible for rail access funding from the Virginia Department of Rail and Public Transportation. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
“King George is proud to Welcome CMC to our industrial park,” said Joe Grzeika, Board Chairman of the King George Board of Supervisors. “We look forward to forging another strong corporate partnership with their firm, as we have with our other businesses. CMC will bring additional high-paying manufacturing jobs and revenues to our County, and we believe they will find King George a great place to enhance and grow their business. This addition serves as another positive step in our vision as we work to build out this park. Today is a great day for CMC and King George County.”
“Considering the highly competitive nature of economic development, it is exciting to be able to add a Fortune 500 Company of CMC’s caliber to King George County,” said Linwood Thomas, King George County Economic Development Director. “This project will also help to bring additional infrastructure to the King George Industrial Park, making it a destination for manufacturing corporations nationally and internationally looking to grow and expand between Washington, D.C. and Richmond, Virginia, strategically located on the eastern seaboard.
Since the beginning of the McAuliffe Administration, 228 economic development deals have been closed in Virginia with over $5.04 billion in capital investment, the largest amount of capital investment brought to the Commonwealth in any Governor's first ten months in office.