Industry leader investing $64.4 million in Newport News
NEWPORT NEWS, Va. (CBS19 NEWS) -- Governor Ralph Northam announced on Wednesday that S23 Holdings, LLC and its affiliates will be investing $64.4 million to create a corporate and industrial campus for ship repair, manufacturing and to rehabilitate piers in the Newport News area, creating 332 new jobs, according to a news release.
“Securing this major investment from S23 Holdings is an important win for Newport News and our Commonwealth as we work to move our economy forward,” said Northam. “The shipbuilding and maritime industries have long been economic anchors for Hampton Roads, and our world-class infrastructure and training institutions have helped build a high-quality talent pipeline that allows companies like East Coast Repair and Fabrication to thrive. We are proud that Virginia is able to support the company’s impressive growth and look forward to their future success.”
The investment includes property acquisition, rehabilitation of piers and the construction of a manufacturing facility as well as corporate and administrative offices.
“As we focus on Virginia’s economic recovery, we thank the company for its significant investment and for creating 332 new jobs in Newport News," said Secretary of Commerce and Trade Brian Ball. “As we focus on Virginia’s economic recovery, we thank the company for its significant investment and for creating 332 new jobs in Newport News.”
S23 and its affiliates will be the only small business ship repair company with deep-water access in Virginia, meaning it will be able to fulfill an increasing need for ship repair that is not currently present in Hampton Roads.
"Workforce development is one of S23’s guiding principles, and our sincere desire to work with the Southeast Community to create new jobs and provide shipyard training was a driving force behind our decision to select Newport News," said Jorge Rivera, chief executive officer and chairman of S23 Holdings. “The Newport News facility is strategically located on the James River, has the water depth to accommodate deep-draft vessels, offers unrestricted navigational access, and, most importantly, has access to an underutilized workforce. Workforce development is one of S23’s guiding principles, and our sincere desire to work with the Southeast Community to create new jobs and provide shipyard training was a driving force behind our decision to select Newport News.”
The Virginia Economic Development Partnership (VEDP) worked with the City of Newport News to secure the project for Virginia. Northam approved a $664,000 grant from the Commonwealth's Opportunity Fund to aid with the project.
“We are excited to welcome S23 and its affiliate East Coast Repair and Fabrication to Newport News,” said Mayor of the City of Newport News McKinley L. Price. “The collaboration between VEDP, the Newport News Economic Development Authority, and the Newport News Redevelopment and Housing Authority, has paved the way for S23 and its affiliates to expand upon the rich maritime heritage in our city and provide meaningful opportunities for our citizens. This project reflects the core values of our city and the vision for transformation in the Southeast Community.”