Governor Bob McDonnell announced today that DRS Technologies, Inc., a Finmeccanica Company, will be relocating its corporate headquarters from New Jersey to Arlington County. The company, recognized as one of the leading defense technology companies in the world, will be expanding its regional office to accommodate over 100 employees. The relocation and expansion costs will bring in excess of $10 million of capital investment to the region.
Governor McDonnell met with officials from DRS at the 2010 Farnborough International Air Show, one of the world's largest global aviation events.
Speaking about today's announcement, Governor McDonnell said, "To gain the corporate headquarters of another major technology company like DRS Technologies is a major win for Virginia. The company's decision to consolidate its corporate offices into a headquarters location in Arlington County speaks volumes about the business climate in the Commonwealth and the positive reputation our highly-educated workforce enjoys worldwide. We are thrilled to welcome DRS Technologies to Virginia."
"Virginia builds great ties in the global marketplace, and this announcement is testament to those relationships," said Jim Cheng, Virginia Secretary of Commerce and Trade. "DRS Technologies has maintained a smaller presence in Arlington County, and the positive business experience and strategic location led the company to choose to consolidate its headquarters in Crystal City. We thank you for your significant investment and the many new jobs that will result from choosing Arlington as your new home."
DRS Technologies is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. The company is a wholly owned subsidiary of Finmeccanica S.p.A., a global aerospace, defense, and transportation holding company headquartered in Italy, which employs more than 71,000 people worldwide.
"We are very excited to bring the headquarters of DRS Technologies to Arlington County, Virginia," said William J. Lynn, III, Chief Executive Officer, DRS Technologies. "The support and collaboration we received from the County, the Virginia Economic Development Partnership, and Governor McDonnell helped to solidify and reinforce our decision to expand in Crystal City. Our entire leadership team will benefit by being closer to our customers, as well as enjoying all that this great state and region has to offer."
The Virginia Economic Development Partnership worked with Arlington County and Arlington Economic Development to secure the project for Virginia. Governor McDonnell approved a $1 million grant from the Governor's Opportunity Fund to assist Arlington County with the project. The company is also eligible to receive a Major Business Facility Job Tax Credit. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the Company's recruitment and training activities.
"More and more companies are looking to Arlington as a highly desirable location to do business," said Arlington Board Chairwoman Mary Hynes. "Arlington's successful, tech-savvy business community, its well-educated workforce, proximity to Washington, D.C., and its transit-oriented design, make it the clear choice. Arlington worked very hard to make this deal happen, it's a major win for the County, from both a business retention and expansion perspective as well as attracting a new headquarters to the County."