American Marconi Wireless News - Virginia Approves Incentive Package for New Avio USA SRM factory

Subject to approval by the Virginia General Assembly, Avio will be eligible to receive a Major Employment and Investment Project (MEI) Commission-approved special appropriation of up to USD 97.7m based on an investment of more than USD 500m and the creation of more than 1,000 jobs.

"Avio USA's historic investment in Pittsylvania County represents a major win for Southern Virginia, for the Commonwealth, and for our national security," said Governor Abigail Spanberger. "By investing more than $500 million in Pittsylvania County, Avio USA will create over 1,000 high-quality jobs and revitalize domestic production of critical defense technologies. Virginia is proud to support this project and the talented workforce that powers the Commonwealth's resilient defense industrial base."

"Avio USA's investment highlights why Virginia has remained a national leader for the advanced manufacturing and defense industries," said Secretary of Commerce and Trade Carrie Chenery. "Pittsylvania County's prepared sites, skilled workforce, and strong regional partnerships made a project of this scale possible. Together, Avio USA, Pittsylvania County, and the Commonwealth of Virginia will continue to strengthen our nation's defense industries."

"We are grateful to the Commonwealth of Virginia and Pittsylvania County for their partnership in advancing this strategic investment, which expands Avio USA's manufacturing footprint and directly supports the Department of War's effort to significantly ramp missile production," said VADM (Ret.) James Syring, CEO of Avio USA. "With more than a century of propulsion leadership, Avio's proven capabilities, industrial expertise, and enduring legacy uniquely position us to strengthen and scale the U.S. defense industrial base. I am confident that we have made the right choice with our selection of the Commonwealth and Pittsylvania County for our factory location given the complete local, regional, and state support we've received, including a business-friendly climate, a best-in-class Virginia Talent Accelerator offering, and competitive custom investment incentives. We are proud to support our U.S. government and defense customers by accelerating solid rocket motor production at the speed and capacity required to meet today's national security priorities."

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Avio is a leading international group engaged in the manufacturing and development of space launchers and solid, liquid and cryogenic propulsion systems. The experience and know-how built up over more than 50 years puts Avio at the cutting-edge of the space launcher sector and defense program. Avio is present in Italy, France, United States and French Guiana, employing more than 1,500 highly qualified personnel. Avio is the prime contractor for the Vega program and a sub-contractor for the Ariane program, as well as a leading solid rocket motor subcontractor for the design and manufacturing of major European tactical missile programs.

Avio USA Inc. is a subsidiary of Avio S.p.A. with its headquarters in Arlington, Virginia. Avio USA is structured to operate in compliance with US security and export-control regulations and is governed by a US-led board of directors. The CEO of Avio USA is retired US Navy Vice Admiral James Syring, former Director of the US Missile Defense Agency.

For further information

Investor Relations contacts:
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Media Relations contacts:
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SOURCE: Avio S.p.A.

View the original press release on ACCESS Newswire

D.Sawyer--AMWN