Liebherr-International AG, a global leader in manufacturing and engineering, is investing $45 million in the expansion of its Newport News, VA facility. One of the world's largest manufacturers of construction machinery and mining equipment, Liebherr-International AG has been operating in Newport News since 1970. With this investment, the company plans to increase its production capacity and improve its infrastructure.
The expansion will include the construction of a new production hall, the installation of new equipment, and the purchase of additional land. The new production hall will be over 60,000 square feet and will be used for the assembly of large mining equipment. The new equipment will include cranes, excavators, and loaders, among others. The additional land will be used for storage and parking.
Liebherr-International AG's investment in Newport News is a testament to the city's growing economy and its potential for further growth. The company's expansion will create jobs and stimulate economic growth in the region. Newport News is already home to several major employers, including Huntington Ingalls Industries, Canon Virginia, and Ferguson Enterprises.
The Newport News Economic Development Authority worked closely with Liebherr-International AG to facilitate the expansion. The EDA provided incentives to the company, including tax exemptions and grants. The expansion is expected to create over 100 new jobs in the region.
Liebherr-International AG's investment in Newport News is part of the company's global growth strategy. The company has been expanding its operations around the world, with a focus on emerging markets. The company's investment in Newport News will help it to meet the growing demand for construction and mining equipment in the United States.
Liebherr-International AG is committed to sustainability and environmental protection. The company has implemented several measures to reduce its environmental impact, including the use of renewable energy sources and the reduction of waste and emissions. The company's expansion in Newport News will be designed with sustainability in mind, with a focus on energy efficiency and environmental protection.
In addition to Liebherr-International AG's investment, several other companies have recently announced investments in Newport News. High Liner Foods, a frozen seafood processor and marketer, has announced plans to modernize its facility in the region. Newport Logistics Fund, which invests in warehouse properties in Europe, has raised EUR 50 million for its first fund.
Newport News has also been making headlines for other reasons. Just over a year ago, the collapse of an approximately 20-foot portion of the Newport Cliff Walk raised alarm throughout the state. The Newport Golf Club has recently announced a change in ownership of the club and course. Insurance broker NFP has acquired Toronto-based private wealth management company Newport Private Wealth for an undisclosed sum.
U.S. Senator Sheldon Whitehouse and Governor Dan McKee today joined with child care providers from the Meeting Street School and Rhode Island Kids Count to discuss the importance of investing in early childhood education. The event took place at the Newport County YMCA, which provides childcare services for families in the region.
Nexperia has expressed frustration with the UK government's probe into its takeover of Newport Wafer Fab – ongoing since last year – saying that the investigation is causing uncertainty for its operations in the UK.
Overall, Newport Investments is a growing and dynamic region, attracting investments from major companies around the world. With its strong economy, skilled workforce, and commitment to sustainability, Newport News is poised for continued growth and success.