S23 Holdings, LLC and its affiliates, which include East Coast Repair and Fabrication (ECR), will invest $64.4 million to establish a corporate and industrial campus for ship repair, manufacturing and pier rehabilitation in Newport News, VA. Virginia successfully competed with Florida and Puerto Rico for the project, which will create 332 new jobs.
"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 Virginia Gov. Ralph 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 ECR to thrive. We are proud that Virginia is able support the company's impressive growth and look forward to their future success."
The company will transform waterfront property at 1201 Terminal Avenue in Newport News and nearby property at 1511 Harbor Lane. The project's overall investment includes the property acquisition, the rehabilitation of Piers 14 and 15, and the construction of a manufacturing facility and corporate and administrative offices.
"Hampton Roads has played a key role in the maritime industry for decades, and S23 Holdings' new campus is a strategic fit for this region's assets and workforce," 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."
The expansion to Newport News allows S23 and its affiliates to accommodate a broader and more diverse group of vessel owners and operators such as Military Sealift Command, MARAD, Crowley, Maersk and others. It also makes S23 and its affiliates the only small business ship repair company with deep-water access in Virginia. As a result, S23 and its affiliates will be able to fulfill a category of ship repair not presently performed in Hampton Roads.
For more information contact:
East Coast Repair and Fabrication
P.O. Box 13687
Chesapeake, VA 23325
757-455-9600
www.ecrfab.com
Virginia Economic Development Partnership
www.vedp.org