Governor McAuliffe’s office released the following press release earlier today:
~Koinonia Ltd. to invest $4.9 million to establish first U.S. manufacturing operation~
PULASKI COUNTY – Governor Terry McAuliffe today announced that Koinonia Ltd., a Brazilian-based manufacturer of foam and tape solutions for the automotive, refrigeration (HVAC), marine, construction, and heavy machinery industries, will invest $4.9 million to establish its first U.S. manufacturing operation in the ShaeDawn Industrial Park in Pulaski County. Virginia successfully competed against Indiana, North Carolina, Ohio, and Tennessee for the project, which will create 40 new jobs.
“Koinonia’s first U.S. manufacturing operation is an important win for the commonwealth and the New River Valley,” said Governor McAuliffe, speaking at the event. “Pulaski County’s strategic location and the region’s thriving automotive industry present solid future opportunities for the company as a supplier, pushing Virginia ahead of our competition. Koinonia selecting the commonwealth as its gateway to the U.S. market speaks volumes about our business environment and workforce, and we are proud the company will join our efforts to build a new Virginia economy.”
Founded in 2016, Koinonia (also known as Koi Foams) is a subsidiary of Koinonia Fitas e Pecas Tecnicas e Espumas Ltda, a Sao Paulo, Brazil-based company founded in 2009 that has a well-established customer base in Brazil. The company will manufacture industrial-scale ribbons and technical parts made from polyethylene, ethylene propylene diene monomer (M-class) (EDPM) rubber, nitrile rubber (NBR), neoprene, other rubbers, polyvinyl chloride (PVC), and a variety of flexible materials. Koinonia’s core values include: effective service, honesty, quality, respect, professionalism, commitment, appreciation of people, and transparency and integrity in business relations.
“It’s an honor to welcome Koinonia to Pulaski County and to the growing sector of international advanced manufacturing companies, which currently represent more than $118 billion in direct annual economic output across Virginia,” said Secretary of Commerce and Trade Todd Haymore. “Koinonia is a supplier to a variety of industries and companies and undoubtedly will be a key economic asset to the New River Valley.”
“After searching different U.S. states for our plant, we at Koinonia decided to open our doors in Virginia for various reasons, including the great support from state and local authorities, lower cost of living, lower cost of energy, and the talented workforce from local colleges and universities,” said Koinonia Chief Operating Officer Marcio Lopes. “Virginia welcomed us with open arms, and it has been an honor and privilege to work with the Onward NRV team and, specifically, the people from Pulaski County.”
The Virginia Economic Development Partnership worked with Pulaski County and Onward New River Valley to secure the project for Virginia. Governor McAuliffe approved a $100,000 grant from the Commonwealth’s Opportunity Fund to assist the County with the project. The company is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
“We are thankful to the Governor and his economic development team for their support and assistance with securing this, our third new jobs announcement this year. These successes have yielded more than $55 million in new capital investments and approximately 200 new jobs for Pulaski County,” stated Jonathan D. Sweet, County Administrator, Pulaski County. “The Board of Supervisors has made it a priority for Pulaski County to become the center of international business and the advanced manufacturing hub of Southwest Virginia, and Koinonia’s commitment to join our esteemed international business community is further confirmation of our strategic efforts. The Koinonia family will be Pulaski County’s eighth international business that collectively represents more than 3,850 jobs in the New River Valley region of the Commonwealth, and we are immensely honored to have earned the company’s investment, trust, and friendship.”
“Koinonia’s investment and creation of 40 jobs is great news for the region and is a testament to the strength of the business environment created by Pulaski County with another international company calling the County home,” said Senator Ben Chafin. “Koinonia will be a wonderful addition to the County and business community. Creating advanced manufacturing jobs and opportunities is essential to growing the economy, and Koinonia will be an asset to success in the New River Valley.”
“The New River Valley is looking forward to having Koinonia as an additional partner in our global manufacturing efforts,” said Delegate Nick Rush. “We are confident the company will build strong relationships with local businesses, as Pulaski County’s established industries and companies recognize the importance of growing our region and supporting new opportunities. On behalf of the Seventh House District and the Commonwealth, I’m happy to welcome Koinonia to the New River Valley!”
Virginia’s New River Valley: For those searching for an inspiring place to live and do business, Virginia’s New River Valley provides both an eclectic small town atmosphere and an innovative, collaborative business community with a loyal, highly skilled, and educated workforce. Offering the best of both worlds – magnificent mountains, cutting-edge research, arts, entertainment, and education – it’s A NATURAL FIT.
Onward NRV: Onward NRV is a public/private, regional economic development organization whose mission is to attract and retain world class jobs, investment and talent in Virginia’s New River Valley. It’s also a movement where leaders from business, government, and higher education work together to promote the economic vitality of the region.