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Liebherr Mining Equipment Newport News Co. Invests $45.4 Million in Newport News and Hampton, Virginia, Expansion

Area Development Online News Desk (02/19/2013)
Liebherr Mining Equipment Newport News Co., one of the world's leading manufacturers of construction and mining equipment and supplier of technically innovative products and services, will invest $45.4 million to expand its operation in Newport News and Hampton, Virginia. The project will create 174 new jobs over a 48-month period.

"For the past 40 years Liebherr has established a strong infrastructure in Newport News and Hampton. The area has a wealth of experienced workers and is in close proximity to our supplier and main customer base," said Joachim Janka, President of Liebherr Mining Equipment Newport News Co. "As a family-owned business, Liebherr benefits from the ability to make countercyclical investments. We invest during unfavorable economic conditions to achieve superior returns in the long run. We believe in the resilience of the American economy and will be prepared to excel when market conditions improve."

"This exciting project, international in scope, has provided the opportunity for the Commonwealth and Cities of Newport News and Hampton to work together with Liebherr as a team, utilizing numerous programs to facilitate their major expansion and investment," said Jim Cheng, Virginia Secretary of Commerce and Trade. "From its operation in Newport News, construction and mining equipment is shipped worldwide. Close proximity to the Port of Virginia offers the potential for Liebherr to further capitalize on import and export opportunities. The Commonwealth values its relationship with Liebherr Mining Equipment and the entire Liebherr Company and looks forward to the next 40 years."

Governor Bob McDonnell said, “With this project, the company is making a significant investment in building improvements, machinery and tools and infrastructure to enhance production of the largest mining trucks in the world. As a major employer in Hampton Roads, it is gratifying that the company will add 174 additional good paying jobs in the years ahead. That's great news for Hampton Roads and all of Virginia."

As an incentive the Virginia Economic Development Partnership worked with the City of Newport News, the City of Hampton and the Hampton Roads Economic Development Alliance to secure the project for Virginia. Governor McDonnell approved a $500,000 grant from the Governor's Opportunity Fund to assist Newport News with the project. Governor McDonnell also approved an $800,000 performance-based grant from the Virginia Investment Partnership program, an incentive available to existing Virginia companies. 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.

Liebherr Mining Equipment Newport News Co. is an operating division of Liebherr-Mining Equipment SAS, a member company of the Liebherr Group. The location now serves as the North American headquarters for four operating companies. The Liebherr Group’s holding company is Liebherr-International AG located in Bulle, Switzerland, which is entirely owned by members of the Liebherr family.

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