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DRS Technologies Invests $10 Million To Relocate Headquarters From New Jersey To Virginia

05/02/2012
DRS Technologies, a defense contractor of a wide range of mission-critical systems for homeland security and the military, plans to invest $10 million on the relocation of its headquarters from New Jersey to Crystal City, Arlington County, Virginia, adding 100 employees.

The supplier of integrated products and services to military forces, intelligence agencies and contractors worldwide, is a subsidiary of Italian conglomerate Finmeccanica.

While a location for its Crystal City headquarters has not been announced, Virginia was chosen as the company's new headquarters location due to its proximity to key customers in the D.C. area, as well as the company's positive experience with Virginia's pro-business regulatory environment and tech-savvy workforce, Governor Bob McDonnell said.

"We are very excited to bring the headquarters of DRS Technologies to Arlington County, Virginia," said William J. Lynn, III, Chief Executive Officer, DRS Technologies. "The support and collaboration we received from the County, the Virginia Economic Development Partnership, and Governor McDonnell helped to solidify and reinforce our decision to expand in Crystal City, Virginia. Our entire leadership team will benefit by being closer to our customers, as well as enjoying all that this great state and region has to offer."

The Virginia Economic Development Partnership worked with Arlington County and Arlington Economic Development to secure the project. As part of a package of incentives offered to the firm, Governor McDonnell approved a $1 million grant from the Governor's Opportunity Fund to assist Arlington County with the project. The company is also eligible to receive a Major Business Facility Job Tax Credit. 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.

Governor McDonnell said, "To gain the corporate headquarters of another major technology company like DRS Technologies is a major win for Virginia. The company's decision to consolidate its corporate offices into a headquarters location in Arlington County speaks volumes about the business climate in the Commonwealth and the positive reputation our highly-educated workforce enjoys worldwide. We are thrilled to welcome DRS Technologies to Virginia."

"Virginia builds great ties in the global marketplace, and this announcement is testament to those relationships," said Jim Cheng, Virginia Secretary of Commerce and Trade. "DRS Technologies has maintained a smaller presence in Arlington County, and the positive business experience and strategic location led the company to choose to consolidate its headquarters in Crystal City."

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