RD111 - Virginia Coalfield Economic Development Authority 2007 Annual Report


Executive Summary:
Joined by local economic developers and other allies, VCEDA led an aggressive team effort in 2007 to market the region as Virginia’s e-Region focusing on the key areas of electronic information technology, energy and education.

It was a productive year for the region with the announcement of more than 1,000 new jobs. An investment of $26.4 million was reported in six project announcements and five business expansions. VCEDA approved more than $22.1 million in six loans and eight grants for projects throughout the region.

Several new companies announced plans to locate in Virginia’s e-Region. Sykes Enterprises will
become the first company in Buchanan County’s new Southern Gap Park, the largest economic
development park within our region. Synergy Biofuels, LLC, a start-up company that will produce
biodiesel fuel from used vegetable oil, will locate in the former Super Sack building in Lee County
and create at least 30 new jobs.

Two manufacturers announced plans to locate in existing facilities formerly occupied by other businesses. Pinnacle Wood Products of Virginia, Inc. is operating in the former Buster Brown Apparel building in Wise County and plans to create more than 200 jobs in the next three years. Rogers Foam Corporation, a Massachusetts company that makes engineered foam products, located in Scott County in a building formerly occupied by Mid-Atlantic Paper Company.

VCEDA was especially happy to be a part of existing business expansions. Locally owned D.R. Price Engineering moved its business into the long-vacant Honaker shell building; Buchanan Pump Service & Supply Co., Inc. in Wise County expanded its facilities and plans to add 15 new employees; Haysi Heating & Cooling is expanding and projects 27 new jobs; and KCG Call Centers moved into remodeled facilities in Lee County, adding more than 200 jobs.

On December 12, hundreds of the region’s residents officially welcomed Northrop Grumman and
CGI to Virginia’s e-Region, cutting the ribbons to open their new technology centers in the Russell
Regional Business Technology Park.

It’s been a good year in which much positive progress has been made. I would like to thank the
VCEDA board of directors, staff and all of our allies for their hard work and for embracing the team
approach wholeheartedly.