McDonnell signs economic-development legislation
During an afternoon visit to ICF International in Martinsville while on his “Virginia: Growing Strong” statewide tour, Gov. Bob McDonnell today ceremonially signed job creation and economic development legislation, including measures from his 2012 jobs and economic development agenda. Read more
Cadence to invest $15.9 million in Staunton operations, adding 65 new jobs
Staunton Mayor Lacy King, Cadence Inc. CEO Peter Harris and Virginia Gov. Bob McDonnell at Monday's announcement that Cadence will add 65 jobs in a $15.9 million expansion.
Cadence Inc., a Staunton-based manufacturer of cutting and piercing instruments for industrial, medical and life-science applications, will invest $15.9 million to expand its operation in the City of Staunton and create 65 new jobs within three years. Virginia successfully competed against Costa Rica for the project.
Gov. Bob McDonnell visited Staunton to announce the news – on the heels of more good news from the Virginia Employment Commission that the state’s unemployment rate had dipped in April to 6.1 percent, its lowest rate in three years.
“We are pleased that Cadence decided to continue their long relationship with Virginia and the City of Staunton in choosing to expand their facility, rather than move to a new location,” McDonnell said. “The path of success continues with this significant investment, which will allow for a larger facility and increased manufacturing production to accommodate the company’s rapid growth. The addition of 65 new jobs is also tremendous news for the region.”
Cadence Inc. began in 1985 as Specialty Blades to address the needs of industries, original surgical manufacturers, and medical design engineers who required high performance, razor sharp custom-made cutting blades. Cadence has emerged as a premier metals manufacturing company focused on new medical technologies, such as minimally invasive devices. Headquartered in the Green Hills Technology Center in Staunton, Cadence now has more than 200 shareholders. Proprietary “sharps” and tube fabrication technologies enable Cadence to supply the most critical components and sub-assemblies for medical devices, scientific, and industrial applications.
“This major expansion represents another significant step on our journey of solid growth,” said Peter Harris, Cadence Inc. CEO. “Partnering with our state and local officials to make this happen enables our ongoing commitment to precision and repeatability in everything we do for our customers, shareholders, and employees.”
The Virginia Economic Development Partnership worked with the City of Staunton to secure the project for Virginia. Governor McDonnell approved a $150,000 grant from the Governor’s Opportunity Fund to assist Staunton with the project. The company is eligible to receive benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance (VDBA) will provide funding and services to support the company’s recruitment and training activities.
“Cadence has been an excellent corporate citizen for the last 25 years and we look forward to the company’s sustained growth in the years ahead,” said Staunton Mayor Lacy King. “The City is fortunate to have this quality manufacturing company committed to increased investment and job creation and we are pleased that we could partner with Cadence and the Commonwealth to secure this project,” King added.
Building a new industrial sector in Waynesboro
Special Report by Chris Graham
freepress2@ntelos.net
Waynesboro was once the envy of Western Virginia for its manufacturing economy. As recently as 1990, almost half of the city’s workforce was employed in manufacturing, whose rate of pay has traditionally been at least 40 percent and some years approaching 50 percent higher than the median income in the city.
The manufacturing interests in Waynesboro not only formed the basis of our economy. It was also the foundation of our way of life. Physicists at DuPont and engineers at General Electric demanded the kind of school system that could educate their sons and daughters to be just as productive in their adult years if not more so, and so our schools were also the envy of Western Virginia, if not the entire state.
The decline of manufacturing, from that 1990 measurement that had 4,400 jobs in the Waynesboro labor force to today, when the latest numbers from the Virginia Employment Commission, through the second quarter of 2009, has us at 1,619 jobs in manufacturing, has had myriad effects on the quality of life here.
Our standard of living has decreased, no question about it. Waynesboro still boasts a higher per-capita income than its nearest neighbor, Staunton, but in the past two years we’ve lost significant ground to a sister city just to our north, Harrisonburg, which actually has more manufacturing jobs than we do now, on an order to two to one, and has also made significant inroads in what I believe and others believe will be the economy of the 21st century, technology. Read more
