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DRS Technologies announces move to Northern Virginia

Gov. Bob McDonnell announced today that DRS Technologies Inc., a Finmeccanica Company, will be relocating its corporate headquarters from New Jersey to Arlington County.

The company, recognized as one of the leading defense technology companies in the world, will be expanding its regional office to accommodate over 100 employees. The relocation and expansion costs will bring in excess of $10 million of capital investment to the region.

McDonnell met with officials from DRS at the 2010 Farnborough International Air Show, one of the world’s largest global aviation events.

“To gain the corporate headquarters of another major technology company like DRS Technologies is a major win for Virginia,” McDonnell said. “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.”

DRS Technologies is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. The company is a wholly owned subsidiary of Finmeccanica S.p.A., a global aerospace, defense, and transportation holding company headquartered in Italy, which employs more than 71,000 people worldwide.

“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. 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 for Virginia. 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.

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