Governor Terry McAuliffe announced today that Italy-based Provides Metalmeccanica Srl, a leader in the heat exchanger sector, will invest $6.1 million to establish its first U.S. manufacturing operation, Provides US, Inc., in Augusta County.
The company will co-locate with Daikin Applied in Verona in a 40,000-square-foot space. Provides manufactures evaporators and condensers and supplies those components to major HVAC companies worldwide. The new location in the United States will enable Provides to further grow its business and reduce product time to market for North and South American customers. The project will create 45 new jobs paying more than the average prevailing wage in the region.
Speaking about today’s announcement, Governor McAuliffe said, “This project is a great example of what is possible when companies work to create opportunities for international suppliers in the U.S. market and receive mutual benefit. Daikin Applied’s invaluable assistance offering Provides with space to launch its first U.S. manufacturing operation made this announcement possible. Continuing to strengthen the Commonwealth’s advanced manufacturing industry cluster and create jobs of the 21st century is key to building a new Virginia economy.”
“We welcome Provides to Augusta County, to the Commonwealth, and to the U.S. market,” said Maurice Jones, Virginia Secretary of Commerce and Trade. “The fact that international companies continue to choose the Commonwealth when deciding to establish operations in the United States is a great testament to our strong global presence. We thank Provides for its investment in the U.S. and celebrate the addition of 45 new, good-paying jobs.”
Provides was established in 1968 as a company that specialized in the production of metallic office furniture. Between 1973 and 1980, it also specialized in the construction of racks, aluminum telephone booths and step ladders, and, finally, in the production of pressurized gas tanks, both for LPG automotive and domestic use. In 1991, it started working in the air conditioning sector and, in 1996, it designed and manufactured the first series of heat exchangers. Since then, Provides has grown and has become a leader in the heat exchanger sector.
Franco Provenziani, Provides CEO, stated, “With great support from state and local economic development agencies, Provides selected Virginia for this opportunity based on its geographic position, providing great interstate access for product distribution; a stable and competitive workforce environment; competitive energy costs; and the availability of technical staffing supported by multiple college curricula. We also found the local supply base to be capable of supporting all facets of our new operation. The ability to co-locate with Daikin gave us a significant business incentive to make this investment.”
The Virginia Economic Development Partnership worked with Augusta County to secure the project for Virginia. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program and will be matched by Augusta County. Individuals interested in learning more about the positions for which Provides will be hiring should visit the Virginia Workforce Connection at www.vawc.virginia.gov and search for Provides US, Inc. Interested applicants may also visit any Virginia Employment Commission office for assistance.
“We are excited to welcome Provides US, Inc. into the Augusta County family,” said Larry Wills, Chairman of the Augusta County Board of Supervisors. “Daikin Applied and Augusta County have worked hard to provide a smooth landing for Provides, and we look forward to supporting the company’s growth in the years to come. We’re especially proud to be announcing these 45 new jobs, which will help Augusta County families.”
“The location of Provides US, Inc. in Augusta County illustrates our continual efforts to build a supply chain for our existing industry clusters,” said David Karaffa, Board of Supervisors representative for the Beverley Manor District, where the company is locating. “This new location in Virginia will allow Provides US to grow its North and South American business while supporting major HVAC employers in Augusta County and the Shenandoah Valley. This is a win-win for everyone.”
Since the beginning of the McAuliffe Administration, 238 economic development deals have been closed in Virginia with more than $5.17 billion in capital investment, more than twice the amount of capital investment brought to the Commonwealth in any Governor’s first 11 months in office.