The award was presented at the 68th Annual Virginia Conference on World Trade, held in Norfolk. MAG Aerospace has been a participant in the Commonwealth’s international trade programs since 2012. Through its international project successes and acquisitions, the company has grown to more than $145 million in annual revenue and nearly quadrupled its employment to more than 900.
The Governor’s Award for Excellence in International Trade recognizes a Virginia business that has excelled in global trade. The recipient of this annual award has increased its international sales, while promoting the best interests of its employees and the surrounding community.
“MAG Aerospace’s success story is a wonderful example of a company that has experienced the effects of sequestration and saw an opportunity to diversify,” said Governor McAuliffe, speaking about the announcement. “Virginia’s international trade programs provided the support the company needed to be successful globally. This kind of international success is exactly what will help build a new Virginia economy, and I commend the MAG Aerospace team for their hard work and achievement.”
Virginia Secretary of Commerce and Trade Todd Haymore added, “I congratulate MAG Aerospace on this impressive award for accomplishments in international trade. We are fortunate in the Commonwealth to have outstanding programs that help our companies navigate the global marketplace and bring revenue back to Virginia. MAG Aerospace is one of more than 220 Virginia companies that have graduated from VEDP’s award-winning VALET program and realized great success in the international marketplace.”
Founded in 2009 and headquartered in Woodbridge, MAG Aerospace has a global reputation for excellence in providing aerial surveillance and situational awareness services that make the world smaller, safer, and less uncertain. In 2012, when faced with the pressures of sequestration, MAG Aerospace turned to the global marketplace, which offered increasing demand for its capabilities. The company recognized the opportunity to win longer-term international contracts, which would provide more certainty and stability than intensely competitive and shorter-term U.S. Department of Defense contracts.
It was not until January 2014, when MAG Aerospace joined Virginia’s flagship VALET Program, that the company truly accelerated its international efforts. After participating in more than a half dozen state-sponsored international trade missions and air shows during its two years in the VALET Program, the company grew its sales by an impressive 48 percent. Today, MAG Aerospace operates in 19 locations across five continents, and has opened offices in Woodbridge and Newport News, Virginia; Huntsville, Alabama; Fayetteville, North Carolina; Toronto, Canada; Dubai, U.A.E.; and Canberra, Australia.
“Virginia’s VALET program was instrumental in our international sales success,” said Joe Fluet, CEO of MAG Aerospace. “Even though we had already entered the global marketplace, our big move started with joining VALET and positioning ourselves to win longer duration service contracts.”
The Commonwealth’s VALET program assists Virginia companies that have firmly established domestic operations and are committed to international exporting as an expansion strategy. Currently, 48 Virginia companies participate in the VALET program.
This year marks MAG Aerospace’s fourth year attending the Virginia Conference on World Trade, which is the Commonwealth’s premier conference for the international business community. Attendees have the opportunity to meet, develop and cultivate international partnerships with a network from around the world. Global network consultants are available to meet with companies interested in exporting to more than 75 countries across the globe.
For more information about MAG Aerospace, visit magaero.com.