Ten Virginia companies expand into global markets through state program

Ten Virginia-based companies are entering global markets after graduating from the Virginia Economic Development Partnership’s (VEDP) Virginia Leaders in Export Trade (VALET) program.

More than 350 companies have graduated from VALET, which assists exporters that have firmly established domestic operations and are committed to international growth.

The graduating companies are:

• American K-9 Interdiction, LLC (Isle of Wight County)
• BecTech, Inc. (City of Alexandria)
• Embody, Inc. (City of Norfolk)
• ENSCO, Inc. (Fairfax County)
• Har-Tru (Fluvanna County)
• Kapsuun Group (Fairfax County)
• Moog Inc. (Montgomery County)
• Morphix Technologies (City of Virginia Beach)
• PaneraTech (Fairfax County)
• TRU Ball/AXCEL Archery (Amherst County)

“Each of the 10 graduating companies represents a Virginia success story, and we commend their accomplishments achieved in the global marketplace since joining VALET two years ago,” Gov. Glenn Youngkin said in a press release. “This award-winning program accelerates the development of international business by connecting companies with the practical tools needed for successful export sales, which in turn creates jobs and grows Virginia’s economy.”

The Commonwealth exports more than $35 billion in goods and services every year. Exports are critical to economic growth, support more than 257,000 jobs and generate $2 billion in in annual tax revenue.

“When Virginia businesses expand their target markets overseas and increase revenues, the Commonwealth’s economy grows,” VEDP President and CEO Jason El Koubi. “The VALET program has helped more than 350 companies successfully navigate the changing global marketplace and expand international sales over the past two decades, directly contributing to Virginia’s economic vitality. We are excited to see the export growth these graduates will experience as a result of their time in the program.”

A two-year international business acceleration program, VALET provides participating companies with international sales plan development services, assistance from a team of experienced international service providers, international business meetings with potential partners, educational events and customized market research. Fifty-one companies are participating in the VALET program and 415 Virginia companies have been accepted to participate in the program since 2002. The program generates an average increase in international sales of 78 percent for participating companies.