March 12, 1999

Lila White
(804) 692-3110

Shambu Pujari, Managing Director
Icicon Electronics India, Ltd.
(540) 859-0426
Jill Lawrence
(804) 371-0049
Governor Gilmore Announces First Indian Manufacturer in Virginia
--Icicon Electronics will create 80 new jobs, bring $2.5 million investment to Buchanan County--

Richmond - Governor Jim Gilmore today announced that Icicon Electronics India, Ltd. will locate a new manufacturing facility in Buchanan County. The company will manufacture multilayer ceramic chip capacitors at the new facility. Icicon will create 80 new jobs for Virginians through an initial investment of $2.5 million.

"I am thrilled to welcome an additional manufacturer to the Commonwealth," said Governor Gilmore. "This project will enhance Virginia’s role as a technological leader and help advance the state’s reputation in the global economy."

Icicon Electronics India, Ltd. is listed on the Indian Stock Market and has been in operation since 1994. The firm hopes to reach a critical mass immediately allowing it to compete more effectively within regional and international markets. The company has leased the facility in Buchanan County and has already commenced operations by providing taping and reeling service for packaging of electronic components.

"I believe that being closer to the pulse of the U.S. market and to the supply of the raw material will make a significant difference in serving the customers abroad," said Shambu Pujari, Managing Director of Icicon Electronics India, Ltd.

"Virginia’s skilled workers will have more tremendous job opportunities with Icicon," said Secretary of Commerce and Trade Barry E. DuVal. "The company is poised to thrive in the Commonwealth."

The Virginia Economic Development Partnership, the Virginia Coalfield Economic Development Authority and Buchanan County assisted the company with its decision. The Virginia Department of Business Assistance will provide workforce training services.



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