June 19, 1997

Jill Lawrence
(804) 371-0049
Governor Allen Signs Deal to Bring Investment to Greater Richmond Area
-- Bernstein US Next on List of Europen Trade Mission Successes --

Hamburg, Germany - Governor George Allen announced a successful investment deal today, revealing that Bernstein US, a subsidiary of Hans Bernstein GMBH and Co., will construct an electronics manufacturing facility in the Appomattox Industrial Park in the Greater Richmond Area. The project will initially create 25 jobs, expanding to 75 jobs at the completion of the five year build-out plan.

"The positive tax structure and reasonable regulatory policies in Virginia are a very important asset in marketing Virginia to international investors," said Governor Allen. "All across the nation and the world, Virginia continues to be recognized as an emerging leader in the electronics industry. I welcome Bernstein US as our newest corporate citizen."

The project will occur in two phases. During Phase I, Bernstein US plans to purchase 10 acres in the Greater Richmond Area and construct a 7,000 square foot facility, creating 25 initial jobs. Phase II, scheduled to occur in five years, will include an expansion to 20,000 square feet, tripling the number of employees to 75, and achieving expected annual sales of $35 million.

Hans Bernstein GMBH and Co. was established in 1947 to manufacture electronic components, including enclosures, switches and sensors. The company currently employs 500 people with sales of approximately $60 million worldwide.

Key factors in making the decision for the company were Virginia's Right-to-Work law, the excellent port facilities and transportation infrastructure, reasonable tax structure, a strong work ethic, and outstanding site selection support from local development officials. The Virginia Department of Business Assistance will provide workforce training services.

The Virginia Economic Development Partnership and the Greater Richmond Partnership worked cooperatively to attract the prospect.

Germany is Virginia's fifth largest export destination with $672 million in exports during 1996. Figures through 1996 show cumulative German investment in Virginia totaled $2 billion, representing 121 enterprises and 10,025 jobs. Germany claimed 22 percent of Virginia's $8.7 billion total foreign investments.

Governor George Allen and First Lady Susan Allen are currently leading a 15 day trade and investment mission to Germany, Denmark, the Netherlands and the United Kingdom. More that 40 Virginia business leaders are joining them for all or part of the mission.

Governor Allen has outlined four major goals for the mission; 1) seek additional foreign investment for Virginia; 2) provide an increased understanding of European business markets and expanded trade opportunities to Virginia business executives; 3) promote shipping through Virginia ports; and 4) market Virginia as an inviting destination for tourists.

Since 1994 Governor Allen and First Lady Susan Allen have led business delegations on six trade missions to Canada, Mexico, Europe, East Asia and the Middle East. These missions have produced more than $112 million in new investments and over $64 million in sales of Virginia products and services.

The Governor and First Lady are scheduled to return on June 28.

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