FOR IMMEDIATE RELEASE
October 17, 1997



Jill Lawrence
VEDP
(804) 371-0049
Governor Allen Welcomes Iceland Seafood to Newport News
-- $25 Million Investment Will Create up to 350 New Jobs - -


Newport News - Governor George Allen today welcomed Iceland Seafood Corporation's new North American headquarters to Newport News. Iceland Seafood, a supplier to some of the nation's largest restaurant chains, has invested more than $25 million to construct the new headquarters, initially creating 225 new jobs, and expanding to 350 employees within the first three years of operation. Virginia successfully competed with North Carolina for the investment. "Iceland Seafood is a great catch for our Commonwealth, and we're proud to have such a respected, dynamic and successful company join Virginia's large, diverse and growing number of businesses," said Governor Allen. "I'm pleased that Virginia's pro-growth business environment, including our competitive tax and reasonable regulatory policies, world-class Port of Hampton Roads, internationally superior transportation structure and the work ethic, character and productivity of our citizens helped convince Iceland Seafood to drop anchor here in Virginia."

Iceland Seafood announced its decision to relocate its U.S. headquarters from Camp Hill, Pennsylvania, to Newport News in October 1996. The 150,000 square-foot facility was constructed in the Oakland Industrial Park, which is located in an Enterprise Zone designated by the Governor in 1995. Governor Allen approved $500,000 from the Governor's Opportunity Fund to assist the City of Newport News with site preparation. Iceland Seafood follows Twinpak Inc., as the second international company to open a manufacturing facility in the Oakland Industrial Park.

As a result of the relocation, more than 60 million pounds of frozen fish will be shipped through the Port of Virginia, which constitutes a new commodity for the port. Among its processing operations, Iceland will grill, batter and bread seafood for the nation's largest restaurant chains. The company is also a food service provider for many public schools systems.

"We are delighted to be part of the Newport News community and the Commonwealth of Virginia. The business climate is extremely positive and we are very optimistic about the future," said Howell Carper, president and chief executive officer of Iceland Seafood Corporation.

The Iceland Seafood Corporation is the subsidiary of Iceland Seafood International which is responsible for processing, distribution, sales and marketing in North and South America. Headquartered in Reykjavik, Iceland, the company has five other subsidiaries located in Germany, France, Spain, Japan and the United Kingdom. Iceland Seafood a leading sales and marketing company specializing in seafood, and it also sells packing material and fishing gear.

"The Iceland Seafood Corporation is a quality addition to the economic base of Newport News and the larger community," stated Newport News Mayor Joe Frank.

The Virginia Economic Development Partnership worked closely with the Virginia Peninsula Economic Development Council and the Newport News Industrial Development Authority in assisting the company with its decision. The Virginia Department of Business Assistance is providing workforce training services.



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