FOR IMMEDIATE RELEASE
April 02, 2001

Lila White
www.thedigitaldominion.com
(804) 692-3110


Shaul Cohen-Mintz
Zim-American Israeli Shipping Co.
(212) 524-1602
Jill Lawrence
VEDP
(804) 371-0049
Governor Gilmore Announces New U.S. Headquarters For Shipping Company In Norfolk
-- Zim-American Israeli Shipping Co. to relocate from New York and create 235 jobs - -


Norfolk - Governor Jim Gilmore today announced that Zim-American Israeli Shipping Co., Inc. will relocate its United States headquarters from New York City to Norfolk. Zim-American Israeli Shipping Co. will invest $6.2 million to locate in a new building in the Lake Wright Executive Center. The company will also hire 235 people to work in this facility. Virginia successfully competed with Texas for this investment.

"With this move, Zim-American Israeli Shipping Co., one of the world's largest international shipping organizations, has recognized the value of Virginia's central location and dynamic workforce," said Governor Gilmore. "Hampton Roads is one of great ports of the world, and an ideal place for this company to base its corporate headquarters. I welcome Zim to the Commonwealth and wish them many years of success in Virginia."

Governor Gilmore approved a $100,000 grant from the Governor's Opportunity Fund to assist the Development Authority of the City of Norfolk with site preparation. The Virginia Economic Development Partnership, the Hampton Roads Economic Development Alliance and the City of Norfolk assisted Zim-American Israeli Shipping Co., Inc. with its decision. The Virginia Department of Business Assistance will provide workforce training services.

Zim-American Israeli Shipping Co. Inc. is the general agent in North America for Zim Israel Navigation Company, one of the largest container shipping companies in the world (currently ranked ninth). Zim operates a large fleet of owned and chartered container ships, on three global services and 36 regional services reaching every continent and calling hundreds of ports worldwide. Operating an intermodal system, which combines sea, land and air transportation, Zim provides fast, frequent competitive door-to-door services around the globe. Through Zim's network of subsidiaries, the company is involved in a diversified scope of activities. Zim's Internet site, www.zim.co.il, offers access to on-line data resources for customers, including cargo tracing and interactive sailing schedules.

"The move was prompted for a number of reasons," said Shaul Cohen-Mintz, President of Zim-American Israeli Shipping Co. "Zim is moving primarily to better position ourselves to meet our customers' requirements, market needs and future challenges. While many of the other shipping companies have moved across the river to New Jersey, Zim looked nationally for the location best meeting our long-term business needs. Norfolk emerged as an extremely attractive location, which met all of our targets. The area has many positive features and the state of Virginia and the Hampton Roads Economic Development Alliance were accommodating and very receptive to us."

"We are pleased that Zim-American Israeli Shipping Co. has chosen to locate its U.S. headquarters in the Commonwealth," said Secretary of Commerce and Trade Barry E. DuVal. "Zim is a welcome addition to the international corporate diversity in Hampton Roads."

Zim Line inaugurated service through The Port of Virginia in July of 1985 with the announcement of its decision to move its mid-Atlantic load center to Virginia from the Port of Baltimore. Zim Line currently makes two calls a week at The Port of Virginia with two services.

"Our maritime economy will be enriched by Zim's presence," said Norfolk Mayor Paul D. Fraim. "Zim will be an outstanding corporate citizen and we anxiously await their arrival."



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