FOR IMMEDIATE RELEASE
January 31, 2003

Ellen Qualls
www.governor.state.va.us


James N. Haynie
Chesapeake Hardwood Products, Inc.
757-543-1601
Jill Lawrence
VEDP
(804) 371-0049
CHESAPEAKE HARDWOOD ANNOUNCES EXPANSION
-Governor Warner welcomes 50 new jobs to the City of Chesapeake-


RICHMOND - Governor Mark R. Warner today announced that Virginia-based Chesapeake Hardwood Products, Inc. will invest $4 million to expand its manufacturing facility in the City of Chesapeake. The investment will create 50 new jobs in Chesapeake’s South Norfolk Enterprise Zone. Virginia competed with Vermont for this manufacturing operation, which is currently operating at the company’s Hancock, Vermont facility.

“Chesapeake Hardwood continues to be a valuable asset to the state’s thriving wood products industry as well as the Hampton Roads region,” said Governor Warner. “The convenient worldwide access of the Port of Virginia has paid off again for Chesapeake in terms of new jobs and an expanding economic base."

Chesapeake Hardwood Products is a Virginia corporation and associated with Plywood Tropics USA, Inc., an importer of hardwood, plywood and lumber to the United States and Canada. The company is a supplier of hardwood plywood, wall paneling and flooring to the building products industry, and a supplier of components to the furniture and cabinet industries. The company imports plywood, hardboard lumber decking, flooring and MDF from Indonesia, Malaysia, China and South America through the Port of Virginia for added value processing.

“The City of Chesapeake and Commonwealth of Virginia have been a pleasure to work with during our expansion. Both have made every effort to ensure we are knowledgeable of all services available. We are pleased that we can participate in expanding business in the Enterprise Zone and take advantage of training services offered by the state,” said Chesapeake Hardwood President James N. Haynie.

The Virginia Economic Development Partnership, the Virginia Port Authority and the City of Chesapeake Economic Development Department assisted Chesapeake Hardwood Products with its decision. The company also is eligible for further tax credits based on its location in an enterprise zone. The Virginia Department of Business Assistance will provide workforce training services.

“I am pleased by the decision of Chesapeake Hardwood Products to expand in Chesapeake,” said Chesapeake Mayor William E. Ward. “The City of Chesapeake works hard to create an environment in which businesses can succeed, employ our citizens and strengthen the local economic base. We are grateful and proud that the Chesapeake Hardwood facility has been in the city for over 35 years and continues to grow.”

VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

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