March 04, 2003

Ellen Qualls
(804) 786-2211, x2379

Kimberlie Farlow
Philip Morris USA
(804) 274-5623
Jill Lawrence
(804) 371-0049
-Governor Warner welcomes 450 high-paying jobs and over $300 million in new investment-

RICHMOND - Governor Mark R. Warner today announced that Philip Morris USA will move its corporate headquarters from New York City to the former Reynolds Metals corporate complex on West Broad Street in Henrico County. Through a major two-tier economic development project, Philip Morris USA will create 450 jobs at the new headquarters in Henrico County as well as invest more than $300 million in its manufacturing facility in the City of Richmond. Annual payroll at the headquarters location is estimated to be $83 million. Governor Warner and Philip Morris USA Chairman and Chief Executive Officer Michael E. Szymanczyk announced the milestone project today at the new Henrico headquarters.

“I applaud Philip Morris USA’s decision to strengthen and extend its business relationship with the Commonwealth of Virginia,” said Governor Warner. “The company is one of the largest and most stable private employers in the Richmond region. This announcement provides unprecedented economic benefit to Greater Richmond and thousands of hard-working Virginians.”

The Philip Morris USA relocation will integrate the company’s headquarters employees with the 6,800 employees and critical functions already located in the Richmond area. The headquarters facility, which will be leased from the University of Richmond, will undergo minor renovations before the first employees arrive this summer. The company anticipates completing the move by June 2004.

“We are excited about bringing our headquarters home to the Greater Richmond, Virginia area,” said Philip Morris USA Chairman and Chief Executive Officer Michael E. Szymanczyk. “We look forward to adding to an even greater degree to the economic prosperity of the Commonwealth.”

Governor Warner approved a $3 million grant from the Governor’s Opportunity Fund to assist the Richmond region with the project. Philip Morris USA qualifies for a $25 million performance-based grant from the Virginia Investment Partnership (VIP) program. The VIP program offers financial assistance to existing Virginia companies proposing significant expansion projects. The Virginia Department of Business Assistance will provide workforce training services. Philip Morris USA qualifies for additional tax credits through the Virginia Department of Housing and Community Development because the site is located in a newly expanded enterprise zone jointly occupied by the City of Richmond and Henrico County.

The headquarters of a major subsidiary of one of the world’s largest corporations coming to Richmond will have a very positive economic ripple effect on the airport, hotels, restaurants and other travel and hospitality businesses. In addition, cumulative ten-year state and local tax revenue from the project is estimated at more than $85 million.

The Virginia Economic Development Partnership, the Greater Richmond Partnership, the Greater Richmond Chamber of Commerce, the Henrico County Economic Development Authority and the City of Richmond Department of Economic Development assisted with the decision.

"The City of Richmond has long been proud to have Philip Morris as such a strong pillar of our business community,” said Richmond Mayor Rudy McCollum. “For generations we have appreciated the company, its thousands of employees and economic importance. Now we warmly welcome this added investment and the commitment that this major decision represents to our region."

“Henrico County is very excited and proud to receive the announcement that the Philip Morris USA Corporate Headquarters is coming to the Richmond metropolitan area,” said David A. Kaechele, Chairman of the Henrico County Board of Supervisors. “It speaks volumes to the quality of life that we have so long worked for. That effort now bears the fruit of new jobs, an expanded tax base and the potential attraction of other commercial citizens which will only enhance our overall community.”


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