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Trader Publishing Company
GOVERNOR WARNER ANNOUNCES TRADER PUBLISHING EXPANSION IN NORFOLK
-Company to create 600 new jobs for Hampton Roads with $51 million headquarters expansion-
NORFOLK - Governor Mark R. Warner today announced a $51 million expansion of Trader Publishing Company’s division headquarters for electronic media in downtown Norfolk. In addition to 600 new jobs, the company’s decision secures 550 existing jobs in the Hampton Roads region.
About 150 positions in Norfolk and 400 in Virginia Beach may have been relocated if the decision was made to locate elsewhere. The company predicts that it will fill the job openings in summer 2006 following construction of a new building on Granby Street. Virginia successfully competed with other states for the project.
“Trader Publishing Company’s commitment to its employees and residents of the Commonwealth is evident in its decision to keep its expansion efforts at home,” said Governor Warner. “The pro-business leadership of the Hampton Roads area coupled with the region’s well-educated and highly trained workforce made for the perfect match.”
Trader Publishing Company operates a network of classified advertising publications and Internet services with more than 300 field offices in 177 cities, serving 80 percent of the United States. Trader has more than 8 million weekly circulation and a staff of 9,400 people. The company is best known for its AutoTrader magazines and related Boat Trader, Truck Trader and Cycles & RV Traders. In addition the company publishes Auto Mart, For Rent, Harmon Homes, Soundings, Travel Discount Guide and Parenting. Its electronic media services are growing rapidly and now include more than a dozen classified advertising sites. The company is vertically integrated with 10 regional printing and binding plants and distributes its publications through Trader Distribution Services, which operates nationwide and serves more than 300,000 locations.
Trader’s President and Chief Executive Officer, Conrad M. Hall, praised the state and city officials; “We had the pleasure of working with outstanding public servants who were diligent in their efforts to make the proposed project possible. We operate in 38 states and thus have a considerable amount of knowledge about site location considerations. Our final decision was based on a compelling package of economic incentives and the fact that we will be able to continue to be a part of the remarkable story of renewal and growth of the City of Norfolk, Va.”
The Virginia Economic Development Partnership worked with the City of Norfolk and prepared the state’s proposal and negotiated an incentive package to secure the project for Virginia. Governor Warner approved a $1 million grant from the Governor’s Opportunity Fund to support the City of Norfolk with the project. Trader Publishing Company qualifies for the Major Business Facility Job Tax Credit. The Virginia Department of Business Assistance will support the project with training through its Workforce Services Program.
“I want to publicly thank Conrad Hall and the leadership of Trader Publishing Company on the expansion of its corporate headquarters in Downtown Norfolk,” said Norfolk Mayor Paul Fraim. “This decision clearly reinforces downtown's reputation as the premier business and financial address in all of Hampton Roads."