INIT Innovations in Transportation, Inc.
(757) 413-9100 ext. 317
GOVERNOR KAINE ANNOUNCES INIT TO EXPAND NORTH AMERICAN HEADQUARTERS IN CHESAPEAKE
RICHMOND - Governor Timothy M. Kaine announced today that INIT Innovations in Traffic Systems AG, a supplier of telematics and electronic fare management systems for public transit, will invest more than half a million dollars to expand its subsidiary and North American headquarters, INIT Innovations in Transportation, Inc., in Chesapeake.
The company develops, produces, installs, and maintains integrated hardware and software solutions for key tasks required within transport companies. The company’s market gains in North America have resulted in the need to move to a 26,600-square-foot facility and add 13 employees within 12 months. Governor Kaine met with company officials during his week-long trade mission to Europe in the fall of 2006.
“INIT Innovations in Transportation, Inc. has made significant market gains in North America since opening its United States headquarters in Chesapeake in 1999,” said Governor Kaine. “Our meeting with company management in Germany during last year’s European trade trip confirmed INIT’s confidence in continued growth in Virginia.”
Headquartered in Karlsruhe, Germany, INIT was founded in 1983 by Dr. Gottfried Greschner as a university spin-off. The company had its initial public offering in 2001 and is listed on the Prime Standard at the German Stock Exchange. In 2005 the company had sales of $41.8 million with more than 200 employees.
“INIT has had great success in both the U.S. and Canada,” said Roland Staib, President and CEO of INIT Innovations in Transportation, Inc. “Chesapeake has become the perfect area to have our North American headquarters, not only because of the caliber of knowledgeable potential candidates that fit into our organization perfectly, but also because of all the support the Commonwealth of Virginia and City of Chesapeake offers.”
As part of the expansion, INIT is creating a manufacturing operation through a partnership with one if its vendors from Germany; Altec GmbH. The new company, named Total Quality Assembly LLC, (TQA) will be co-located in the expanded facility with INIT. TQA will manufacture higher end cable assemblies that are part of INIT’s custom hardware components.
“INIT’s continued business growth around the globe brings a great deal of focus on Chesapeake, and Hampton Roads, as a strong location for leading international technology companies,” said Chesapeake Mayor Dalton S. Edge. “Additionally, their new manufacturing partnership with Altec GmbH is a strong validation of the importance of working with small companies as well as larger ones. Since 1999, INIT has grown from a five-person sales office to what will soon be a 50 person North American headquarters and manufacturing operation, serving clients in every major city in America.”
INIT will be leasing space in Chesapeake’s Greenbrier Business District, occupying most of a newly constructed flex-use building located at 1420 Kristina Way. The company worked with agents from CBRichard Ellis and Thalhimer Commercial Real Estate during lease negotiations.
The Virginia Economic Development Partnership worked with the City of Chesapeake and the Hampton Roads Economic Development Alliance to secure the project for Virginia.