Gloucester VA Links and News: Bassett

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Wednesday, August 26, 2015

Governor McAuliffe Announces 3rd Year of Virginia’s Going Global Defense Initiative

~ Commonwealth receiving $1.8 million for GGDI program to preserve jobs and replace declining state tax revenues for Virginia ~

RICHMOND – Governor Terry McAuliffe announced today that Virginia has received $1.8 million in grant funding for a third year of its Going Global Defense Initiative (GGDI), administered by the Virginia Economic Development Partnership (VEDP). The GGDI was created to mitigate the negative impact of defense spending cuts on Virginia’s economy.

Speaking about today’s announcement, Governor McAuliffe said, “As federal budget cuts and sequestration continue to hamper Virginia’s economy, the Going Global Defense Initiative is a vital tool to help Virginia’s defense companies offset the loss of defense revenue. The GGDI, which is the first program of its kind in the U.S., helps Virginia defense companies diversify their revenue streams by identifying new business in international markets. This successful program is another example of Virginia’s innovative approach to strengthening its economy.”

“The past two years of solid performance with the GGDI program demonstrates how the federal government, Virginia government and its private sector can partner in ways that will benefit the economy of the Commonwealth,” said Secretary of Commerce and Trade Maurice Jones. “We are pleased to continue this effective partnership with our federal resources to provide assistance to even more of Virginia’s defense and security businesses. VEDP’s initiative will contribute to the companies’ future growth and health, thereby contributing to job growth in Virginia.”

Virginia is the top state in the nation for federal defense contracts. With approximately 5,000 defense companies in Virginia facing U.S. Department of Defense (DOD) spending reductions of more than $300 billion in the next five-plus years, Virginia stands to lose many high-paying jobs. The GGDI is the Commonwealth’s only program that replaces DOD revenue streams for Virginia’s defense companies, which, in turn, preserves jobs and replaces declining state tax revenues for Virginia.

In its first two years, over 250 companies participated in VEDP’s GGDI program. More than 100 participants travelled to an international market in pursuit of new business. In its third year, the DOD has granted $1.8 million for GGDI to assist Virginia’s defense-related companies that have been adversely affected by defense budget reductions. Virginia’s support of the GGDI is made possible by Governor McAuliffe’s funding of the Virginia International Trade Alliance (VITAL), announced last month. VITAL’s goals are to increase Virginia’s exports by $1.6 billion and to create 14,000 trade-supported jobs over the next 5 years.

The GGDI generates international sales for Virginia’s defense companies by providing the following:

· Research on international markets

· Export compliance

· Digital localization

· Technical translation and adaptation

· Events with U.S. Combatant Commands and partner nations

· Export training

· Online portal of GGDI resources

· Going Global training courses

Friday, December 20, 2013

Governor McDonnell Announces 25 New Jobs in Henry County

Seal of Henry County, Virginia (Photo credit: Wikipedia)

Bassett Furniture Industries, Inc. to invest $1.5 million to expand manufacturing operation

RICHMOND - Governor Bob McDonnell today announced that Bassett Furniture Industries, Inc. (Nasdaq:BSET), a leading manufacturer and marketer of high quality, mid-priced home furnishings, will invest $1.5 million to expand its operations in Henry County. Over a three year period, the project will increase local manufacturing capacity and support operations, to grow the company’s custom casual dining business. The project will create 25 new jobs.

Speaking about today’s announcement, Governor McDonnell said, “Bassett Furniture Industries is a true Virginia success story, and we are glad the company has called the Commonwealth home since its founding in 1902. Bassett employs hundreds of Virginians and has grown its business to serve customers across the United States and internationally. With a successful history in Henry County dating back more than 100 years, it is fitting for Bassett to expand here and demonstrates its utmost confidence in the local community and workforce. This expansion will continue to allow Bassett to leverage its customization capabilities and innovation and maintain its lead in the furniture industry.”

“Bassett Furniture Industries is an important employer and a great ambassador of Henry County and the surrounding region,” said Jim Cheng, Virginia Secretary of Commerce and Trade. “We welcome the addition of 25 new jobs paying above the prevailing average wage and celebrate a homegrown company that continues to thrive in Virginia.”

With 90 company-and licensee-owned stores, Bassett Furniture Industries, Inc. has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. The most significant growth opportunity for Bassett continues to be the company's dedicated retail store program. Headquartered in Bassett, Virginia, Bassett Furniture’s retail strategy includes affordable custom-built furniture that is ready for delivery in the home within 30 days. The stores also feature the latest on-trend furniture styles, more than 1,000 upholstery fabrics, free in-home design visits, coordinated decorating accessories, and an exclusive HGTV Design Studio. Bassett is also growing its traditional wholesale business with more than 500 accounts on the open market, across the United States and internationally.

“This investment will expand our production capacities, provide improved service for our customers, and position the facility for future growth,” said Robert H. Spilman, Jr., Bassett’s president and chief executive officer. “This expansion underscores the importance of our local workforce and its ability to meet our customers’ needs, and build upon our founders’ legacy that began in 1902. Bassett Furniture is committed to this community and greatly values our partnership with local and state officials, who were instrumental in helping get the project underway. Bassett Furniture is Henry County born and bred and we owe a large part of our success to the superior workforce that you find right here in southwest Virginia.”

The Virginia Economic Development Partnership worked with the Martinsville-Henry County Economic Development Corporation to secure the project for Virginia. The Mid-Atlantic Broadband Communities Corporation also offered vital assistance. Governor McDonnell approved a $50,000 grant from the Governor’s Opportunity Fund to assist Henry County with the project. Henry County will contribute $25,000 for site development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment and training activities.

“Bassett Furniture has called Henry County home for more than a century, and I cannot fathom what this community would be without it,” said Henry County Board of Supervisors Chairman Jim Adams. “Today’s announcement underscores the company’s commitment to this community. Our commitment to the company is just as strong. This is a great day.”

“We are proud that our open-access fiber optic network now connects Bassett Furniture to unlimited technology possibilities,” says Tad Deriso, President & CEO of Mid-Atlantic Broadband Communities Corporation. “We’re glad to be part of the team that ensures Bassett Furniture has the infrastructure, connectivity and resources they need to continue growing in Southern Virginia.”