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Blog | 2 min read
October 23, 2018
International companies are lining up to invest in the โTop mid-sized city in the U.S. for foreign direct investmentโ (fDi Magazine). And companies from the United Kingdom are leading the pack.
Forty-four UK firms have facilities in the region, making up 20 percent of the total 220 international firms. Germany is a close second with 42 total facilities โ and like the UK — mostly advanced manufacturing companies.
โ(Greater Richmondโs) pro-business attitude and business-friendly environment made the decision much easier,โ said David R. Holt, CEO of UK-based BGB Technology, manufacturer of slip ring assemblies.
Recent UK investments include:
International firms often โtest the watersโ in the Richmond Region with small offices before expanding. Proseal USA and ITL Group are two companies that started with modest operations.
Proseal USA, manufacturer of food packaging machinery, recently expanded its operations in Chesterfield County by doubling its space to 50,000 square feet and outfitted a second production building next door to its existing plant. With demand for its equipment growing, the company is even considering constructing a 200,000-square-foot facility.
ITL Group, a Kent-based medical device firm, opened a U.S. facility to service existing clients in Hanover County. Thomas Jull, VP of Operations (US) for ITL Group, said having an office in the U.S. has improved relations with existing clients and eliminated delays caused by operating in different time zones.
โWe could have located the business in Boston or in Florida, or anywhere else on the East Coast, but here thereโs a really good industryโฆ people are just extremely helpful,โ explained Jull.