SRP Companies Announces $1.16 Million Investment in Virginia Beach
RICHMOND—Governor Ralph Northam today announced that SRP Companies, a leading supplier to more than 60,000 retailers nationwide, will invest $1.16 million to relocate substantial portions of its warehouse operations from Philadelphia, Utah, and Oklahoma to the City of Virginia Beach.
“SRP Companies’ decision to move its operations to Virginia is a significant win for the distribution industry in Hampton Roads and the entire Commonwealth,” said Governor Northam. “With access to major population centers and the Port of Virginia as an international gateway, leading companies like SRP continue to recognize the advantages of locating in our Commonwealth. We are confident that SRP’s new Virginia Beach facility will help the company grow on the East Coast.”
The Hampton Roads Economic Development Alliance worked with the City of Virginia Beach, the Port of Virginia and the Virginia Economic Development Partnership to secure the project for Virginia. SRP Companies is eligible to receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program.
Since its founding as a regional distributor of sunglasses in 1969, SRP Companies has grown into an international leader providing in-store merchandising solutions to a wide variety of retail partners and their consumers. SRP Companies, a subsidiary of parent company Soloray, are consolidating and expanding their storage, warehousing, and distribution services, currently located in Pennsylvania, Utah, California, and Ohio.
“It was a privilege to work with Virginia Beach to bring SRP to Hampton Roads. Their investment in the community is another sign that our strategic location continues to make us a hub for the world’s leading distribution and logistics companies.”
– Doug Smith, President & CEO, Hampton Roads Economic Development Alliance
“We are proud that a global company like SRP Companies will invest over $1 million investment to relocate its warehouse operations to Virginia Beach,” said Secretary of Commerce and Trade Brian Ball. “This project is a win-win for the company, Virginia Beach, and the Commonwealth, and reinforces Virginia’s position as a global distribution and logistics hub. We look forward to a strong corporate partnership with SRP, and thank the company for its significant investment in the Commonwealth.”
“We are very excited to be expanding our warehouse and distribution operations into Virginia Beach in 2020,” said Darrin Eisele, CEO of SRP Companies. “We are excited to be in such high-quality facilities close to the Port of Virginia. This enables us to improve the efficiency of our import activities and better serve our customers. Virginia Beach provides an excellent work environment for our employees and operations.”
“We are delighted to welcome SRP Companies to Virginia Beach,” said Mayor Robert “Bobby” M. Dyer. “It is joining an increasingly diverse and dynamic business environment in one of the most livable places in the country. Virginia Beach is open for business and look forward to a long and prosperous relationship with SRP Companies.”
“SRP Companies’ decision to establish its import distribution center near The Port of Virginia reflects confidence in the capacity expansion and cargo handling efficiency projects underway at the port,” said John F. Reinhart, CEO and Executive Director of the Virginia Port Authority. “We are happy to join the City of Virginia Beach, the Hampton Roads Economic Development Alliance, and the Virginia Economic Development Partnership in welcoming another new company that’s going to bring jobs and investment to Hampton Roads and cargo to The Port of Virginia. We are looking forward to serving as SRP’s global gateway to world trade.”
“We look forward to welcoming SRP Companies to Virginia Beach, and I wish them a bright future,” said Senator Bill DeSteph. “The quality of life and world-class schools in our city continue to attract businesses to grow and invest in Virginia Beach. This decision is a testament to the business-friendly environment Virginia has to offer, one I’ve been proud to steward with my colleagues in the Virginia General Assembly. I’m grateful to SRP Companies for bringing more jobs and economic opportunities to my district.”
“SRP Companies will discover that for quality of life, availability of highly trained and motivated workforce, and veterans that bring instant leadership experience to any private business, nothing beats Virginia Beach,” said Delegate Jason Miyares. “We are thrilled by their investment and the company to our community.”