VIRGINIA BEACH, Va. — Governor Ralph Northam on Tuesday announced that SRP Companies, a leading supplier to more than 60,000 retailers nationwide, will invest $1.16 million to relocate a substantial portion of its warehouse operations from Philadelphia, Utah, and Oklahoma to the City of Virginia Beach.
The company received an Economic Development Investment Program grant of $75,000 from the Virginia Beach Development Authority in recognition of its planned capital investment of $1.160 million over the next four years in the target industry sector of warehouse/distribution.
It will occupy 218,680 square feet at 2600 International Parkway.
The company was the regional distributor of sunglasses in 1969, but SRP Companies has grown into an international leader providing in-store merchandising 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.
The Virginia Economic Development Partnership worked with the City of Virginia Beach, the Hampton Roads Economic Development Alliance, and the Port of Virginia to secure the project for the Commonwealth. SRP Companies is eligible to receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program.
“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.”
John F. Reinhart, CEO and Executive Director of the Virginia Port Authority said they are happy to welcome another new company that's going to bring jobs and investment to Hampton Roads.
“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.”