Virginia Beach, VA, October 24, 2009 --(PR.com
)-- Transformational Defense Industries, Inc. (TDI), part of Gamma Applied Visions Group, a Switzerland-based technology development firm, is in the process of relocating its corporate headquarters from Washington, D.C. to Virginia Beach. The company specializes in developing state-of-the-art weapons operating systems for the civilian, law enforcement and military markets.
“Virginia Beach is focused on growing its defense and high performance manufacturing industries,” said Warren D. Harris, economic development director. “This company fits that bill. TDI is on the cutting edge of weaponry development, bringing high-paying jobs and significant capital investment to the city. Popular Science Magazine even hailed TDI’s Kriss Super V Weapons Technology as One of the Top 100 innovations of the year.”
As part of its expansion, the company has added 5,000 square feet of manufacturing, production and office space to the 4,000 square foot facility it currently leases in the Oceana West Corporate Park. TDI will retain 24 positions in Virginia Beach and hire an additional 35 individuals at average annual salaries of $72,778, excluding benefits. The company plans to make a capital investment of more than $4 million for construction; furniture, fixtures and equipment; and machinery and tools. TDI is estimated to generate an additional $17,954 annually in taxes for the city.
“Due to our continuing organizational growth, the relocation of our corporate headquarters to Virginia Beach became necessary to facilitate our increase in staff and continue our revolutionary work in research and development of firearms and firearm accessories,” said Andrew Finn, senior vice president and chief financial officer for TDI. “The new office space will allow us to accommodate the rapid expansion of our company utilizing the educated and skilled local workforce as the backbone to future success.”
TDI is eligible for $45,000 of Economic Development Investment Program (EDIP) funds. The funds will be used for on-site utility improvements and upgrades, as well as employee training.
The company also considered sites in Norfolk, Portsmouth and Suffolk.
The mission of the City of Virginia Beach Department of Economic Development is to attract and retain national and international business and industry that results in the creation of new capital investment and jobs that increase the per capita income in the community. The City of Virginia Beach is the most populous city in the Commonwealth of Virginia with a population of 440,908 and is the 42nd largest city in the United States. Virginia Beach has been recognized as having one of the 10 best economic development groups in the nation by Site Selection magazine. In 2006, Virginia Beach was named one of the 10 best big cities in America by Money magazine. In 2008, the Department of Economic Development received reaccreditation through the International Economic Development Council, one of only 25 economic development organizations in the world to have this recognition. For more information, visit yesvirginiabeach.com.