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$23 million Healthcare joint venture Princo would bring 284 new jobs to Virginia
https://www.whatjobs.com/news/usa/us-business-news/23-million-healthcare-joint-venture-princo-would-bring-284-new-jobs-to-virginia
By Nithya Bose in US business news, posted February 23, 2023
Princo, a joint venture among healthcare providers Premier, Vario Labs, and Caretrust, has announced details of a plan to create 284 jobs in Virginia.
The firms will invest up to $23.8 million to build a healthcare products manufacturing plant in Norfolk.
Princo will contribute $18.1 million initially, with the potential to invest an additional $5.7 million.
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The 80,000-square-foot facility at Norfolk Industrial Park will produce incontinence pads used by more than 4,400 hospitals and other healthcare providers around the country.
The proposal shifts pad manufacture from Southeast Asia to the United States.
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Governor Glenn Youngkin said: “This tremendous new venture represents the onshoring of a necessary health care product, a boost for the industry supply chain, and high-quality manufacturing jobs all happening in the commonwealth of Virginia.
“Princo LLC’s new manufacturing facility in the city of Norfolk will benefit from the region’s outstanding logistical advantages, skilled workforce and diverse ecosystem of suppliers, innovators and customers.
“This venture is a blueprint for future investment in Virginia, and we look forward to the company’s future success.”
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Princo plans to open and hire for the facility in March, with a grand opening in April.
The Virginia Economic Development Partnership collaborated with Norfolk to win the project for the state of Virginia.
To help the city with the project, Mr. Youngkin approved a $50,000 grant from the Commonwealth's Opportunity Fund.
The Virginia Jobs Investment Program will provide funding and services to assist employee training activities.
Source: Virginia Business
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