Virginia Investment Performance (VIP) and Major Eligible Employer (MEE) Grants, First Quarter of 2025

Summary

This April 23, 2025 letter, addressed to the chairs of the Senate Finance and Appropriations Committee, the House Appropriations Committee and the House Finance Committee, reports on the Virginia Investment Performance (VIP) and Major Eligible Employer (MEE) grants awarded during the first quarter of the 2025 calendar year. It states that two VIP grants were awarded in the quarter ending March 31, 2025, and that no MEE grants were awarded. Haleon, located in the City of Richmond, a manufacturer of pharmaceutical products, was awarded a $950,000 grant. Munters Corp., located in Botetourt County, was awarded a $500,000 grant, with a $29.9 million investment and 270 new jobs by March 31, 2028. The letter closes with the name Juan Pablo Segura.

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Full text

                                        April 23, 2025



The Honorable L. Louise Lucas                      The Honorable Luke E. Torian
Chair                                              Chair
Senate Finance and Appropriations                  House Appropriations Committee
  Committee                                        201 North 9th Street
P.O. Box 396                                       General Assembly Building, Room 1223
Richmond, Virginia 23218                           Richmond, Virginia 23219

The Honorable Vivian E. Watts
Chair
House Finance Committee
201 North 9th Street
General Assembly Building, Room 907
Richmond, Virginia 23219

Senator and Delegates:

       I am writing to report on the Virginia Investment Perfmmance (VIP) and Major Eligible
Employer (MEE) grants that were awarded during the first quarter of the 2025 calendar year as
required by § 2.2-5103(0) of the Code of Virginia.

       In the first quarter, ending March 31, 2025, two VIP grants were awarded. No MEE
grants were awarded in the first quarter of 2025.

Virginia Investment Performance:

    1. Haleon, located in the City of Richmond, is a manufacturer of pharmaceutical products.
       Awarded a $950,000 grant, the company will be making a $54.2 million investment by
       March 31, 2028. This project has been announced.

   2. Munters Corp., located in Botetourt County, is a manufacturer of refrigeration and
      cooling equipment. Awarded a $500,000 grant, the company will be making a $29.9
      million investment and creating 270 new jobs by March 31, 2028. This project has been
      announced.

Major Eligible Employer:

       No MEE grants were awarded.
Money Committee Chair
April 23, 2025
Page Two


      For the first quarter of the 2025 calendar year, disbursements from the VIP were made to
Shamrock and Seppic. No MEE grant disbursements from the Fund were made.

       Please let me know if you have any questions regarding this quarterly report of VIP and


                                             j
MEE.




                                       f "1)!,
                                            Juan Pablo Segura

JPS:kme

cc     Mr. Jason El Koubi
       President and Chief Executive Officer
       Virginia Economic Development Partnership


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