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Virginia Investment Performance and Major Eligible Employer Grants, Fourth Quarter of 2025 (February 16, 2026)

Summary

A letter dated February 16, 2026 from the Secretary of Commerce and Trade to the chairs of the Senate Finance and Appropriations Committee, the House Appropriations Committee and the House Finance Committee. It reports on Virginia Investment Performance (VIP) and Major Eligible Employer (MEE) grants awarded during the fourth quarter of the 2025 calendar year, as required by § 2.2-5103(D) of the Code of Virginia. The letter lists five VIP grants, to Colonna’s Shipyard, Inc. ($600,000), Merck ($5,000,000), Elbit Systems of America ($300,000), Eaton Corporation ($1,000,000) and LS Cable America ($1,475,000), and states that no MEE grants were awarded. It also names the companies that received VIP disbursements: Merck, Hershey, Enviva, Essel Propack and San J.

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“Virginia Investment Performance and Major Eligible Employer Grants, Fourth Quarter of 2025 (February 16, 2026).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2026-rd258-d83cab40d3/, SHA-256 22389d48538432e69ee3e6d1202af0d26bbc34b699ce685f48f3aefd966fde62.

Full text

Carrie H. Chenery
Secretary of Commerce and Trade

                                                    February 16, 2026


        The Honorable L. Louise Lucas                               The Honorable Luke E. Torian
        Chair                                                       Chair
        Senate Finance and Appropriations Committee                 House Appropriations Committee
        P.O. Box 700                                                4222 Fortuna Plaza, Suite 659
        Portsmouth, Virginia 23705                                  Dumfries, Virginia 22025

        The Honorable Vivian E. Watts
        Chair
        House Finance Committee
        8717 Mary Lee Lane
        Annandale, Virginia 22003

        Senator and Delegates:

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

        In the fourth quarter, ending December 31, 2025, five VIP grants were awarded. No MEE grants
        were awarded in the fourth quarter of 2025.

        Virginia Investment Performance:

            1. Colonna’s Shipyard, Inc., located in the City of Norfolk, is a ship repair and dry dock
               facility. Awarded a $600,000 grant, the company will be making a $79.1 million
               investment by December 31, 2030. This project has been announced.

            2. Merck, located in Rockingham County, is a manufacturer of pharmaceuticals. Awarded a
               $5,000,000 grant, the company will be making a $2.0 billion investment and creating 168
               new jobs by December 31, 2032. This project has been announced.

            3. Elbit Systems of America, located in Roanoke County, is a manufacturer of night vision
               equipment. Awarded a $300,000 grant, the company will be making a $30.2 million

                           Patrick Henry Building • 1111 East Broad Street • Richmond, Virginia 23219
                                              (804) 786-2211 • TTY (800)828-1120
                                                   www.governor.virginia.gov
Money Committee Chair
February 16, 2026
Page Two

         investment and creating 288 new jobs by December 31, 2029. This project has been
         announced.

      4. Eaton Corporation, located in Henrico County, is a manufacturer of power distribution
         products. Awarded a $1,000,000 grant, the company will be making a $53.2 million
         investment and creating 10 new jobs by December 31, 2028. This project has been
         announced.

      5. LS Cable America, located in the City of Chesapeake, is a manufacturer of copper and
         magnetics. Awarded a $1,475,000 grant, the company will be making a $689.7 million
         investment and creating 433 new jobs by December 31, 2033. This project has been
         announced.

Major Eligible Employer:

No MEE grants were awarded.

For the fourth quarter of the 2025 calendar year, disbursements from the VIP were made to
Merck, Hershey, Enviva, Essel Propack, and San J. 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 MEE.

Sincerely,



Carrie H. Chenery


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

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