ORANGE COUNTY, Va., April 18, 2024 - L3Harris Technologies [NYSE:LHX] has entered into an agreement with Orange County, Virginia, to fund the expansion and modernization of the company's site in the county. The effort is intended to increase solid rocket motor production while growing the company's presence in the Commonwealth.
L3Harris plans to construct new facilities, purchase new equipment and hire 80 new employees over the next three years. The majority of the $41.2 million investment will come from the cooperative agreement Aerojet Rocketdyne, an L3Harris company, signed with the Department of Defense last year. The company is also contributing internal capital. Additionally, the Commonwealth and Orange County are providing L3Harris a combined total of about $2.18 million in incentives to support site improvement and construction efforts.
This agreement builds upon company and U.S. government investments in our solid rocket motor production capabilities for critical defense systems, said Ross Niebergall, President, Aerojet Rocketdyne, L3Harris. We have been a part of the Virginia community for decades and look forward to growing our talented workforce here as we produce the vital propulsion that helps protect our nation and its allies.
Our country's security depends on defense manufacturers like L3Harris, and we are proud that this long-term corporate partner continues to reinvest in Virginia, said Virginia Gov. Glenn Youngkin. The Commonwealth's vibrant industrial and technological ecosystem provides an ideal home for the booming aerospace industry, underpinned by a top-notch workforce pipeline that draws from thousands of service members who exit the armed services in Virginia every year and our excellent schools that ensure a steady flow of new talent.
This is an exciting announcement. On behalf of the Orange County Board of Supervisors and our Economic Development team, I am pleased to support L3Harris' efforts to add 80 new jobs and expand their operations in Orange County over the next 36 months, said R. Mark Johnson, Chairman, Orange County Board of Supervisors. L3Harris has been an important member of our business community for many years - making their $41.2 million investment particularly gratifying. Receiving the Commonwealth's Opportunity Fund grant from Governor Youngkin and VEDP is a recognition of Orange County's pro-business climate, its economic vitality, and our region's qualified workforce.
The company's Orange County site is home to some of the most advanced defense and space propulsion research, development and manufacturing operations in the world. The site includes the Orange Altitude Test Facility, a fully-equipped propellant lab and a state-of-the-art air-breathing test facility.
About L3Harris Technologies
L3Harris Technologies is the Trusted Disruptor in the defense industry. With customers' mission-critical needs always in mind, our 50,000 employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security.
Forward-Looking Statements
This press release contains forward-looking statements that reflect managements current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about production capacity are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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ORANGE COUNTY, Va., April 18, 2024 - L3Harris Technologies [NYSE:LHX] has entered into an agreement with Orange County, Virginia, to fund the expansion and modernization of the company's site in the county. The effort is intended to increase solid rocket motor production while growing the company's presence in the Commonwealth.
