Morooka America Selected to Participate in VALET Program
Morooka America, LLC, located in Hanover County, Virginia has been accepted into the Virginia Economic Development Partnership’s (VEDP) two-year Virginia Leaders in Export Trade (VALET) program. The VALET program assists companies in the Commonwealth that are committed to international exporting as a growth strategy. To participate, each business must meet both quantitative and qualitative selection criteria. Participating firms are chosen based on their dedication to growing export sales. To date, 359 Virginia companies have been accepted to participate in the VALET program.
“VEDP is committed to working with Virginia businesses to expand their international sales, thereby increasing trade and trade-related jobs in the Commonwealth, and we welcome these companies into the VALET program,” said VEDP President and CEO Stephen Moret. “During this time when businesses need growth opportunities more than ever, we are proud to have a proven program like VALET available to propel Virginia exporters to compete in the global marketplace.”
Currently, the VALET program has 45 companies as participants. The program provides participating companies with export planning services and assistance from a team of experienced international service providers to help meet the companies’ international business goals. These private sector service providers contribute essential expertise to assist companies in executing export plans and include attorneys, web designers, bankers, translators, accountants, and freight forwarders.
The Commonwealth of Virginia exports more than $36 billion in goods and services annually. Exports of Virginia’s products and services to the world are vital to the growth of the Commonwealth, supporting more than 257,000 jobs and generating $2 billion in annual tax revenue. VEDP offers numerous programs to assist Virginia companies with selling into the global marketplace, and has a network of international market research consultants covering more than 70 countries around the globe.
Morooka America, LLC is partnering with Virginia Steel Specialties, LLC to be the exclusive U.S. manufacturers for Morooka Track Carriers. This is the first Morooka manufacturing operation in the U.S., operating under a license agreement with Morooka Co., Ltd. The manufacturing outfit is comprised of one product assembly plant and one fabrication plant, both located in Hanover County. The two plants encompass a total of 100,000 square feet, with one facility located on Central Drive Road near Interstate 95 and Lewistown Road, and the other on U.S. 1 north of Sliding Hill Road. The plants are expected to make about 300 machines a year, valued at more than $50 million.
For more information on the VALET Program, visit http://exportvirginia.org/services/programs-grants/.
To read more about Morooka America’s perspective as a Hanover-based company, visit Hanover’s Business Success Stories.
For more information about advantages for advanced manufacturing companies in Hanover County, click here.