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Retail supplier to make $1 million investment in Virginia Beach, relocate portions of warehouse operations

Posted at 10:19 AM, Oct 17, 2019
and last updated 2019-10-17 12:51:08-04

VIRGINIA BEACH, Va. – A 1.16 million investment will be made by SRP Companies in Virginia Beach.

According to Gov. Ralph Northam’s office, one of the leading suppliers to more than 60,000 retailers nationwide will relocate a considerable portion of its warehouse operationg in Philadelphia, Utah and Oklahoma, to the city.

“SRP Companies’ decision to move its operations to Virginia is a significant win for the distribution industry in Hampton Roads and the entire Commonwealth,” said Northam. “With access to major population centers and the Port of Virginia as an international gateway, leading companies like SRP continue to recognize the advantages of locating in our Commonwealth. We are confident that SRP’s new Virginia Beach facility will help the company grow on the East Coast.”

SRP Companies has been around since 1969, and started as a regional distributor of sunglasses. Since its regional roots, the company has grown into an international leader providing in-store merchandising solutions to a wide variety of retail partners and their consumers, according to Northam’s office.

“We are delighted to welcome SRP Companies to Virginia Beach,” said Mayor Robert “Bobby” M. Dyer. “It is joining an increasingly diverse and dynamic business environment in one of the most livable places in the country. Virginia Beach is open for business and look forward to a long and prosperous relationship with SRP Companies.”

The Virginia Economic Development Partnership worked with the City of Virginia Beach, the Hampton Roads Economic Development Alliance, and the Port of Virginia to secure the project for Virginia.

SRP Companies is eligible to receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program.

“SRP Companies’ decision to establish its import distribution center near The Port of Virginia reflects confidence in the capacity expansion and cargo handling efficiency projects underway at the port,” said John F. Reinhart, CEO and Executive Director of the Virginia Port Authority. “We are happy to join the City of Virginia Beach, the Hampton Roads Economic Development Alliance, and the Virginia Economic Development Partnership in welcoming another new company that’s going to bring jobs and investment to Hampton Roads and cargo to The Port of Virginia. We are looking forward to serving as SRP’s global gateway to world trade.”

SRP Companies, a subsidiary of parent company Soloray

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