May 2, 2008, 12:00 a.m. -

Gov. Timothy M. Kaine yesterday announced that Canon Virginia Inc. will invest a total of more than $600 million in its Newport News operations and its Industrial Resource Technologies Inc. (IRT) subsidiary’s facilities in Gloucester County , the first of several expansions planned as part of Canon Virginia’s “Vision for the Future” program. Canon Virginia is a subsidiary of Canon U.S.A. Inc.

 

            Canon Virginia’s investment will be used to expand its operations in Newport News, including the construction of a new state-of-the-art manufacturing facility, and repair and refurbishing operations for select Canon products, which involve the planned creation of more than 1,000 new jobs. In addition, Canon will invest to expand its IRT subsidiary, owned by Canon Virginia and Canon U.S.A., in Gloucester County . IRT recycles toner cartridges and reclaims cartridge materials, reflecting Canon’s focus on environmental management. This part of the expansion plans is expected to create additional jobs.

 

            “Canon’s planned total investment and creation of more than 1,000 jobs is spectacular news for Virginia,” said Kaine. “Canon Virginia has been a significant corporate partner to Newport News and the Commonwealth for 23 years and employs nearly 1,500 Virginians. A key driver of the expansion decision was the development of a workforce pipeline to recruit and train the many new employees, and the Virginia Community College System stepped up to the plate to provide a solution for Canon in the Hampton Roads region.”

 

            Canon U.S.A. Inc. delivers consumer, business-to-business, and industrial imaging solutions. Its parent company, Japan-based Canon Inc. (NYSE:CAJ), a top patent holder of technology, ranking third overall in the U.S. in 2007, with global revenues of $39.3 billion, is listed as one of Fortune's Most Admired Companies in America and is on the 2007 BusinessWeek list of “Top 100 Brands.”

 

         “We are excited about this tremendous opportunity to grow and expand our operations in Virginia,” said Mr. Takayoshi Hanagata, president and CEO of Canon Virginia Inc. and Industrial Resource Technologies Inc. “We appreciate the outstanding support of our many partners at the Commonwealth of Virginia, the City of Newport News and Gloucester County who are assisting in making our vision for growth in Virginia a reality. The Virginia Peninsula and Gloucester communities have provided strong support to our operations and we are proud to call the Hampton Roads region home. We look forward with much anticipation to a very bright future in Virginia .”