THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, February 8, 1995 TAG: 9502080458
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: (Knight-Ridder Business News)
LENGTH: Short : 32 lines
The Newport News Industrial Development Authority on Monday recommended selling 15 acres in Oakland Industrial Park to tobacco giant Philip Morris USA.
City officials said the company plans to invest $5 million in a 60,000-square-foot building on the site.
The one-story building will be used to repair and retool tobacco-processing equipment, an operation that will be transferred from a Philip Morris facility in York County.
Development Authority Chairman Alan S. Witt said the company will then use the York County facility to make cigarettes.
Philip Morris told the Virginia Peninsula Economic Development Council that it plans to transfer its 150 employees from the York County plant to the Newport News facility.
Philip Morris USA, a division of New York-based Philip Morris Cos. Inc., operates a 1.6-million-square-foot cigarette factory in Richmond that employs 8,000 people. by CNB