The expansion will eventually add 1,100 jobs, with production due to start in early 2002. We decided to expand our operations in Virginia because of the ongoing technology and education infrastructure assistance from the state and Henrico County, said Henry Becker, president of Infineon Technologies Richmond. Because of our recent success, we were already in the process of hiring 300 new employees. Infineon also qualifies for a Major Business Facility Job Tax Credit, a statutory incentive available to all qualifying companies. Spin-off development from the computer manufacturer has also boosted the local economy.
Telecommunications is another booming technology sector in the state of Virginia.
Company officials said they chose Henrico County because of its location on Level 3 s major cable between Washington and Atlanta. It is the largest corporate expansion in Virginia s history. Capital One also plans to double its Chesterfield County work force to 2,000 employees, and to consolidate employees from leased space in 27 buildings into another campus facility planned for Henrico County. Foreign investment in Virginia has been on the upswing as the global economy develops, particularly in the Richmond area. It will employ about 150 workers.