International olive oil manufacturer to invest $11M for Suffolk production operation
The investment will create 29 jobs.
Published
International olive oil manufacturer Acesur USA LLC will invest $11 million to establish its first U.S. production operation in Suffolk, creating 29 jobs, Gov. Ralph Northam announced Monday.
Acesur was established in 1840 and produces, packages and markets olive oil. It exports to more than 90 countries and has established brands in the U.S. including La Espanola, Italica and Villa Blanca. The Suffolk facility will handle the company’s bulk imports from Argentina, Australia and Spain.
“Virginia has a strong workforce and a world-class transportation network that allows businesses to easily import and export their products through the Port of Virginia,” Northam said in a statement. “These and other advantages continue to attract global companies that want to launch in the United States, and I welcome Acesur USA to the commonwealth.”
The Virginia Economic Development Partnership worked with the city of Suffolk, the Hampton Roads Economic Development Alliance and the Port of Virginia to secure the project for Virginia. Northam also approved a $120,000 grant from the Commonwealth’s Opportunity Fund, which is a “deal-closing” fund used to secure a company location or expansion in Virginia.
Acesur can receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Program, which incentivizes companies to locate maritime-related employment centers or expanding existing companies in maritime localities. It can also receive employee training through the Virginia Jobs Investment Program.
“Virginia was chosen due to its market proximity, progressive infrastructure investment, as well as the Port of Virginia’s proximity to the plant,” Joseph Fairchild, vice president of operations and director of purchasing for Acesur USA LLC, said in a statement.
The company purchased an 87,870-square-foot, two-story manufacturing facility in Suffolk for $5.025 million, Cushman & Wakefield | Thalhimer said. The property at 1010 Obici Industrial Blvd. is a Class A manufacturing facility on 10 acres of land where Flexa Real Estate previously owned the property. Acesur will manufacture its olive oil products at the Suffolk facility.
William Throne of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.