A Richmond-based manufacturer has decided the grass is greener in the D.C. suburbs.
Colfax said late Tuesday that effective Jan. 1, 2011, it will move its headquarters from Richmond to the suburbs of Maryland near Washington.
The announcement came in a news release after the stock market closed that also disclosed Colfax’s CFO Scott Faison has resigned.
The move likely won’t be a huge hit to the local economy. The industrial pump and valve maker employs more than 2,000 worldwide, but only has about 20 employees at its corporate headquarters on Stony Point Parkway. It leases 12,000 square feet there.
About 76 percent of its $525 million in revenue last year came from operations outside the U.S., with the majority in Europe. It has 13 production facilities in seven countries and offices in places as far away as Hong Kong, Shanghai, Bahrain and India.
The company didn’t return calls or emails by press time.
President and CEO Clay Kiefaber briefly explained the decision to move in the release.
“We believe our new location, which is conveniently located between the greater Washington DC and Baltimore, Maryland markets, will provide us with an opportunity to continue recruiting the associates we need to build the best team, as evidenced by some of our recent successes,” Kiefaber said. “We will have improved access to international travel and to our key advisors in the immediate area and the northeast.”
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
A Richmond-based manufacturer has decided the grass is greener in the D.C. suburbs.
Colfax said late Tuesday that effective Jan. 1, 2011, it will move its headquarters from Richmond to the suburbs of Maryland near Washington.
The announcement came in a news release after the stock market closed that also disclosed Colfax’s CFO Scott Faison has resigned.
The move likely won’t be a huge hit to the local economy. The industrial pump and valve maker employs more than 2,000 worldwide, but only has about 20 employees at its corporate headquarters on Stony Point Parkway. It leases 12,000 square feet there.
About 76 percent of its $525 million in revenue last year came from operations outside the U.S., with the majority in Europe. It has 13 production facilities in seven countries and offices in places as far away as Hong Kong, Shanghai, Bahrain and India.
The company didn’t return calls or emails by press time.
President and CEO Clay Kiefaber briefly explained the decision to move in the release.
“We believe our new location, which is conveniently located between the greater Washington DC and Baltimore, Maryland markets, will provide us with an opportunity to continue recruiting the associates we need to build the best team, as evidenced by some of our recent successes,” Kiefaber said. “We will have improved access to international travel and to our key advisors in the immediate area and the northeast.”
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].