Virginia Governor Bob McDonnell recently announced that DRS Technologies Inc. will be moving its corporate headquarters to Arlington County, Va. from New Jersey. DRS Technologies Inc. is owned by the Italian defense company, Finmeccanica, and DRS is one of the leading defense technology companies in the world. It plans to expand its regional office by more than 100 employees.
DRS Technologies’ move is part of an effort to realign its operating structure by consolidating its Parsippany, N.J. and Rockville, Md. corporate offices to the new headquarters in Crystal City, Va. by the end of 2012. The move and expansion will bring capital investment exceeding $10 million to the Northern Virginia region. Here’s the reasoning for the realignment and move:
“As part of the reorganization, DRS has committed to enter soon into a new Proxy Agreement with the Defense Security Service that will allow DRS and its subsidiaries to operate as a unified organization without restriction on the company’s eligibility to access classified information or compete for classified contracts.”
The move is good news for Virginia and Gov. McDonnell, who recently announced a Virginia-wide effort to secure cybersecurity business, and make the state a hub for that thriving economic sector.
“To gain the corporate headquarters for another major technology company like DRS Technologies is a major win for Virginia,” said McDonnell. “The company’s decision to consolidate its corporate offices into a headquarters location in Arlington County speaks volumes about the business climate in the Commonwealth and the positive reputation our highly-educated workforce enjoys worldwide. We are thrilled to welcome DRS Technologies to Virginia.”
Some of the services DRS Technologies provides include: supplying integrated products, support and services for military forces, intelligence agencies, and prime worldwide contractors. Worldwide, Finmeccani’s subsidiaries employ over 71,000 people.
“The Support collaboration we received from the County, the Virginia Economic Development Partnership, and Governor McDonnell helped to solidify and reinforce our decision to expand in Crystal City,” said William J. Lynn III, CEO of DRS Technologies. “Our entire leadership team will benefit by being closer to our customers, as well as enjoying all that this great state and region has to offer.”
The DRS move is a win for Virginia as well as for the Crystal City neighborhood, which is seeing a number of government offices move out of the area as a result of BRAC.