Year End 2002

2002 Year End Review
Discover The REAL West Virginia Foundation
West Virginia Forum on Technology & Innovation
March 1
More than 200 business leaders from
around the State met in Charleston to
explore venture capital and its role in
West Virginia’s economy. The third
West Virginia Forum on Technology
and Innovation was held at the
University of Charleston. Ray Lane
of Kleiner Perkins Caufield & Byers,
the nation’s top venture capital firm,
presented the keynote address.
The former President & COO of
Oracle Corporation and a graduate of
West Virginia University, Lane detailed
the role that venture capital has
played–and will continue to play –in
economic growth. Lane and a panel
of venture capitalists and economic
developers focused on how venture
capital projects create and foster
innovative companies and industries;
how they improve the standard of
living through the development of
new technology, products and services;
and how they generate significant tax
revenues and international exports.
During the Forum, Senator
Rockefeller announced the formation
of the West Virginia Venture
Connection. As of November, a
business plan for this organization
was completed and will be presented
soon to a newly established Board of
Directors. This organization’s mission
will be to facilitate entrepreneurship
by connecting ready investors with
capable entrepreneurs; create new,
high-value enterprises through the
disciplined application of capital and
management expertise for new and
early stage businesses in West Virginia;
and accelerate the formation of enterprises through increasing deal-flow
capacity that would enable growth
and support rapid commercialization.
Toyota Suppliers Mission
April 14-18
Executives from eight auto parts
suppliers toured the State on a fourday mission, making stops in Putnam,
Kanawha, Raleigh and Greenbrier
counties. Delegation members
represented Japanese companies
with American subsidiaries that
supply Toyota Motor Manufacturing
including Aisin World Corporation,
Denso International America, Toyota
Tsusho America, Curtis Maruyasu
Corporation, Toyoda Gosei, Toyota
Industrial Equipment Manufacturing,
Nippon Thermostat and Okaya USA.
Delegation members toured the
Toyota and Diamond Electric plants
in Putnam County, the Raleigh
County Airport Industrial Park,
and attended a business seminar at
Tamarack. This mission is the result
of a continuing effort to attract more
suppliers for the growing automotive
industry in and around West Virginia.
The West Virginia Development
Office and the West Virginia Japan
Office teamed-up with the Foundation
to organize this mission.
As a result of the mission, Nippon
Thermostat, a company that
manufactures automatic-thermostat
switches and valves for automobile
engines, located an office in
Charleston and is currently
conducting a feasibility study on
locating a manufacturing facility in
West Virginia. In addition, Aisin
and Maruyasu remain good prospects
as each are likely to build additional
facilities in North America in the
next few years to meet Toyota’s
growing supply needs.
1
2002 Year End Review
Japan Executive Exchange Program
May 11 - June 1
The Foundation’s Director, Sara Dearing, participated
in a three-week exchange program sponsored by the
Nagoya Chamber of Commerce & Industry in Japan.
This program invites managers of economic organizations
all over the world to come to Nagoya to learn more about
its industry, economy, and culture. The purpose of the
program is to build relationships between key organizations
and the Nagoya Chamber of Commerce & Industry and
other governmental and business leaders in the Nagoya
region. NCCI has a membership of approximately 20,000
companies in the Nagoya region.
During the mission, Ms. Dearing established an extensive
network of business acquaintances in government and
private industry, studied the latest economic conditions
and trends of the Japanese market, and worked to promote
West Virginia’s export and investment opportunities in
Japan. Ms. Dearing visited the headquarters, factories, and
research facilities of major multi-national corporations in
Nagoya including Toyota Motor Corporation, Noritake
Company, Brother Industries, and Chubu Electric Power.
Besides meeting with executives from these companies,
Ms. Dearing also met with members of the Aichi
America-Japan Society and top-level government officials
from the Aichi Prefecture and surrounding regions.
Nagoya Chamber of Commerce & Industry Mission
June 7-11
Members of the Nagoya Chamber of Commerce &
Industry in Japan visited West Virginia to promote
economic development ties and further relationships with
the State’s business community. The DRWV Foundation
and the West Virginia Development Office co-hosted the
visit. Senator Rockefeller met with NCCI representatives
during Project Harvest 2001 and invited the group to travel
to the Mountain State. This was the groups first visit to
West Virginia.
As a result of the mission, Governor Wise and Senator
Rockefeller agreed to support EXPO 2005. EXPO 2005,
the world exposition, is expected to host 25 million people
over a six month period in the Aichi Prefecture of Japan.
The event will serve as a venue for interactive exchanges
and discussions of culture, tradition, global environmental
issues, and information technology. Organizers will
showcase new energy sources along with ways to reduce
energy consumption while trying to achieve zero-emissions.
They will also present a model of an environmentally
friendly eco-community, the results of which will be
significant to future regional development.
West Virginia is currently looking at various options
to support the EXPO, possibly considering joining with
other states in the region to participate in the event.
According to NCCI, West Virginia is the first State in the
U.S. to make this commitment. Companies from the
Nagoya region have made several large investments in
West Virginia, including Toyota Motor Manufacturing,
NGK Spark Plug, Okuno International and KS of
West Virginia.
International Chemical & Polymer Mission
June 16-18
Eleven representatives from six chemical and polymer
manufacturing companies from Europe and South America
toured West Virginia in June. The mission included tours
of Kanawha Valley plants operated by Dow Chemical,
Bayer CropScience and DuPont, as well as GE Plastics in
Parkersburg and the Bayer Corporation facility in New
Martinsville. The mission was co-hosted by the West
Virginia Development Office, the Chemical Alliance Zone,
the Polymer Alliance Zone and the West Virginia
Manufacturers Association.
This mission has garnered a tremendous response from
participating companies. Fundacio Gaiker Centro
Tecnologico of Spain established a partnership with the
Polymer Alliance Zone and West Virginia University to
develop new ways to use and reuse plastics. In October,
PAZ and WVU officials met with a Gaiker representative
to sign a memorandum of understanding (MOU) for the
development of a polymer research center at WVUParkersburg. The three partners will also collaborate on
a state-of-the-art, multi-million dollar recycling facility
for computer and electronic components.
INTEC, a German company, specializing in industrial
2
2002 Year End Review
(continued)
tire recycling, is currently in negotiations with the Mason
County Development Authority and the West Virginia
Development Office regarding locating a facility in Mason
County. In addition, Oxiteno, a Brazilian chemical
company, and Dow Chemical are currently negotiating
the terms of an agreement for Dow to supply Oxiteno
with catalysts manufactured at the Institute plant. If an
agreement can be reached, this would mean new business
for the Institute plant worth several million dollars per
year. Although, NeoH/INGE AG, a company based in the
Netherlands, that manufactures an ultrafiltration membrane
and Clariant Corporation, a German-based chemical
company, have put recent plans for U.S. investment on
hold, both still maintain an interest in West Virginia for
future investment.
Japanese Aerospace Mission
September 3-7
The Foundation and the West Virginia Japan Office
teamed up to host executives from nine Japanese aerospace
companies in search of investment opportunities and
business partners in the Mountain State. During the
mission, delegation members attended a national aerospace
briefing by prominent federal aviation officials, including
officials from NASA, Lockheed Martin, the General
Aviation Manufacturers Association, and the newly
appointed Director of the Federal Aviation Administration,
Marion C. Blakey.
During their visit to the State, mission participants
toured Tiger Aerospace and Sino Swearingen in the Eastern
Panhandle and attended a regional briefing by Clarence
E. (CEM) Martin, the Foundation’s President, and
county economic development officials. In addition, the
delegation met with members of West Virginia University’s
mechanical and aerospace engineering departments
discussing WVU’s leading edge research in flight controls
and potential opportunities for partnerships.
The mission wrapped up at the Mid-Atlantic Aerospace
Complex in Bridgeport where members toured Pratt &
Whitney, Bombardier Aerospace and Aurora Flight
Sciences, among other aerospace companies, and met
with members of the local government and business
communities. Directors of the West Virginia Aeronautics
Commission and the West Virginia Manufacturers
Association joined participants during the mission.
Promising results continue to develop from this mission.
Takahashi Teknia, a company that manufactures machine
tools and aircraft parts, has agreed to find an agency to
do market research on the competitiveness of its product
in the U.S. In addition, the company has requested
information regarding FAA certification, and has
requested product samples from Aurora Flight Sciences.
Nakashima Special Steel is looking for suppliers of
aluminum raw materials and has requested information
about Pechiney. Daikin Industries has requested
more information on FMW Composite Systems and
its titanium products for a potential business partnership.
Italian Aerospace Mission
October 8-11
In a joint mission with the West Virginia Development
Office, and the Governor’s Office, the Foundation hosted
executives from five Italian Aerospace companies to the
State. Delegation members represented some of the largest
aerospace companies in Europe, including Aerea, Leat,
Finmeccanica, and Marconi Mobile, as well as the Italian
Association of Aerospace Systems and Defense Industries.
Participants met with Senator Rockefeller in D.C. where
they attended a national aerospace briefing by officials from
the National Transportation Safety Board, Northrop
Grumman, Federal Aviation Administration and the U.S.
Department of Commerce. In addition, members toured
Tiger Aerospace and Sino Swearingen in the
Eastern Panhandle and the Mid-Atlantic Aerospace
Complex in Bridgeport.
During the mission, participants attended a briefing by
faculty and staff of West Virginia University’s Mechanical
and Aerospace Engineering Department, and met with
members of the Morgantown business community. In
addition, members toured FCX Systems, Inc., a manufacturer of solid-state frequency converters. In the coming
months, West Virginia Development Office staff will travel
to Italy to meet with participants and follow-up on business
leads resulting from the mission.
3