February 21, 2023 – Virginia governor Glenn Youngkin announced that PRINCO LLC, a joint venture comprised of Premier, a leading technology-driven healthcare improvement company (through its affiliate SVS LLC), Vario Labs LLC of Virginia Beach, and Caretrust LLC, will establish a healthcare products manufacturing facility in the City of Norfolk. PRINCO LLC will create approximately 284 jobs and initially invest $18.1 million, with potential additional investment of $5.7 million. PRINCO LLC will manufacture incontinence pads, bringing the production of this product from overseas to the United States to support more than 4,400 hospitals in Premier’s customer portfolio, as well as other healthcare providers nationwide.
Premier unites an alliance of more than 4,400 U.S. hospitals and health systems and approximately 250,000 other providers and organizations to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and consulting and other services, Premier enables better care outcomes at a lower cost. Premier plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, North Carolina, Premier is passionate about transforming American healthcare.
Vario Labs LLC is a wholly owned subsidiary of PremiumEstore LLC DBA Premium-PPE. Premium-PPE is a domestic manufacturer of personal protective equipment located in Virginia Beach, Virginia. Employees manufacture critical disposable PPE masks for the federal government, healthcare providers, and the general public. It has supplied more than 100 million FDA-cleared masks to the federal government since early 2020 to help the United States address critical shortages of PPE masks. Caretrust LLC brings products to market in a cost-effective manner with the highest quality required by U.S. healthcare providers. Caretrust specializes in international materials, global product sourcing, logistics, supply chain management, and manufacturing operations.
The Virginia Economic Development Partnership worked with the City of Norfolk to secure the project for Virginia. Governor Youngkin approved a $50,000 grant from the Commonwealth’s Opportunity Fund to assist the City of Norfolk with the project. PRINCO LLC is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development, as well as from the Port of Virginia Economic and Infrastructure Development Zone Grant Program. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.