A locally based defense contractor announces that it will move its headquarters from San Diego to Virginia.
The Science Applications International Corporation already has a large presence in the Washington region, with more than 18,000 employees there. The headquarters change coincides with the retirement of SAIC's CEO Ken Dahlberg. The new CEO Walt Havenstein is already based in the Washington area.
The company expects to create 1,200 new jobs and invest $25 million to upgrade its Tysons Corner campus.
Company officials said only a few dozen of the 4,500 employees in San Diego will be affected by the relocation.
The state and county are providing a $3 million grant upfront and SAIC will be eligible for another $7 million after it expands.
The move deprives San Diego County of one of its few Fortune 500 corporate headquarters, reported the North County Times. However, the company said it would retain a "significant presence" in San Diego, where SAIC was founded four decades ago.
For most of its history, the company was privately held in an employee ownership model. But several years ago it became a publicly traded company, traded on the New York Stock Exchange under the ticker SAI. Its market value is now just under $7 billion.
SAIC's local operations include facilities in Carlsbad, Poway and Vista, along with numerous locations in the city of San Diego.