Both Philip Morris and local and state officials in Virginia tout the logic behind the relocation to Henrico County, the suburban region surrounding the state capital city of Richmond. "We're home to three other Fortune 500 companies," Henrico County executive director Fred Agostino tells GlobeSt.com. Circuit City is on that list. "The reason this is considered a good home for folks is basic quality of life," Agostino adds. "Companies need to attract and retain professional employees and we have the community that will allow them to do that. For instance, we have one of the best school systems in the country--not just in Virginia. And what you pay for the high quality of life is very, very, modest compared to other places. So, it's kind of a different world down here."

Philip Morris will bring with it 450 new jobs. The company already has nearly 7,000 employees at its Richmond manufacturing facility. "I applaud Philip Morris USA's decision to strengthen and extend its business relationship with the Commonwealth of Virginia," Gov. Mark R. Warner says in a statement announcing the news. "The company is one of the largest and most stable private employers in the Richmond region. This announcement provides unprecedented economic benefit to Greater Richmond and thousands of hard-working Virginians." Philip Morris's relocation is scheduled to reach completion by June of next year. The move constitutes a repetition of history, of sorts; Reynolds Metals relocated its corporate headquarters from New York City to Henrico County back in 1938.