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Tranlin Inc. will repay $5 million to Virginia, as the Chinese company resets its plans to build a paper products factory in Chesterfield County that was expected to bring $2 billion in investment and create 2,000 jobs.

In an exchange of letters with the Virginia Economic Development Partnership in late July, Tranlin’s top executive promised to repay the grant from the Commonwealth’s Development Opportunity Fund by Oct. 24 in acknowledgement that the company would not meet its investment and job commitments by the end of 2019.

“While we are not fully prepared to move forward with our project in Chesterfield County, we are continuing due diligence and planning to advance the project at a future date,” acting CEO Donald Lan said in a letter on July 26 to Stephen Moret, president and CEO of the state partnership.

Moret had requested repayment of the grant in a letter to Lan earlier that day that also promised state financial support when Tranlin, operating as Vastly, is ready to act on a reshaped manufacturing project here.

“When and if the company is prepared to move forward, our intention is to recommit the previously announced incentive package, with incentive payments scheduled to restart after all necessary land is acquired and construction is underway,” Moret told the Tranlin executive.