The largest plumbing wholesaler in the United States says it's spending $83 million to expand its operations in Newport News.

Gov. Terry McAuliffe announced Monday that the move by Ferguson would create 434 new jobs.

McAuliffe approved a $2 million grant for the company, which will be eligible for a host of other state incentives.

The governor said Virginia competed against several other states for the project, which will also help retain more than 1,000 jobs.

Ferguson has sales of $13.8 billion and 23,000 employees in 1,400 locations.