The global automotive supplier is expanding its Blacksburg plant with a $12.7 million investment.
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December 20, 2006
Federal-Mogul Corp. announced Tuesday that it would invest $12.7 million and create up to 71 new jobs at its plant in Blacksburg.
A news release on the announcement said the global automotive supplier is expanding and adding new jobs as a result of a restructuring effort that will expand production in Blacksburg.
The company has been in the county since 1971, and its facility produces engine and replacement bearings.
"I believe the community is fortunate to have this reinvestment by a major manufacturing industry when many communities are experiencing reduced jobs and down-sizing in the manufacturing sector," Montgomery County Economic Development Director Bob Isner said in an e-mail.
Federal-Mogul may receive up to $400,000 in incentives at both the state and local levels as a result of its expansion.
The Montgomery County Board of Supervisors approved on Monday an incentive package that could amount to $250,000 over three years if the company achieves certain capital investment and job creation goals.
Isner said Federal-Mogul must invest at least $5 million and create 50 new positions within the next 30 months to be eligible for the incentives.
They will come in the form of an annual economic development grant that would be payable for up to three years. The grant amount would be based on a formula related to the increase in machinery and tools taxes the company would pay the county on their new investment.
Gov. Tim Kaine has also approved $150,000 from the Governor's Opportunity Fund to assist Montgomery County with the project, and the Virginia Department of Business Assistance will provide training and retraining assistance through its Workforce Services Jobs Investment Program.
Headquartered in Southfield, Mich., Federal-Mogul is a $6.3 billion company that employs 45,000 people in 35 countries. Its primary products include engine components, sealing systems, brakes, chassis, wipers, fuel pumps and ignition products.
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