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 Economic Development News 
Wednesday, August 27 2014

Newport News, VA -- Automotive supplier Continental plans to expand its operations in Newport News with a $150 million investment that is expected to create 500 new jobs.

Continental, which is based in Germany, plans to start turbocharger production in Newport News and increase production of its gasoline high-pressure injector, fuel rail and pump assembly lines.

Gov. Terry McAuliffe approved a $2 million grant from the Governor’s Opportunity Fund to help Newport News with the project. In addition, McAuliffe approved a $4 million performance-based grant from the Virginia Investment Partnership program, which is available to existing Virginia companies.

Other incentives available to the company include benefits under the Port of Virginia Economic and Infrastructure Development Zone Grant Program and the Virginia Enterprise Zone Program. Continental also is eligible for sales tax exemptions on manufacturing equipment.

“As one of Continental’s global lead plants and Centers of Expertise for powertrain technology, the Newport News manufacturing facility is an essential part of our overall business strategy as we look to grow business here and leverage some of the region’s best talent,” Jeff Klei, president of Continental North America, said in a statement. “Thanks to the generous support of state and local officials, we are pleased to make an investment that plans to introduce the assembly of turbochargers to North America and increase our overall production of powertrain technologies in Newport News.”

Virginia competed against Mexico for the project.
Source: VirginiaBusiness.com

Posted by: Expansion Solutions Magazine AT 03:56 pm   |  Permalink   |  Email

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