Virginia Governor Terry McAuliffe made a major economic announcement Tuesday afternoon in Botetourt County.
Italian manufacturer of automotive components, ELDOR Corporation, will invest $75 million in Botetourt County to establish its first North American production plant at Botetourt Center at Greenfield.
This investment will create 350 new jobs over the next five years and is the company's first North American production plant.
Governor McAuliffe said this is the largest economic announcement in the area in history.
Speaking at today's announcement at the Greenfield Education & Training Center, Gov. Terry McAuliffe said, "This tremendous project is a significant win for the Commonwealth and for Botetourt County. An international company of ELDOR Corporation's caliber choosing Virginia for its first U.S. production plant is the strongest testament to our business environment, workforce and strategic location that continues to put us ahead of the competition... ELDOR will be a great asset to the growing industry cluster in the Roanoke Valley."
McAuliffe approved a $3.2 million grant from the Commonwealth's Opportunity Fund to assist Botetourt County with the project.
The company will begin construction immediately on a 250,000 square-foot facility on approximately 53 acres.
ELDOR Corporation, which makes ignition systems, engine control units and electronics systems for hybrid and electric vehicles, said they selected the Roanoke region because of the area's livability and its access to northern and southern automobile manufacturers.
"Virginia is particularly business-oriented, with its pro-business laws, Port of Virginia access, logistics and infrastructure," said Pasquale Forte, President & CEO of ELDOR Corporation. "Technology, passion, dreams: this is ELDOR and we are confident that Virginia - and the County of Botetourt in particular - is the best choice to carry on, with passion, this dream."
Headquartered in Orsenigo, Como, Italy, ELDOR is the industry leader in the research, development and production of ignition coils, engine control units and combustion management systems as well as electric systems for hybrid and electric applications.
The company says they have production plants in Italy, Turkey, China and Brazil, and technical offices in Detroit, China and Germany.
Source : wset.com