International automotive supplier, Continental vows to invest approximately $150 million to expand Newport News, Virginia operations.
This is to start up turbocharger production and to increase Continental’s gasoline high pressure injector, fuel rail and pump assembly lines production.
The investment is expected to create 500 jobs with the project.
The Newport News manufacturing facility has the reputation of producing more than 265 million fuel injectors as a Center of Expertise for Low Pressure Gasoline Injection and Exhaust Aftertreatment Products.
The Continental facility was formerly owned by Siemens AG.
The Virginia Economic Development Partnership worked to secure the project with the City of Newport News and the Port of Virginia.
A $2 million grant from the Governor’s Opportunity Fund was approved by Governor McAuliffe and a $4 million performance-based grant from the Virginia Investment Partnership program for the project.
The company will also receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program.
The company's employee training activities will be funded and offered services through the Virginia Jobs Investment Program.
The company is also be eligible for Sales and Use Tax exemptions on manufacturing equipment.
|Company Name||Continental AG|
|Location||Newport News, Virginia|
|Project Starting Year||2014 September|
|Estimated Cost||$150 Million|
|Facility Spread||360,000 square-foot|
|Project Duration||Multi year|