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McClatchy-Tribune  08/26/2014 2:15 PM ET
German manufacturer to add 500 jobs in Newport News [The Virginian-Pilot :: ]

Aug. 26--Continental AG, a Germany-based automotive supplier, will add 500 jobs in an expansion of its production facility in Newport News, Gov. Terry McAuliffe announced today.

The $152 million expansion will enable Continental to launch first-ever production in the United States of turbochargers and increase its assembly of fuel injectors, fuel pumps and other related products. The Continental facility, formerly owned by Siemens AG, is located off Jefferson Avenue near Newport News/Williamsburg International Airport.

The Virginia Economic Development Partnership worked with the city of Newport News and the Virginia Port Authority to land the project, according to a news release from the governor's office.

McAuliffe approved a $2 million grant from the Governor's Opportunity Fund to help Newport News with the project. He also approved a $4 million grant from the Virginia Investment Partnership program, an incentive available to existing Virginia companies.

The company will receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program. Additional funding and services to support the company's employee training activities will be provided through the Virginia Jobs Investment Program.

The company is eligible to participate in the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development, and will also be eligible for sales and use tax exemptions on manufacturing equipment.

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For updates, return to PilotOnline.com later and read tomorrow's Virginian-Pilot.

 

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