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
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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