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Auto Supplier Investing $194M in Virginia

12/16/2008
Continental AG, a global automotive supplier, will invest $194 million to expand its Newport News, Virginia, facility, according to the Virginia governor's office. The company expects to create 318 new jobs as it transfers operations from a facility in South Carolina. Plans are to relocate diesel fuel manufacturing and to expand the existing gasoline fuel injector business line. "Continental appreciates the assistance and cooperation of the City of Newport News and the governor's office to help make our expansion of the Newport News facility a reality during tough economic times," says Kregg Wiggins, a company senior vice president. "As a direct result in gaining these manufacturing efficiencies, we look forward to maintaining our position as a strong global supplier, producing high-quality, cost-effective products for our customers." Incentives offered to the Germany-headquartered company include state and local grants of approximately $4.5 million and tax rebates of $3.5 million.

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