North American Mold Technology will invest $4.35 million to establish a 260,000 square foot manufacturing operation in Danville, Virginia
. The company will produce and refurbish molds used in the manufacture of tires, creating 120 jobs.
The newly formed company will assemble and repair tire molds, along with providing other tire mold support services to manufacturers. The company's state-of-the-art equipment enables conventional servicing, as well as re-cuts, lettering and sidewall manufacturing.
"Senior management at North American Mold Technology has been servicing the tire industry for over 40 years," said William Gentry, President, North American Mold Technology. "With technology changes of late, we decided to make a commitment to start a new stand-alone company specifically to service the tire industry needs all over North America, and to provide high-tech solutions to the problems facing the industry. As we explored potential locations, we realized Danville was where we wanted to be since it is more centrally located to the industry we will serve. The local and state economic development teams, as well as the Tobacco Commission and the Governor's Office have been diligent in working with us to make this happen and bring this new industry to Danville, Virginia. We are excited to be part of the Danville community and look forward to growing quickly in support of our tire industry clients.”
Gov. Bob McDonnell said, "North American Mold Technology's new manufacturing operation is tremendous news for the City of Danville and Southern Virginia as the region recovers from an economic downturn. Danville offered many advantages that put Virginia ahead of the competition, including an available facility that can be quickly retrofitted, and workforce training resources available through Danville Community College's precision machining program. I am confident that the skilled, plentiful labor pool and access to the company's primary customer base throughout the Mid-Atlantic and Midwest will ensure success for this new operation."
"Gaining a new corporate citizen and 120 jobs is significant for the City of Danville," said Jim Cheng, Virginia Secretary of Commerce and Trade. "As North American Mold Technology serves major tire manufacturers across the U.S., the company will have key access to a trained and ready workforce, and the advantage of Virginia's business environment that is second to none. We thank NAMT for its investment in the Commonwealth and look forward to future growth in Danville."
As an incentive, the Virginia Economic Development Partnership worked with the City of Danville and the Southern Virginia Regional Alliance to secure the project for Virginia. Governor McDonnell approved a $250,000 grant from the Governor's Opportunity Fund to assist Danville with the project. The Virginia Tobacco Indemnification and Community Revitalization Commission approved $520,000 in Tobacco Region Opportunity Funds.
The company is also eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company's recruitment and training activities.