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Spain-Based Auto Supplier Investing $90 Million for Tennessee Plant

Gestamp Corporation, a subsidiary of Spain-based Gestamp Automocion, a supplier of automotive parts, will invest $90 million to open a stamping factory in Chattanooga, Tennessee, according to state economic development officials. The company plans to create at least 230 new jobs at the facility within three years. The Chattanooga plant will produce structural components for the new mid-sized Volkswagen sedan that the automaker will manufacture at the facility it is building in Tennessee. "We're pleased to be able to continue our strong working relationship with Volkswagen," says Jeff Wilson, president and CEO of Gestamp Corporation, which is headquartered in Michigan. "I firmly believe the excellent business climate and skilled work force of Chattanooga and Tennessee will allow us to benefit from the same qualities Volkswagen found and to continue our company's long-term growth." State officials did not release information regarding financial incentives for Gestamp.

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