IMS:GEAR Virginia will invest $35.5 million to expand its operation in Virginia Beach, VA, and create 80 jobs according to an announcement by Gov. Bob McDonnell.
Recognized as one of the largest manufacturers of gear assemblies for the North American automotive market, IMS:GEAR Virginia has thrived in Virginia Beach since its establishment there in 2000.
The firm is a subsidiary of IMS:GEAR GmbH, headquartered in Donaueschingen, Germany, with U.S. headquarters in Gainesville, Georgia. IMS:GEAR GmbH employs over 1,500 people worldwide. Its Virginia operation reported sales of over $19.8 million in 2010.
"IMS:GEAR is proud to call Virginia Beach home of the production facility for horizontal drive mechanism for car seats," said Guenter Weissenseel, president of IMS:GEAR Virginia.
Jim Cheng, Virginia Secretary of Commerce and Trade, explained that this expansion will enable the business to increase its customer base and further expand its global footprint in the industry.
A $200,000 grant from the Governor's Opportunity Fund will assist the City of Virginia Beach with the project. Also, the company has been awarded a $300,000 performance-based grant from the Virginia Investment Partnership program plus funding and services to be used in its recruitment and training activities.