The Schaeffler Group is investing $26 million in an expansion in Cheraw, South Carolina. The company, which will use the funds to produce engine modules for the auto industry, will create 70 jobs. Schaeffler already has three facilities in Cheraw.

"Schaeffler is a world-class company developing forward-looking products designed to improve efficiency. Schaeffler has been an important part of South Carolina's business community for a number of years, and their decision to expand in Cheraw is a strong indication that our state has the resources to help businesses compete," said Joe Taylor, South Carolina Secretary of Commerce.

The new engine modules Schaeffler will create will help increase performance and improve fuel efficiency of cars made by a major Detroit auto company.