Magnum Venus Products Plans New Manufacturing Complex In Knox County, Tennessee
MVP produces composite application equipment, serving various manufacturers in the automotive, aerospace, transportation, marine, railroad and energy sectors. MVP’s products consist of pumping systems, spray guns, filament windings and automated solutions. The investment in the new facility will provide MVP with additional space needed to expand overall production.
“We are excited to announce the site of our future home in East Tennessee,” MVP President Pete Hedger, Sr. said. “This facility will provide for increased production on the East Coast and allow us to better serve our customers and partners in the composites industry. Additionally, this facility will be home to our headquarters operations, including corporate functions as well as state-of-the-art research and demonstration areas.”
“Manufacturing employment in Tennessee has increased 15.2 percent since 2010 and Tennessee’s net manufacturing job growth during that time is the fifth largest in the entire country. Establishing a business climate that attracts and helps companies such as MVP grow is critical to that success,” Economic and Community Development Commissioner Randy Boyd said. “On behalf of Team Tennessee, I’d like to thank MVP for its continued investment in Knox County and commitment to creating high quality jobs that will provide a meaningful benefit to residents.”
Knox County Mayor Tim Burchett said, “MVP has been a tremendous ally in our regional economic development efforts, and this major expansion adds another link in the composites supply chain that continues to grow in the Innovation Valley region.”
“MVP’s decision to construct its headquarters, distribution and manufacturing operations in the Hardin Business Park will accommodate its anticipated growth from 30 to approximately 100 employees over the next four to five years,” Roger Osborne, chairman for The Development Corporation of Knox County, said.
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