LMV Automotive Systems Breaks Ground On $42 Million Manufacturing Facility In Liberty, Missouri
The LMV facility will manufacture and deliver modular assemblies primarily for the nearby Ford plant. LMV Automotive is a subsidiary of Cosma International; the parent company of Cosma is Magna, the world's fourth-largest supplier of auto parts.
"The project will create 156 local jobs," Governor Jay Nixon said, "and is the latest example of Missouri's resurgent auto industry sector. Missouri is leading the rebirth of the American auto industry. Our hard work and commitment to the automotive industry in Missouri continue to pay dividends in long-term investment and good manufacturing jobs."
Gov. Nixon credited a 2010 special session of the state Legislature, passing the Missouri Manufacturing Jobs Act, which contained incentives geared towards auto manufacturers and suppliers, with revitalizing the local auto industry. Last fall Ford and General Motors expanded operations in the state, creating a combined capital investment of approximately $1.5 billion, while creating of 3,200 auto manufacturing jobs.
"The major expansions by Ford and GM in Missouri are not only creating thousands of new auto manufacturing jobs at Claycomo and Wentzville, but are also helping boost the thousands of auto supplier jobs in our state," Nixon said. "That is exactly the case with LMV Automotive, which will be directly supplying for the new transit van being built right here in Missouri."
Cosma President Tom Skudutis said state and local officials "helped make it possible for us to invest and create jobs in this area, and we are excited about the opportunity to support our customers from this location."
As an incentive the Missouri Department of Economic Development authorized $2,045,733 in Missouri Quality Jobs funds and $1.6 million in Missouri BUILD program tax incentives. The company can redeem the incentives only if it meets the strict job creation and investment criteria of each program. In addition, the state is awarding a $1.5 million Community Development Block Grant to the city of Liberty to fund infrastructure improvements around the new building, and $500,000 in training incentives to the company.
"Implementing one of the most aggressive incentive policies in the State of Missouri has been vital to our ability to help create new manufacturing jobs for our residents," said Liberty Mayor Greg Canuteson. "In just the last year alone these policies, combined with State incentives, helped secure a Ford stamping plant with almost 300 jobs, and Ford supplier LMV Automotive Systems, the City's most recent economic development win."
Why are Foreign Trade Zones Making a Comeback?
The New Normal in the Automotive Supply Chain
2020 Auto/Aero Site Guide
34th Annual Corporate Survey & the 16th Annual Consultants Survey
Infrastructure Investment as an Economic Stimulus Tool
2019 Top States for Doing Business: Georgia Ranks #1 Sixth Year in a Row
Nondisclosure Agreements Best Practices When Negotiating Incentives