Magneti Marelli Powertrain To Expand Its Sanford, North Carolina, Manufacturing Plant
Magneti Marelli Powertrain is part of the Magneti Marelli S.p.A. an Italy headquartered company that produces advanced systems and components for the automobile industry. Magneti Marelli Powertrain designs, develops and manufactures engines and transmissions components for cars, motorbikes and light vehicles. They include gasoline, diesel and multi-fuel engine control systems; automated manual transmissions; "Freechoice" gearboxes; and other components.
“We welcome this additional investment from Magneti Marelli,” said N.C. Commerce Secretary John E. Skvarla III. “The company operates 89 manufacturing facilities throughout the world, so I’m gratified they recognize the value of their North Carolina operations.”
The project was made possible in part by a performance-based grant from the One North Carolina Fund of up to $225,000. The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. One NC Fund grants also require and are contingent upon financial matches from local governments.
In addition to N.C. Commerce and the Economic Development Partnership of N.C., other partners that helped with this project include the North Carolina Community College System, Central Carolina Community College, the N.C. Department of Revenue, Sanford Area Growth Alliance, Lee County, and the City of Sanford.
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