Fortune Auto North America Expands Powhatan County, Virginia, Manufacturing Complex
02/08/2021
The company will add new equipment to meet increased demand and expected to create 10 new jobs, doubling its workforce. Fortune Auto has participated in several VEDP International Trade programs and utilized market research services, and is currently participating in the Trade Show Program.
“Fortune Auto selected Virginia because of its strong economic growth, stable business climate, favorable tax rates, and wonderful assistance from VEDP and the Powhatan County Economic Development,” said Terry Awad, Managing Director of Fortune Auto North America. “Both of these key teams have helped our company source funds for manufacturing equipment and secure international clientele through case studies and funds to attend international trade shows. This has been a welcomed long-term growth strategy for Fortune Auto North America, and we look forward to continuous growth in the great Commonwealth of Virginia.”
The Virginia Economic Development Partnership (VEDP) worked with Powhatan County to secure the project for Virginia and will support Fortune Auto North America’s job creation through the Virginia Jobs Investment Program (VJIP), which provides consultative services and funding to companies creating new jobs in order to support employee recruitment and training activities. As a business incentive supporting economic development, VJIP reduces the human resource costs of new and expanding companies.
“Fortune Auto North America’s decision to reinvest in its manufacturing operation and double its workforce affirms a strong commitment to Powhatan County and the Commonwealth,” said Secretary of Commerce and Trade Brian Ball. “It is a priority to continue to support the advanced manufacturing industry and the workforce that helps it thrive, and we thank Fortune Auto for its commitment to Virginia.”
The company designs, engineers, manufactures, and assembles high-performance racing suspension systems for Japanese and European vehicles. Founded in 2011 with its only location in Powhatan, Virginia, Fortune Auto is one of the few U.S.-based suspension manufacturers that engineers, assembles, inspects, and services shocks. With a focus on research and development, the company specializes in producing suspension systems that prioritize comfort, reliability, and performance.
“Fortune Auto North America is a valuable Powhatan business that has experienced tremendous growth and success in its time here,” said Roxanne Salerno, Economic Development Program Manager with the Powhatan County Economic Development. “The niche business is comprised of an innovative workforce that has created a desirable product line that is fast becoming an internationally known brand. We are pleased to assist the company in its next steps as an expanding international company in Powhatan.”
Most Read
-
-
Innovation Corridors Have Economic Assets Driving Business Growth
Q4 2021
-
The “Great Resignation” Is Impacting Corporate Relocations
Workforce Q4 2021
-
The 2021 Top States for Doing Business Reflect Their Locational Advantages
Q3 2021
-
Workforce Development Programs Are in Overdrive
Workforce Q4 2021
-
35th Annual Corporate Survey: Effects of Global Pandemic Reflected in Executives’ Site and Facility Plans
Q1 2021
-
17th Annual Consultants Survey: Consultants Are Optimistic About the Year Ahead
Q1 2021