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Veronica Garabelli// October 22, 2014//
Dynax America Corp. announced Wednesday it is investing $32.6 million to expand its automotive components manufacturing facility in Botetourt County. The expansion is expected to create 75 new jobs.
The company makes automatic transmission components, friction disks, mating plates and assemblies. Dynax America Corp., a subsidiary of Japan-based Dynax Corp., employs almost 600 people at the Botetourt plant.
Gov. Terry McAuliffe approved a $225,000 Governor’s Opportunity Fund grant for the project and a $250,000 performance-based grant from the Virginia Investment Partnership program. Dynax America Corp. also will receive benefits from the Port of Virginia Economic and Infrastructure Development Grant Program. The Virginia Jobs Investment Program will provide funding and services for employee training and Dynax America Corp. also will be eligible for sales and use tax exemptions on manufacturing equipment.
Virginia competed against Shanghai for the project.
