Mexico is out, Continental will invest $49 million in VirginiaStaff writer ▼ | July 29, 2015
Continental plans to invest approximately $49 million to expand its manufacturing operation in Culpeper County, Virginia, part of the company’s Chassis and Safety Division.
Expansion Culpeper County, Virginia is home of Continental division
This planned investment is part of a three-phase project to modernize and retool the facility, resulting in increased production capacity, and the manufacturing of an innovative, new type of braking system.
In 2014, the corporation generated sales of approximately €34.5 billion with its five divisions, Chassis & Safety, Interior, Powertrain, Tire, and ContiTech. Continental currently employs approximately 200,000 people in 53 countries.
The Virginia Economic Development Partnership (VEDP) worked with Culpeper County to secure the project for Virginia. Governor Terry McAuliffe approved a $175,000 grant from the Commonwealth’s Opportunity Fund to assist Culpeper with the project.
The Governor also approved a $550,000 performance-based grant from the Virginia Investment Partnership program, an incentive available to existing Virginia companies.
Additional funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program, administered by VEDP. ■