North American Mold Technology to invest $4.35 million to establish manufacturing operation
Governor Bob McDonnell today announced that North American Mold Technology (NAMT) will invest $4.35 million to establish a manufacturing operation in the City of Danville. The company will produce and refurbish the molds used in the manufacture of tires, creating 120 new jobs. Its customer base will include almost all major tire manufacturers in the U.S. Virginia successfully competed against Ohio for the project.
Speaking about today's announcement, Governor McDonnell said, "North American Mold Technology's new manufacturing operation is tremendous news for the City of Danville and Southern Virginia as the region recovers from an economic downturn. Danville offered many advantages that put Virginia ahead of the competition, including an available facility that can be quickly retrofitted, and workforce training resources available through Danville Community College's precision machining program. I am confident that the skilled, plentiful labor pool and access to the company's primary customer base throughout the Mid-Atlantic and Midwest will ensure success for this new operation."
"Gaining a new corporate citizen and 120 jobs is significant for the City of Danville," said Jim Cheng, Virginia Secretary of Commerce and Trade. "As North American Mold Technology serves major tire manufacturers across the U.S., the company will have key access to a trained and ready workforce, and the advantage of Virginia's business environment that is second to none. We thank NAMT for its investment in the Commonwealth and look forward to future growth in Danville."
North American Mold Technology is a new company that will assemble and repair tire molds and provide other tire mold support services to the tire manufacturers in the United States and several other countries. The company's state-of-the-art equipment to service the tire industry will enable conventional servicing, as well as re-cuts, lettering and sidewall manufacturing. NAMT will be establishing its operation in a 260,000-square-foot facility.
"Senior management at North American Mold Technology has been servicing the tire industry for over 40 years," said William Gentry, President, North American Mold Technology. "With technology changes of late, we decided to make a commitment to start a new stand-alone company specifically to service the tire industry needs all over North America, and to provide high-tech solutions to the problems facing the industry. As we explored potential locations, we realized Danville was where we wanted to be since it is more centrally located to the industry we will serve. The local and state economic development teams, as well as the Tobacco Commission and the Governor's Office have been diligent in working with us to make this happen and bring this new industry to Danville, Virginia. We are excited to be part of the Danville community and look forward to growing quickly in support of our tire industry clients.
The Virginia Economic Development Partnership worked with the City of Danville and the Southern Virginia Regional Alliance to secure the project for Virginia. Governor McDonnell approved a $250,000 grant from the Governor's Opportunity Fund to assist Danville with the project. The Virginia Tobacco Indemnification and Community Revitalization Commission approved $520,000 in Tobacco Region Opportunity Funds. The company is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company's recruitment and training activities.
"This project shows a great partnership between state and local organizations, and we are thrilled to welcome this company to Danville," said Joe King, Danville City Manager. "North American Mold Technology will be a great asset to our existing employers and businesses."
"Thanks to William Gentry with NAMT for choosing Danville over Ohio," said Delegate Danny Marshall, a member of the Virginia Tobacco Indemnification and Community Revitalization Commission. "The Tobacco Commission was pleased to help with funding. The Virginia General Assembly approved $3.7 million for the Advanced Machining Program at Danville Community College (DCC) to provide capacities that can double the student graduation rate for the machining program. And, the Tobacco Commission approved $700,000 for a machining program in Pittsylvania County Schools. NAMT will hire more than 120 machinists, so the men and women who go through the DCC and Pittsylvania County programs will be able to find good jobs in our area."