Auto supplier JTEKT buys Vonore building for $7.2M
Resource from: Knoxville News Sentinel Likes:283
Jan 25,2013
The decision by an auto parts supplier to purchase a 375,000-square foot building in Vonore is another good sign that the area's manufacturing base could be experiencing strong growth in the future.
"We're optimistic," said Tellico Reservoir Development Agency executive director Ron Hammontree.
JTEKT Automotive Tennessee-Vonore, LLC paid $7.25 million for the building and 72 acres it had leased from Cobalt Yachts. Cobalt decided to close the plant in 2007.
The sale of the Cobalt property bodes well for the future, Hammontree said. During the past 12 months Tellico West Industrial Park has seen over 400 new jobs created, bringing the total within the park to over 3,700, he said.
According to a news release, more than 465,000 square feet of local manufacturing or warehousing space has been purchased, leased or built in 2012. The release said that in late 2012, TRDA began to see increased interest in area industrial sites and feels the trend will continue in the new year.
"All these are indications of strengthening in our manufacturing base," Hammontree said.
According to Hammontree, selling the building was not an easy task during the past few years.
"We thought we had it sold three times," he said.
JTEKT has been located in Tellico West since 1988, said Craig Woodford, president of JTEKT Vonore. The company had leased the Cobalt building about three years ago.
JTEKT produces both hydraulic and electric power steering components for domestic and foreign automakers including Chrysler, Toyota, Honda and Nissan. The new building is designed to support the expansion into fast-growing markets, he said.
"A lot of vehicles have traditionally used hydraulic systems but now more are moving to electric systems," he said.
JTEKT began its hiring expansion in 2012, adding about 260 new workers for a total of about 800. More hiring is expected in 2013, he said.
The company chose the building to be close to existing operations and to maintain proximity to local transportation infrastructure. Access to a trained and productive workforce is also a big asset to manufacturing in East Tennessee, he said.
(Knoxville News Sentinel)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
