ELDOR Corporation will bring 350 New Jobs to Region
ELDOR Corporation, an Italian manufacturer of automotive components, will invest about $75 million to establish its first North American production plant at Botetourt Center at Greenfield, creating 350 new jobs over the next five years. This is the largest announcement in terms of jobs and investment in Botetourt history. The company will begin construction immediately on a 250,000 square-foot facility on approximately 53 acres.
ELDOR, which makes ignition systems, engine control units and electronics systems for hybrid and electric vehicles, selected the Roanoke region because of the area’s livability and its access to northern and southern automobile manufacturers. The Greenfield site was attractive because it is already partially graded which speeds construction and supports speed to market for the company.
“Today’s announcement reaffirms the long-term strategy of the County to develop Botetourt Center at Greenfield as an excellent location for high-value, advanced manufacturing,” said Jack Leffel, chairman of the Botetourt County Board of Supervisors. “It also reaffirms that the County’s investment in site preparation was a wise one.”
Headquartered in Orsenigo, Como, Italy, ELDOR is the industry leader in the research, development and production of ignition coils, engine control units and combustion management systems as well as electric systems for hybrid and electric applications.
The company has three research and development operations in Italy, production plants in Italy, Turkey, China and Brazil, and technical offices in Detroit, China and Germany. ELDOR customers include most of the world’s automotive manufacturers. Contracts to supply customers in the U.S. prompted the need for a U.S. manufacturing operation.
“Virginia is particularly business-oriented, with its pro-business laws, Port of Virginia access, logistics and infrastructure,” said Pasquale Forte, President & CEO of ELDOR Corporation. “We found a community of genuine and collaborative people, focused on supporting investment in a practical way and with great commitment. The community has welcomed us with a professional attitude, but also with respect and friendship. We found top-class universities and a great community college, with programs dedicated to the mechatronics sector that will grow excellent young engineers with the skills necessary to run ELDOR’s advanced automated lines. Finally, the Roanoke region is beautiful with natural beauty and quality of life. I am confident that people who come to our plant from around the world will be amazed by this beauty. Technology, passion, dreams: this is ELDOR and we are confident that Virginia – and the County of Botetourt in particular – is the best choice to carry on, with passion, this dream.”
“The fact that another global leader in the transportation industry has selected Botetourt County sends a positive message about the future of this county and jobs that will help us attract and retain young people,” said Botetourt County administrator Gary Larrowe. “With Greenfield, the county was prepared for when opportunity came knocking and today opportunity walked through the door.”
Beth Doughty, executive director of the Roanoke Regional Partnership, said her staff worked with ELDOR executives for nine months connecting the company with the resources that would make this project work here, such as a pre-graded site, Virginia Tech, and the mechatronics program at Virginia Western Community College.
“ELDOR recognizes our region’s good market access, higher educational assets, low costs of doing business and productive work force,” Doughty said. “In Greenfield, they liked that it was close to services, housing, and recreation. Livability matters in today’s world.”
ELDOR, with annual revenues of $300 million and growing, expands Botetourt’s automotive cluster, joining companies such as Dynax America, Metalsa, and Altec. ELDOR also increases foreign direct investment in Botetourt County, already home to companies from seven foreign nations.
The motor vehicle manufacturing industry typically is a high-wage industry that creates additional indirect jobs and economic benefits. Economic impact modeling by the Roanoke Regional Partnership indicates this project will have an overall annual economic impact of $246,519,714 by 2021 and spur creation of more than 500 secondary jobs. The impact will extend beyond Botetourt and across the Roanoke region.
Speaking at today’s announcement at the Greenfield Education & Training Center, Gov. Terry McAuliffe said, “This tremendous project is a significant win for the Commonwealth and for Botetourt County. An international company of ELDOR Corporation’s caliber choosing Virginia for its first U.S. production plant is the strongest testament to our business environment, workforce and strategic location that continues to put us ahead of the competition. Both the advanced manufacturing and automotive sectors are booming in the Commonwealth, and ELDOR will be a great asset to the growing industry cluster in the Roanoke Valley.”
McAuliffe approved a $3.2 million grant from the Commonwealth’s Opportunity Fund to assist Botetourt County with the project. The company will receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program, and funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program. The Virginia General Assembly also made a special appropriation of $1.5 million to assist with site preparation.
Botetourt County’s incentive package is based on plans for the project to grow to 650 jobs and invest $106,000,000 in building and equipment by 2024. Incentives include an approximately 53-acre improved site, fee waivers, utility extensions, a performance grant of $1,300,000, and tax incentives over the period of the agreement. Annual economic impact at the second stage is calculated at $457,822,337 with 1,600 direct, indirect, and induced jobs.
