Aspen Motion Technologies will locate $9.2 million manufacturing facility in City of Radford
Richmond - Governor Jim Gilmore today announced that Aspen Motion Technologies will locate a $9.2 million manufacturing facility in the City of Radford for production of its high level electromechanical assemblies. The company will create up to 171 new jobs over the next three years at the Radford Shell Building. Virginia successfully competed with Pennsylvania for the investment.
"Aspen Technology's decision to expand in Radford is a true testament to our positive business climate," Governor Gilmore said. "Our high-tech manufacturing sectors continue to grow and prosper throughout the Commonwealth."
Aspen Motion Technologies is a wholly-owned subsidiary of Milwaukee-based APW Inc., which has revenues of about $2 billion. At the Radford facility, Aspen will develop, design, manufacture and market custom made integrated motion control products for OEM-based customers in medical, transportation, industrial and other markets. The company designs and builds products where high performance, reliability and value are key requirements.
"The business environment in this state coupled with the skills, local education system and transportation infrastructure makes this an ideal choice to commence operations," President of Aspen Motion Technologies Moe Barani said. "We have been delighted with the assistance provided by the local and state representatives. We have ambitious plans to introduce products for the power generation and motion industries which could further increase our employment numbers."
"The New River Valley is poised to attract innovative high-tech companies," Secretary of Commerce and Trade Barry E. DuVal said. "We welcome Aspen Motion Technologies as Virginia's newest corporate citizen."
Governor Gilmore approved a grant from the Governor's Opportunity Fund in the amount of $250,000 to assist the City of Radford with site preparation. The Virginia Economic Development Partnership, the New River Valley Economic Development Alliance, the Radford Industrial Development Authority and the City of Radford assisted the company with its decision. The Virginia Department of Business Assistance will provide workforce training services.