RICHMOND - Governor Timothy M. Kaine today announced that Universal Impact, Inc., a division of Dynamic Tool Company, Inc., and a manufacturer of aluminum extruded tools and parts, will invest $2.5 million to open a facility in the City of Staunton. The project will create 50 new jobs over the next three years. Virginia successfully competed with Texas for the project.
“Staunton was chosen as Universal Impact’s first location due to the ready, skilled workforce already in place in the region,” said Governor Kaine. “This new company has a unique opportunity to step in and expand from a new mid-Atlantic location, and I am confident that Universal Impact will thrive in Virginia.”
Headquartered in El Paso, Texas, Dynamic Tool Company provides customers with a complete package of tool and die, wire electrical discharge machining, impact extrusion, and precision machining services.
“Our first intention was to purchase the assets of a former Staunton company and relocate them to El Paso, but once we became more familiar with the City, we realized that the people who work here are assets as well,” said Troy Schulz, Operations Manager. “Staunton is a good place to do business and this location better connects us to our customer base on the East Coast.”
The Virginia Economic Development Partnership worked with the City of Staunton, The Staunton Industrial Development Authority and the Shenandoah Valley Partnership to secure the project for Virginia. Governor Kaine approved $50,000 from the Governor’s Opportunity Fund to assist Staunton with the project. The company is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development, because it is locating in a Virginia Enterprise Zone. The Virginia Department of Business Assistance will provide training and training assistance through the Virginia Jobs Investment Program.
“We welcome Universal Impact to the Staunton community and look forward to the business prospering in the years ahead,” said Staunton Mayor Lacy King. “We are very happy that Robert and Troy Schulz have found Staunton to be suitable for this expansion. Our quality workforce and mid-Atlantic location will serve them well in the years ahead.”