NEWPORT NEWS -- About 500 jobs will be coming to Newport News with the expansion of Continental, a leading international automotive supplier.
The company announced Tuesday that it will invest $152 million to start up turbocharger production and increase production of Continental's gasoline high pressure injector, fuel rail and pump assembly lines.
Newport News beat out Mexico for the project, said Gov. Terry McAuliffe (D-VA), which will produce turbochargers in the U.S. for the first time.
'... this transformational investment to introduce three new, technologically-advanced product lines will provide a pathway to the workforce of the 21st century and future automotive designs, and help build a new Virginia economy,' he said.
'As one of Continental's global Lead Plants and Centers of Expertise for powertrain technology, the Newport News manufacturing facility is an essential part of our overall business strategy as we look to grow business here and leverage some of the region's best talent,' said Jeff Klei, president of Continental North America.
Continental has been in Newport News for more than four decades. It is located on Bland Blvd.
'We are delighted that Continental, an international powerhouse of innovation, has decided to expand its operation in Newport News,' said McKinley L. Price, DDS, Mayor of the City of Newport News. 'Continental's investment will serve to drive our regional workforce, just as the company's fuel injection systems propel the engines of its customers around the globe.'
The Virginia Economic Development Partnership worked with the City of Newport News and the Port of Virginia to secure the project. Governor McAuliffe approved a $2 million grant from the Governor's Opportunity Fund and a $4 million performance-based grant from the Virginia Investment Partnership program, an incentive available to existing Virginia companies.