Sypris Technologies Inc., a subsidiary of Sypris Solutions Inc., announced on December 4 its intent to invest in the expansion of its manufacturing facility located in Morganton, N.C., with the addition of a targeted 203 jobs by the end of 2013. The project was made possible in part by a Job Development Investment Grant awarded by North Carolina’s Governor Mike Easley and the State’s Economic Investment Committee.
The project is significant and involves the transfer of all production currently performed by Sypris at its 500,000-square-foot facility located in Kenton, Ohio, where the company produces components for the commercial trailer industry. Production is targeted to commence during the first half of 2009.
The closure of the Kenton plant and the consolidation of production in Morganton is expected to result in significant savings for Sypris once completed. The Morganton operation currently produces components for the commercial vehicle and light truck industries, and has consistently been one of the most efficient manufacturing centers for Sypris over the past several years.
The Job Development Investment Grant, when combined with additional economic development grants, tax credits, support for the recruitment and training of new employees, and attractive utility rates provided by Burke County and the city of Morganton, resulted in a compelling solution when compared to other opportunities considered by Sypris, which included other Sypris plants.
“This is a pivotal period for all companies in the automotive industry. Consolidating certain areas of our operations under one roof in Morganton will improve our competitiveness and the Morganton facility will become a strategic hub for our North American operations,” said Sergio de Carvalho, president of Sypris Technologies. “By making a significant investment in our production capacity, flexibility and capabilities we will be better positioned to support the needs of our customers.”
Governor Easley, added, “At a time when the automotive industry is struggling nationally, we are pleased to have good news to announce in North Carolina. Our commitment to economic development and our top-ranked business climate are bringing in the good-paying, high-skilled jobs that North Carolina families deserve.”
Sypris Technologies is a significant supplier of forged and machined drive train components for the light, medium and heavy-duty truck markets in North America.