A Knoxville manufacturing company announced Thursday that it will build a $12 million plant in Hardin Valley that will create about 70 new jobs during the next five years.
The new Magnum Venus Products, or MVP, plant will be in the Hardin Business Park off Hardin Valley Road in west Knox County. Among other things, MVPÂ makes high-tech pumps and works in the composites industry.
Construction of the new 80,000-square-foot plant will occur in two phases. The first 40,000-square-foot expansion phase will be completed next year, a press release said. The second phase of the expansion will add another 40,000 square feet.
Magnum Venus Products plans to occupy the new facility in the second half of 2017.
The company bought 7.25 acres in the Hardin Business Park on Thursday, a press release said. Site preparations are expected to begin within 30 days, and construction will start soon after that, executives said.
The new plant will consolidate the companyâ€™s current operations and provide room for future growth, including space for expanded production, business executives and state officials said.
MVP now employs roughly 30 workers between its corporate offices and distribution center in the Knoxville area. The 70 new jobs are expected to include 30 office workers and almost 40 production jobs, according to Tennessee officials.
MVP also has a 75,000-square-foot manufacturing plant in Kent, Washington, near Seattle. The Kent plant employs about 100 people. It will continue to operate after the Knoxville expansion, the press release said.
â€œWhile our company has operated a number of offices and manufacturing locations throughout the United States, our headquarters has been in Knoxville,â€ said Peter Hedger, president and chief executive officer of Magnum Venus Products. â€œThis is a great location for us with all of the exciting businesses that have moved here in recent years, especially the large number of composite-related businesses. We are excited to expand our operations in East Tennesseeâ€”this is our home.â€
Executives said Magnum Venus Products has been the premier supplier of high-tech pumps to the automotive, aerospace, railroad, energy, marine, oil, and gas industries, and a variety of other markets. Products include pumping systems, spray guns, filament windings, and automated solutions.
The company is also at the forefront of the composites industry, according to the press release. MVP produces composite application equipment, serving manufacturers in the automotive, aerospace, transportation, marine, railroad, and energy sectors.
Along with its composites equipment, MVP also manufactures equipment for the foam and polyurethane industries including polyureas, adhesives, and epoxies.
Hedger said the new plant will allow for increased production on the East Coast and allow MVP to better serve customers and partners in the composites industry. The new plant will be home to headquarters operations, including corporate functions as well as state-of-the-art research and demonstration areas.
â€œManufacturing employment in Tennessee has increased 15.2 percent since 2010, and Tennesseeâ€™s net manufacturing job growth during that time is the fifth-largest in the entire country,â€ said Randy Boyd, Tennessee Economic and Community Development commissioner. â€œEstablishing a business climate that attracts and helps companies such as MVP grow is critical to that success. On behalf of Team Tennessee, Iâ€™d like to thank MVP for its continued investment in Knox County and commitment to creating high-quality jobs that will provide a meaningful benefit to residents.â€
State officials and company executives said Magnum Venus Products is a third-generation family-owned business that started in Chicago in the late 1930s and was purchased by the Hedger family in the early 1940s. As it established itself as the leader in its market, the company acquired its primary competitors and ultimately operated facilities and offices throughout the country, the press release said. MVP has been headquartered in Knoxville since 2010. The company is now owned and operated by the children and grandchildren of the company founder.
â€œSince locating in Knox County several years ago, MVP has continued to seek growth opportunities, and Iâ€™m so pleased the company is solidifying its intent to expand in our community,â€ Knox County Mayor Tim Burchett said. â€œMVP hasÂ been a tremendous ally in our regional economic development efforts, and this major expansion adds another link in the composites supply chain that continues to grow in the Innovation Valley region.â€
â€œMVPâ€™s decision to construct its headquarters, distribution, and manufacturing operations in the Hardin Business Park will accommodate its anticipated growth from 30 to approximately 100 employees over the next four to five years,â€ said Roger Osborne, chairman for The Development Corporation of Knox County. â€œThe Development Corporation is proud of its role in assisting a strong, family-owned company like MVP to be able to continue expanding its business and creating jobs in Knox County.â€
Other agencies involved in Thursdayâ€™s announcement included Tennessee Valley Authority, Lenoir City Utilities Board, Knoxville Chamber, and Oak Ridge National Laboratory.
For more information about MVP, visitÂ www.MVPInd.com.
More information will be added as itÂ becomes available.
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