Powertrain Industries, Inc. Relocates and Expands in Virginia Beach
May 19, 2015
Powertrain Industries, Inc. will relocate and expand its manufacturing facility to Oceana South Industrial Park in Virginia Beach. The company, headquartered in Garden Gove, California, manufactures automotive drivelines for many of the popular foreign rear-wheel-drive cars and light trucks on the road today. The Virginia Beach manufacturing facility opened in Virginia Beach in 2012.The company has purchased a 20,000-square-foot building at 2503 Squadron Ct., which greatly expands the company’s footprint from its existing 8,712-square-foot leased space at 1409 Air Rail Avenue.“Powertrain is making a significant investment in Virginia Beach,” said Warren D. Harris, director of Virginia Beach Economic Development. “This is exactly the industry sector we are targeting for the Oceana area, and we know their manufacturing, wholesale and distribution operations will be a perfect fit with other businesses in the Oceana South Industrial Park.”The new facility will occupy 10,000 square feet in the building, and the relocation is expected to be complete by August. The total capital investment of $1.26 million includes real estate, improvements, business property, machinery and tools.The Virginia Beach Economic Development Authority has approved an Economic Development Investment Program grant in the amount of $25,000 based on the capital improvements and its compatible use in the APZ-1 YesOceana land use program. The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international businesses to stimulate capital investment and create jobs. Virginia Beach is the most populous city in Virginia with a population of 440,000, and it is the 37th largest in the United States. It is recognized as one of the Best Run Cities in America by 24/7 Wall St. The Department of Economic Development received re-accreditation through the International Economic Development Council in 2012 and is one of only 29 economic development organizations in the world to have this recognition. It is listed among the Top Five Overall Mid-sized American Cities of the Future, Top 10 for Economic Potential and Top Five for Infrastructure by fDi magazine. CNNMoney.com ranked Virginia Beach as the Easiest Place to Start a Business and the 2nd Most Business-Friendly City in the country. For more information, visit www.yesvirginiabeach.com.###
