AEP Quality Site in Virginia sold to ELDOR Corporation
The first of AEP’s certified Quality Sites has been sold. Italian manufacturer and international group leader in the automotive business, ELDOR Corporation, is investing $75 million to build its first U.S. production plant in Botetourt County, Virginia.
“Virginia is particularly business-oriented, with its pro-business laws, Port of Virginia access, logistics and infrastructure,” Pasquale Forte, ELDOR president and CEO, is quoted as saying. “We found a community of genuine and collaborative people, focused on supporting investment in a practical way and with great commitment. The community has welcomed us with a professional attitude, but also with respect and friendship.”
ELDOR will create approximately 350 new jobs at the plant to add to its existing global operations in Italy, Turkey, China, Brazil and Germany. Its research and development revolves around ignition coils, engine control units and combustion management systems based on the analysis of ionic currents as well as of electric systems for hybrid and electric applications.
AEP’s Appalachian Power Company worked in concert with the Virginia Economic Development Partnership , Botetourt County and the Roanoke Regional Partnership to secure the project, and aided by a $3.2 million grant from Virginia’s Commonwealth’s Opportunity Fund.
AEP Quality Sites have achieved certification from McCallum Sweeney Consulting proving they’re development-ready and fully served by utilities, with extensive studies and minimal risk. Learn more about AEP Quality Sites and where they’re located.
We’re is thrilled to have a top-notch business like ELDOR put one of our Quality Sites to work. ELDOR’s facility will provide a huge economic multiplier impact to Botetourt County and the Roanoke Region.”