Volvo Group to Spend $400 Million on Plant Upgrades, Expansion
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The Volvo Group on June 28 announced plans to invest nearly $400 million over six years to upgrade its New River Valley, Va., plant that produces all Volvo trucks sold in North America.
“The outstanding product line currently produced at NRV has strongly positioned Volvo Trucks for the future,” Volvo Trucks North America President Peter Voorhoeve said in a news release. “This investment is another sign of our confidence in that future, and will help us prepare for even more exciting products — powered by both diesel and electric drivetrains — in the coming years.”
The upgrades include expansion of the industrial footprint and installation of a variety of equipment that will improve plant efficiency and deliver even higher product quality for customers, the statement said.
Pulaski County will support the project by granting Volvo 222 acres of adjacent property to expand the campus and providing $500,000 toward site improvements. Besides its financial investment, Volvo announced plans to create 777 jobs at the facility over the next six years.
The project will be eligible for a Virginia Major Employment and Investment Grant of up to $16.5 million and other incentives, according to the truck maker. — Transport Topics