Magnum Venus Products, Inc. To Expand, Build New Facility In Knox County
Manufacturer to create 70 new jobs with $11.9 million expansion
December 15, 2016
Tennessee Economic and Community Development Commissioner Randy Boyd and Magnum Venus Products, Inc. officials today announced the manufacturer will invest $11.9 million to build a new facility that will create 70 jobs in Knox County during the next five years. MVP’s new operations in the Hardin Business Park will consolidate its current footprint in the Knoxville area and provide room for future growth.
“Manufacturing employment in Tennessee has increased 15.2 percent since 2010 and Tennessee’s net manufacturing job growth during that time is the fifth largest in the entire country. Establishing a business climate that attracts and helps companies such as MVP grow is critical to that success,” Boyd said. “On behalf of Team Tennessee, I’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.”
MVP produces composite application equipment, serving various manufacturers in the automotive, aerospace, transportation, marine, railroad and energy sectors. MVP’s products consist of pumping systems, spray guns, filament windings and automated solutions.
A third generation family-owned business, MVP relocated its corporate offices to the Knoxville area in December 2015. The company currently employs roughly 30 employees between its corporate offices and distribution center in the Knoxville area. The investment in the new facility will provide MVP with additional space needed to expand overall production.
“We are excited to announce the site of our future home in East Tennessee,” MVP President Pete Hedger, Sr. said. “This facility will provide for increased production on the East Coast and allow us to better serve our customers and partners in the composites industry. Additionally, this facility will be home to our headquarters operations, including corporate functions as well as state-of-the-art research and demonstration areas.”
Of the 70 new jobs, MVP intends to hire 30 additional office jobs and almost 40 production jobs.
Local officials and the Tennessee Valley Authority expressed gratitude to MVP for its commitment to expand in Knox County.
“Since locating in Knox County several years ago, MVP has continued to seek growth opportunities, and I’m so pleased the company is solidifying its intent to expand in our community,” Knox County Mayor Tim Burchett said. “MVP has 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.”
“MVP’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,” Roger Osborne, chairman for The Development Corporation of Knox County, said. “The 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.”
“TVA and Lenoir City Utilities Board congratulate MVP on its decision to expand and create new, quality jobs in Knox County,” TVA Senior Vice President of Economic Development John Bradley said. “We are pleased to partner with the Knoxville Chamber, Oak Ridge National Laboratory, and Tennessee Department of Economic and Community Development to help facilitate the success of existing companies like MVP.”