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RICHMOND—Governor Ralph Northam today announced that Fortune Auto North America, a U.S.-based manufacturer of high-performance racing suspension systems for Japanese and European vehicles, will invest $250,000 to expand its operation located at 1495 Oakbridge Terrace in Powhatan County. The company will add new equipment to meet increased demand and create 10 new jobs, doubling its workforce.
“Fortune Auto North America designs and manufactures a highly specialized product for a growing international market from its sole U.S. location in Powhatan County,” said Governor Northam. “This expansion demonstrates the success that businesses of all sizes can achieve in Virginia. We are proud that the Commonwealth can provide the skilled workforce to meet the company’s needs, and stand ready to support Fortune Auto’s future growth.”
Fortune Auto North America designs, engineers, manufactures, and assembles high-performance racing suspension systems for Japanese and European vehicles. Founded in 2011 with its only location in Powhatan, Virginia, Fortune Auto is one of the few U.S.-based suspension manufacturers that engineers, assembles, inspects, and services shocks. With a focus on research and development, the company specializes in producing suspension systems that prioritize comfort, reliability, and performance.
“Fortune Auto North America’s decision to reinvest in its manufacturing operation and double its workforce affirms a strong commitment to Powhatan County and the Commonwealth,” said Secretary of Commerce and Trade Brian Ball. “It is a priority to continue to support the advanced manufacturing industry and the workforce that helps it thrive, and we thank Fortune Auto for its commitment to Virginia.”
The Virginia Economic Development Partnership (VEDP) worked with Powhatan County to secure the project for Virginia and will support Fortune Auto North America’s job creation through the Virginia Jobs Investment Program (VJIP), which provides consultative services and funding to companies creating new jobs in order to support employee recruitment and training activities. As a business incentive supporting economic development, VJIP reduces the human resource costs of new and expanding companies. VJIP is state-funded, demonstrating Virginia’s commitment to enhancing job opportunities for citizens.
Fortune Auto has participated in several VEDP International Trade programs and utilized market research services, and is currently participating in the Trade Show Program.
“Fortune Auto selected Virginia because of its strong economic growth, stable business climate, favorable tax rates, and wonderful assistance from VEDP and the Powhatan County Economic Development,” said Terry Awad, Managing Director of Fortune Auto North America. “Both of these key teams have helped our company source funds for manufacturing equipment and secure international clientele through case studies and funds to attend international trade shows. This has been a welcomed long-term growth strategy for Fortune Auto North America, and we look forward to continuous growth in the great Commonwealth of Virginia.”
“Fortune Auto North America is a valuable Powhatan business that has experienced tremendous growth and success in its time here,” said Roxanne Salerno, Economic Development Program Manager with the Powhatan County Economic Development. “The niche business is comprised of an innovative workforce that has created a desirable product line that is fast becoming an internationally known brand. We are pleased to assist the company in its next steps as an expanding international company in Powhatan.”
“I am so delighted that Fortune Auto North America will continue to expand its operations in Powhatan County by adding new equipment and doubling its workforce,” said Senator Ghazala F. Hashmi. “This expansion signals confidence in the County as a business-friendly community that has the ability to attract and retain skilled workers, especially in the areas of design, engineering, and technical assembly. The continued partnership with Fortune Auto North America is an important one for the Commonwealth and for Central Virginia.”
“There is a talented pool of skilled men and women in Powhatan and the Southside who will jump at the chance to work for a unique business that already is flourishing here,” said Delegate Lee Ware. “My best wishes to company officials and employees, and my tip-of-the-hat to the Virginia Economic Development Partnership for advocating so helpfully on the many benefits of expanding in Powhatan.”
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