OH: Fuyao to Invest $200M for New Plant, Create 800 Jobs in Dayton Area
17 Jan, 2014
Governor John R. Kasich announced that a major global automotive supplier — Fuyao Glass Industry Group Co. Ltd — will build its first North American automotive glass manufacturing facility in the City of Moraine in Montgomery County, creating approximately 800 new jobs over the next five years. The $200 million investment breathes new life into a former General Motors assembly plant and reaffirms Ohio’s dominance in the automotive industry. Kasich made the announcement at the Ohio Statehouse together with Fuyao chairman and founder Cao Dewang, who joined Kasich in the historic Governor’s Cabinet Room to sign the paperwork affirming Fuyao’s intent to purchase the plant from its current owner, Industrial Realty Group.
The complex deal was brokered by JobsOhio, the private, non-profit corporation that advances job creation, capital investment and economic growth in Ohio. Fuyao selected Ohio for its first North American manufacturing plant over competitive proposals from states across the Midwest and South.
“Ohio is thrilled by its new partnership with Fuyao. Chairman Cao has a bold, long-term vision for his company and it’s great that Moraine, Montgomery County and Ohio are part of it,” said Kasich. “He is one of the world’s greatest entrepreneurs, winning Ernst and Young’s 2009 World Entrepreneur of the Year Award. He is also one of China ’s most generous people, having been named China’s most generous philanthropist four times by China’s Hurun Report. He’s the kind of a person we like to have in Ohio and his company’s investment reaffirms both our strong workforce and our state’s leadership role in automotive and glass manufacturing.”
Fuyao's new facility will be the largest Chinese investment ever made in Ohio.
According to the foreign investment tracking organization fDi Markets, it will also be the largest Chinese investment ever made east of the Mississippi River and the largest Chinese automotive industry investment ever made in the U.S. since records have been kept (2004, fDi Markets).
Fuyao is the largest automotive glass supplier in China with 65 percent of the market and 18 percent of the global automotive glass market.
The company currently has a presence in the U.S., Germany, Russia, Japan, South Korea, Australia, Brazil, and many other countries in the world
“We appreciate Ohio's strategic location, workforce and pro-business environment in making this decision to open our North American facility,” said Cao Dewang. “We are making such an investment in Moraine to better service our important OEM customers in the United States and North America.”
The company plans to acquire over 10 million square feet of the former GM Moraine plant and will begin glass manufacturing by the end of 2015. The project will move forward upon finalization of the due diligence process on the building and approval of federal, state and local incentives.
John Minor, president and chief investment officer for JobsOhio, praised the partnership efforts of the Dayton Development Coalition, City of Moraine, Montgomery County, and Industrial Realty Group (IRG) for helping to make the project a reality. He said the state of Ohio and JobsOhio plan to announce assistance efforts, including job training, by the time the final site purchase agreement is signed and executed by Fuyao and IRG in the spring. Montgomery County and the City of Moraine will also contribute to the overall attraction package.
“It is enormously gratifying to be a part of bringing Fuyao to the Dayton area for their first North American manufacturing plant,” said Stu Lichter, president and chairman of the board of IRG.
Chris Semarjian, owner of Industrial Commerce Limited (ICL), added “It is satisfying to know that our involvement in this project is making a substantial difference to the economic growth of the area by providing new jobs and opportunities to local industries to provide support and services.”
Fuyao, headquartered in Fuzhou, China, employs more than 18,000 workers globally and plans to use its new Moraine facility to supply its growing U.S. customer base, including GM, Chrysler, Hyundai, Honda and Kia.