MO: Auto Parts Manufacturer Expanding in Moberly, Creating 20 New Jobs
11 Jul, 2011
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Gov. Jay Nixon’s administration announced recently that a Moberly machine shop that manufactures aftermarket performance automotive parts will expand its local operations, creating 20 new jobs over the next five years while investing $455,952 into the local economy.
Finspeed LLC, a Missouri-based automobile performance parts manufacturer, plans to expand its local operations while moving into a new facility located at 715 Sturgeon Street in Moberly. Established in 2009, the company is committed to keeping its manufacturing operations in the United States.
“This new investment and job creation is good news for the Moberly economy,” said Gov. Nixon. “Motorsport has seen explosive growth in the United States in the last decade. Finspeed is poised to become the premier destination for everyone wanting to improve the safety, reliability and performance of their autos from entry level modifications to advanced race cars in this exciting, growing market. We will continue to fight every single day, for every single job, to help our businesses grow and put Missourians back to work.”
Finspeed’s commitment to offering unprecedented customer attention has built a significant customer base, both online and at aftermarket events and track days throughout the United States. The company currently employs two workers locally and will be adding another 20 new jobs over the next five years that pay an average annual salary of $36,096.
To help Finspeed move ahead with its plans, the state of Missouri authorized an incentive package worth $62,182 in Enhanced Enterprise Zone (EEZ) tax credits over five years.
The Enhanced Enterprise Zone program was implemented in 2004. Enhanced enterprise zones are specified geographic areas designated by local governments and certified by the Department of Economic Development. Zone designation is based on certain demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local cluster development.