MO: DED Incentives Help Danish Manufacturing Company to Create 50 New Jobs in Moberly
13 Dec, 2010
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The Missouri Department of Economic Development (DED) announced today that Vest-Fiber, a supplier of fiberglass products and services primarily to the wind turbine industry headquartered in Denmark, has chosen Moberly to be the location of a new manufacturing facility. The company’s capital investment of $2 million will create 50 new local jobs.
“The decision by an international company like Vest-Fiber to invest $2 million and create 50 new jobs is excellent news for the economy of Moberly and Randolph County,” said Governor Jay Nixon. “From day one as Governor, my administration has been focused on creating jobs and moving our economy forward, and I am pleased that we were able to provide the economic tools to help make this project possible. This significant investment by a European company is more clear evidence that Missouri’s economy is on the move.”
The state of Missouri’s incentive package consisted of $128,318 in Missouri Quality Jobs program incentives, which provides tax credits to companies that create a predetermined number of jobs, among other qualifications, as well as recruitment and referral assistance.
“Having Vest-Fiber select Moberly as the site for its newest fiberglass manufacturing facility is exciting news for the state,” said David Kerr, Director of the Missouri Department of Economic Development. “This project that involves bringing a company from overseas to north-central Missouri further demonstrates our Missouri’s commitment to being one of the top states in the nation in which to do business.”
Founded in 2000, Vest-Fiber produces fiberglass and materials to the Composite Industry mainly to applications as wind turbine blades. Based in Denmark, the company specializes in cutting and kitting multi-axial reinforcement fabrics in glass and carbon fiber; structural foams/core material used in sandwich constructions; non-woven, plastic materials and vacuum bagging consumables; and “ready-to-use” resin infusion net-set kits. The company operates state-of-the art cutting units that process more than 7,000 tons of fabrics and convert more than 600,000 square meters of core material on a yearly basis.
“In our search for the ideal location, we found Missouri to be the strategic center of all wind-related production facilities in the USA”, said Hans Leerskov Hansen, Business Development Manager of Vest-Fiber. “We were also pleased to find the right skills and work ethic available.”
Vest-Fiber plans to have the new facility in Moberly operational by February 2011.