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Magna-Tech to open in LCIP

October 11, 2008

The Lincoln Economic Development Association announced today that Magna-Tech Manufacturing will lease the Keith Corporation’s 38,500 square foot shell building in the Lincoln County Industrial Park next to VT LeeBoy. Magna-Tech will be creating a new production facility to heat treat and seal automotive castings. The initial capital investment of building, land and equipment is $2.5 million and the company will bring 20-25 new jobs to Lincoln County. The Lincoln County Board of Commissioners voted to grant Magna-Tech Manufacturing incentives of $8,178.79 per year for a period of five years.

Magna-Tech Manufacturing is headquartered in Muncie, Indiana and was established in 1987 as a provider of vacuum impregnation of castings. Magna-Tech has operates in multiple locations, including Sheboygan, WI; Guaymas, Sonora, Mexico; Glassport, PA; Greenville, SC; Sylacauga, AL; and Stoney Creek, Ontario, Canada. The company operates multiple processing lines while utilizing an array of vacuum impregnation processes and a variety of impregnation sealants.

Dan Irvin, President of Magna-Tech Manufacturing, commented, “MagnaTech has been very pleased with the assistance of the Lincoln Economic Development Association and the efforts that have made this new MagnaTech facility a reality. We look forward to becoming a part of the community and we are confident that locating in Lincolnton will create new opportunities for all of us.”

Pete Acker, Chair of the Lincoln Economic Development Association, welcomed the new business to the Industrial Park, adding, “During these uncertain economic times it is good to see our manufacturing holding strong with Magna-Tech’s announcement as well as announcements made in the last two weeks that Hof Textiles, a German company in the Indian Creek Business Park will be expanding and Sennebogen, another German company will be celebrating their ground breaking in East Lincoln this week.”

“I have enjoyed working with the Magna-Tech Manufacturing executives during their search for space and look forward to continuing to help establish their company in our county as they begin operations here,” said Kim Phillips, Business Development Manager for the Lincoln Economic Development Association.

Tom Anderson, Chair of the Lincoln County Board of Commissioners added, “ With this decision by Magna-Tech to locate in Lincoln County, we continue our successful program of diversifying our industrial base. We are pleased that Magna-Tech has chosen to locate here and look forward to their contribution our local economy and the opportunities and employment they will bring for the citizens of Lincoln County.”

About LEDA: Lincoln Economic Development Association is a private, 501c(3) non-profit corporation charged with facilitating industrial, office and commercial development in Lincolnton and Lincoln County. LEDA’s mission is to foster an economic environment that promotes an increased tax base and enhances the standard of living by creating better jobs for the citizens of Lincolnton and Lincoln County. The organization’s goals include expanding existing business and industry, developing investment by new business and industry and fostering cooperation between business, government, schools and the community.