North American Mold Technology (NAMT) is set to establish a $4.35m manufacturing plant in Danville, Virginia to produce and refurbish the molds used to manufacture tires.
Spread across 260,000ft2 area, the new plant is expected to create 120 new jobs in the region. NAMT will assemble and repair tire molds and provide other tire mold support services to the tire manufacturers in the US and several other countries.
NAMT president William Gentry said that with technology changes of late, they decided to make a commitment to start a new stand-alone company specifically to service the tire industry needs all over North America, and to provide high-tech solutions to the problems facing the industry.
The company also received $250,000 grant from the Governor's Opportunity Fund for the project.
Virginia Tobacco Indemnification and Community Revitalization Commission member Delegate Danny Marshall said that the Virginia General Assembly approved $3.7m for the Advanced Machining Program at Danville Community College (DCC) to provide capacities that can double the student graduation rate for the machining program.
"And, the Tobacco Commission approved $700,000 for a machining program in Pittsylvania County Schools," Danny added.
