September 18, 2011 Morristown, Tennessee –
Tennessee Gov. Bill Haslam and Economic and Community Development Commissioner Bill Hagerty joined with local officials in applauding Meritor, Inc.’s decision to expand its precision forging manufacturing operations in Morristown, Tenn. The company confirmed today an investment of $26.6 million in new production equipment to serve the needs of the North American commercial truck market.
The investment will be made over a period of five years and will result in the creation of 29 new positions over three years to accommodate the increased production capacity. An additional 45 jobs could be created over time if the commercial truck market continues to improve and production volume increases. The plant currently employs 376 employees.
“We have a great business climate in Tennessee, and our goal is to become the No. 1 location in the Southeast for high-quality jobs,” said Haslam. “Existing businesses will play a key role in that effort because they can be very effective champions for our state. I appreciate Meritor’s continued and growing investment in Tennessee.”
Meritor’s Morristown facility produces precision forged gears used in rear drive axles for the commercial truck industry. The 148,000 square foot facility was built in 1979 and has undergone renovations in 1986 and 1993.
“Meritor’s expansion is a great example of successful collaboration between the state and local communities,” said Hagerty. “The jobs created by this announcement represent the type of highly skilled, good paying positions Gov. Haslam and I believe are essential to Tennessee’s continued economic progress. We greatly appreciate Meritor’s investment in the people of Tennessee.”
“We are pleased to work with decision makers at the local and state levels to make this investment a reality,” said Jerry Rush, senior director, Government and Community Relations for Meritor.
Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. With a more than 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers in more than 70 countries.
According to the company, the decision by Meritor to invest in its Hamblen County facility was made possible in part through the support of state and local government officials, and utility providers.
The Industrial Development Board of the City of Morristown approved a Payment in Lieu of Tax (PILOT) program to reduce personal property taxes on the new investment. The State is assisting with a FastTrack Job Training Grant.
The Tennessee Valley Authority’s economic development division and the Morristown Utility Systems were also closely involved in the location process.
“TVA congratulates Meritor, Inc., on their decision to expand in Morristown and create new job opportunities,” said John Bradley, TVA Senior Vice President of Economic Development. “We are privileged to partner with the company, Morristown Utility Systems, the Morristown Area Chamber of Commerce, and the State of Tennessee to facilitate this economic growth.”
Morristown Mayor Danny Thomas welcomed news of the community’s growth.
“It is my pleasure to welcome Meritor, Inc, as they expand their operations in Morristown,” said Thomas. “The company is a known leader in their industry around the world. We are committed locally to assist Meritor in this project so that they may be successful as they grow their company even more,” he stated.
Other local officials echoed the mayor’s sentiments. Hamblen County Mayor Bill Brittain, Industrial Board Chairman R. Jack Fishman, and 2011 Chamber of Commerce Chairman Blain Potter expressed gratitude Morristown had been selected by Meritor.
“On behalf of the County Commission, I want to extend our appreciation to the Morristown Industrial Development Board, who worked with the City, MUS and the local utilities, to assist this excellent company plan for this expansion,” stated Hamblen County Mayor Bill Brittain. “The pursuit of jobs continues to be the focus of our local efforts.”
R. Jack Fishman, chairman of the Morristown Industrial Development Board, said that the location was a tremendous team effort. “Meritor did a professional, and thorough analysis of several different sites in many locales to find a place that would best meet their criteria,” said Fishman.
“This is a great global company that will provide more good jobs for many of our area citizens. The capital investment, technology, and new jobs that the company brings to our city will continue to improve the quality of life for all of our citizens,” he concluded.
Blain Potter, chairman of the Morristown Area Chamber of Commerce also welcomed the company. “On behalf of the Chamber and the entire community, I want to thank Meritor for expanding their facility,” Potter said. “The fact that they selected Morristown as the location for this expansion is a tribute to our entire community,” he added.
About Meritor, Inc.
Meritor, Inc., based in Troy, Mich., has more than 11,000 employees located in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices worldwide. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. For more information, visit the company’s web site at meritor.com.
