CHERAW — A $10 million investment will feed the expansion of a manufacturing plant in Cheraw and lead to new jobs.
Chesterfield County, the Town of Cheraw, and the South Carolina Department of Commerce announced this week that Schaeffler Group USA, a maker of automotive components, will expand its existing facility in Cheraw. The hefty investment is expected to generate 100 new jobs, according to the Chesterfield County Economic Development Board.
“Schaeffler Group is pleased to expand our production in Cheraw, which solidifies our overall commitment to the State of South Carolina, Town of Cheraw and Chesterfield County,” said Bruce Warmbold, CEO of Schaeffler Group North America. “This new product will allow our employees to build upon good basic skills with additional specialized MultiAir training provided by Schaeffler.”
Schaeffler Group USA will expand its production capacity at the Cheraw facility to increase production of its new MultiAir technology. MultiAir technology will increase engine performance and improve fuel efficiency for a major Detroit automaker, according to Schaeffler.
Gov. Nikki Haley said the expansion is great news for Chesterfield County and for the state.
“Today’s announcement is more great news and we’re going to celebrate Schaeffler Group’s commitment to invest $10 million and create 100 new jobs at the company’s Chesterfield County plant. This also represents another win for one of our rural counties. We look forward to Schaeffler Group’s continued growth and success in South Carolina,” Haley said.
“Schaeffler Group is a world-class company and a leader in the automotive industry,” said Bobby Hitt, Secretary of Commerce. “The company’s decision to expand its footprint in South Carolina further adds to our reputation in the automotive sector and shows that our state continues to foster growth in our existing businesses.”
The State of South Carolina and Chesterfield County are providing incentives including tax abatements and training assistance to help the company with the expansion. These incentives will offset a small portion of overall cost of the project, the manufacturer said.
Chesterfield County Council Chairman Matt Rivers recognized the role of the company in the community.
“This is a wonderful announcement for the Town of Cheraw and for Chesterfield County. We are proud of Schaeffler and appreciate their contribution as a corporate citizen,” said Rivers.
“The Town of Cheraw is excited to see the continued growth of the Schaeffler Group in our community,” said Cheraw Mayor Scott Hunter. “With plants located worldwide, it is humbling to have a second major expansion awarded to Cheraw in the last three years. This is a testament to the hard work of our local Schaeffler management team and the trust that they have in the local workforce and community.
“Cheraw Town Council and I will continue to work to maintain an environment which will not only attract new business, but more importantly continue to help our existing businesses to grow,” Hunter said.
“Chesterfield County is fortunate to have a world-class company like the Schaeffler Group located here. It has a great team of dedicated workers who are helping to propel our local economy forward. The county is proud to be a partner in the company’s continuing success,” said Brenda Workman, executive director of the Chesterfield County Economic Development Board.
The Schaeffler Group, and its brands INA, LuK and FAG, is a well-known supplier to the automotive industry as well as a leading manufacturer of rolling bearings worldwide. The group of companies is based in Herzogenaurach, Germany. With 65,000 employees worldwide, the Schaeffler Group is one of the largest German and European industrial companies in family ownership.
The Chesterfield County Economic Development Board’s mission is to foster an economic environment that promotes the enhancement of the standard of living by creating more jobs and better jobs for county residents, and an increased and diversified tax base to support necessary county services.
The board’s goals include:
— Retention and expansion of existing businesses.
— Attraction of diversified base industries.
— Improvement of the overall business climate within Chesterfield County.