Auto component manufacturer Dynax America expanding in Virginia, creating 75 jobs

Industrials Associated Press

Dynax America Corp. is planning to expand its automotive components manufacturing operation in Botetourt County, creating 75 jobs.

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Gov. Terry McAuliffe announced the $32.6 million investment on Wednesday as part of his trade mission to Asia. Dynax America's parent company is in Japan.

Dynax America makes automatic transmission components, friction disks, mating plates and assemblies. It has operated a facility near Roanoke since 1995 and currently employs 580 workers.

McAuliffe approved a $225,000 grant from the Governor's Opportunity Fund for the project. The governor also approved a $250,000 performance-based grant from the Virginia Investment Partnership program.

Officials say the company will also be eligible for sales and use tax exemptions on manufacturing equipment.