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