Martinrea incentives outlined as company breaks ground on Riverside auto parts plant
04/24/2014 3:29 PM
04/24/2014 3:29 PM
Martinrea International of Canada will get more than $3.2 million in tax credits and job training incentives to come to Riverside and employ 290 people at a new auto parts plant.
The Missouri Department of Economic Development outlined the incentives Thursday as the company had a groundbreaking ceremony that included Gov. Jay Nixon.
Some details of the Martinrea plans were released Wednesday ahead of the ceremony. Martinrea signed a long-term, build-to-suit lease to occupy a 275,560-square-foot building that is expected to be completed by early 2015. The plant — Martinrea’s first in Missouri — will manufacture welded, corrosion-resistant engine cradles and automotive assemblies for the nearby General Motors Fairfax assembly plant in Kansas City, Kan.
The other terms of the transaction, such as how much Martinrea will invest in the plant, were not disclosed. The plant will be on 15.22 acres at 5233 N.W. 41st St. in the Riverside Horizons Business Park.
Erik Murray and Nathan Anderson of Lee & Associates Kansas City negotiated the lease.
“Martinrea is a first-class company and a real win for the entire Kansas City metro area,” Murray said in a release. “Their new facility in Riverside will be a state-of-the art assembly and distribution facility, and we’re very proud to have been a key component of their team throughout the site selection process.”
Murray also said the the plant “will include stamping, welding, e-coating and assembly operations all under one roof, creating time and cost saving efficiencies for both Martinrea and their GM client.”
Martinrea said it has 38 manufacturing facilities in eight countries — including 12 in the U.S. — and more than 12,000 employees. Its U.S. operations are in Indiana, Kentucky, Tennessee, Mississippi and Michigan.
Martinrea is considered a major supplier of aluminum and steel parts and is the second-largest metal former in North America based on revenue, according to its website.