JTEKT Automotive Tennessee-Morristown, Inc. announced a $50 million investment Tuesday, that would create about 125 new jobs.
The investment will expand JTEKT's existing die casting operation, and launch a new pump product technology by mid-2013.
JTEKT says continuing recovery by the automotive market, new business awards and increased product diversification have all helped increase the demand for the company's products. The die casting facility expansion will open by the end of this year, and supply aluminum components for steering and driveline systems.
The new pump technology product launch is planned for May 2013 and will include die casting, machining, assembly, and test operations.
“These projects support a strong strategy with our customers to localize the manufacturing of steering and driveline products to avoid unfavorable foreign exchange rates and increasing global logistic costs,” says Mike Davidson, president of JTEKT Automotive Tennessee-Morristown, Inc. in a release. “This announcement is a vote of confidence from JTEKT Corporation in the abilities of our team members, this operation, and the community from which we draw our resources.”
JTEKT currently employs 670 people and produces power steering pumps, automatic transmission pumps and die castings for vehicles.
