The Economic Development Corp. of Wayne County says two companies have announced plans to expand in Richmond. Japan-based TBK America Inc. and Richmond-based Vandor Corp. Inc. will invest a total of $3.6 million in expansions that will create more than 50 jobs.
Vandor will invest $1.8 million to purchase new equipment in order to expand its funeral products division. The company says it will add a line to produce hardwood caskets in a move that will add 30 full-time jobs.
"Our city can only thrive when these local businesses thrive," said Richmond Mayor Dave Snow. "This is exactly how focusing on business retention and expansion will create more economic wins and bridge the employment gap for our city. We need to work hard so that companies like Vandor continue to invest in this community."
TBK America, which manufactures water pumps used in large truck engines, will also invest $1.8 million in its expansion. The EDC of Wayne County says the investment will allow the company to add a new production line which will manufacture and assemble oil and lube pumps for large trucks, creating 21 jobs.
"TBK America is expanding due to increased market demands in diesel engines," said Kenji Takada, president of TBK. "Our customers rely on our high quality water and oil pumps; we could not meet their demands without a strong and dedicated workforce, people who care about quality and who deliver excellent product every day. We truly appreciate your support and look forward to continuing to be a part of this great community."
The EDC of Wayne County says it will provide Economic Development Income Tax grants of $26,000 and $27,000 to Vandor and TBK, respectively. The grant requests await approval from the Wayne County Commissioners.