Magnets USA will invest $1.5 million in Roanoke County operation
- June 21, 2018
Magnets USA, a manufacturer of magnetic and paper promotional products, plans to invest $1.5 million in its Roanoke County operation.
According to an announcement Thursday from the governor’s office, the company has purchased new equipment to increase capacity, including a digital press and laser engraver, that will replace all of its current processes.
Other additions are slated for this year. The company’s 70 employees will be retrained to operate the new machinery and systems with support from the Virginia Jobs Investment Program (VJIP).
“Magnets USA is an impressive entrepreneurial success story for Virginia, and I am pleased to see the company reinvesting in its Roanoke County operation,” Gov. Ralph Northam. “To stay competitive in a 21st-century economy, growing companies must upgrade processes and technologies, and ensure its employees are equipped with the most in-demand skills.’’
Founded in 1990, Magnets USA serves about 35,000 customers today. Each year, the company produces millions of magnetized marketing products — including calendars, sports schedules, notepads, and car magnets — for a client base that stems largely from the real estate industry.
The Virginia Economic Development Partnership will support Magnets USA’s job retraining through the VJIP. The program provides consultative services and funding to companies creating new jobs or experiencing technological change to support employee training activities.