Altec Industries to invest $30 million in fifth expansion in Botetourt County
Altec Industries said Tuesday that it plans to invest $30 million in a 65,000-square-foot expansion at its manufacturing plant in Botetourt County.
This is the fifth time the company has expanded since it began manufacturing aerial trucks for the electric utility and telecommunications industries at its plant at Botetourt Center at Greenfield in 2001.
The latest expansion is expected to create 180 new jobs.
“We are able to grow in Virginia and in Botetourt County because this is a pro-business environment with the logistics and infrastructure to help Altec succeed,” John Herrig, the company’s general manager, said in a statement.
“The continued success of Altec in Botetourt speaks volumes about the county and the Roanoke Region as a business location,” Botetourt County Administrator Gary Larrowe said in a statement.
Altec is a leading employer in Botetourt County and a member of Botetourt’s transportation manufacturing cluster, joining companies such as Dynax America, Metalsa, and Eldor Corp.
Founded in 1929 and headquartered in Birmingham, Altec is a provider of products and services to the electric utility, telecommunications, tree care, lights and signs, and contractor markets.
In the Roanoke area, the transportation manufacturing industry typically is a higher-wage industry that creates additional indirect jobs and economic benefits. Economic impact modeling by the Roanoke Regional Partnership indicates the expansion will have an overall annual economic impact of $143.4 million at full implementation and will spur creation of more than 295 secondary jobs.
Gov. Terry McAuliffe approved a $400,000 performance-based grant from the Commonwealth’s Opportunity Fund as well as a $300,000 Virginia Investment Partnership grant.
The Virginia Jobs Investment Program will provide services to support the company’s employee training activities. Botetourt County is providing a $440,500 performance-based grant.