Augusta, GA Economic Development Incentives and Financing Secure Textron Expansion

Textron Specialized Vehicles has announced plans for a $40 million expansion of their operations in Augusta, GA with the addition of a second new facility and 400 new jobs.

Textron Specialized Vehicles expansion in Augusta, GA

Photo – augustaeda.org

Supported by a state of Georgia grant, job training assistance and Augusta economic development financing, the company plans to acquire the former Procter & Gamble manufacturing facility in Augusta, expanding their campus by 235 acres, and adding more than 600,000 square feet.

The new facility is located just a mile from Textron Specialized Vehicles’ existing headquarters and manufacturing facility. Textron Specialized Vehicles designs and manufactures more than 90 consumer and commercial vehicle models, most of which are manufactured in Augusta. The company currently employs more than 1,000 people in Georgia.

Governor Nathan Deal said in a release that “Our commitment to job creation and economic development is evident in the number of companies who’ve expanded or relocated here. We welcome Textron Specialized Vehicles’ continued growth and feel that Georgia’s economic environment will be of major benefit to the growing company.”

Kevin Holleran, president of Textron Specialized Vehicles, added that “We are fortunate to be able to facilitate such expansion in our hometown, and are thankful for the assistance of the Augusta Economic Development Authority, the Georgia Department of Economic Development and our city and state officials to bring this project to fruition.”

The Georgia Department of Economic Development (GDEcD) is providing $600,000 as a Project Development Grant to Textron Specialized Vehicles, and more than $1.6 million in job-training assistance through the Georgia Quick Start program.

GDEcD Commissioner Chris Carr noted that of the 329 projects located in Georgia during FY15, existing industry accounted for 75 percent of total investment to the state and 63 percent of total jobs created. “As you can see, this sector drives Georgia’s economy, and we appreciate companies, like Textron Specialized Vehicles,’ commitment to our state,” added Commissioner Carr.

The company’s acquisition of the former P&G facility will be facilitated through the issuance of $20 million in revenue bonds issued by the Augusta Economic Development Authority. This revenue bond financing is expected to cover the purchase price of the facility as well as capital improvements needed to prepare the facility for vehicle manufacturing.

Walter Sprouse, executive director of the Augusta Economic Development Authority, added that “The Augusta Economic Development Authority was excited to be a part in the organization’s expansion decision, and to assist, as always, with the creation of new jobs in the Augusta area.”

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