Magnum Venus Products (MVP) will break ground today on a new $12 million dollar expansion that will create 70 new jobs for the greater Knoxville community.
Knoxville Mayor Tim Burchett will participate in today’s groundbreaking. Last year, MVP announced the expansion which includes a $3 million immediate investment by the company. (Original announcement below.)
Magnum Venus Products (MVP) announced that it will expand its operations and build a new $12 million facility that will create approximately 70 jobs in Knox County during the next five years. MVP’s new plant in the Hardin Business Park will consolidate its current Knoxville operations and provide room for future growth.
Currently, MVP operates a headquarters in Knoxville and a 75,000-square foot manufacturing plant in Kent, Washington (just outside of Seattle) that employs approximately 100 people. The Kent manufacturing operation will continue to operate after the expansion in Knoxville.
Since 1938, Magnum Venus Products has been the premier supplier of high-tech pumps to the automotive, oil and gas, aerospace, railroad, energy, marine and a variety of other markets. The company also is at the forefront of the composites industry and is highly regarded by the global companies and brands it serves.
Today, MVP purchased 7.25 acres in the Hardin Business Park off Hardin Valley Road. Site preparations are expected to begin with 30 days and construction will begin shortly thereafter. MVP officials say they will occupy the new facility in the second half of 2017.
Construction of the new $12 million facility will take place in two separate phases. Phase I will be completed next year and is approximately 40,000 square feet. Phase II will provide an additional 40,000 square feet to the facility.
“While our company has operated a number of offices and manufacturing locations throughout the United States, our headquarters has been in Knoxville,” said Peter Hedger, President and CEO of Magnum Venus Products. “This is a great location for us with all of the exciting businesses that have moved here in recent years, especially the large number of composite-related businesses. We are excited to expand our operations in East Tennessee – this is our home.”
Tennessee Economic and Community Development Commissioner Randy Boyd said, “Manufacturing job growth in Tennessee is the fifth largest in the entire country since 2010. Establishing a business climate that attracts and helps companies such as MVP grow is critical to that success. On behalf of Team Tennessee, I’d like to thank MVP for its continued investment in Knox County and commitment to creating high quality jobs that will provide a meaningful benefit to residents.”
The company started in Chicago in the late 1930s and was purchased by the Hedger family in the early 1940s. As it established itself as the leader in its market, the company acquired its primary competitors and ultimately operated facilities and offices throughout the country. MVP has been headquartered in Knoxville since 2010. The company is now owned and operated by the children and grandchildren of the company founder.
“At our core, we are a family-owned business,” Hedger said. “But we’re a family business driven by innovation. MVP is changing the automotive, boating, defense and aviation industries – we have made modern manufacturing processes possible. Our products put people into outer space – it’s revolutionary technology that will remain revolutionary for decades.”
MVP is the premier manufacturer of composite application equipment. The company’s award-winning products include pumping systems, spray guns, filament winding systems, and more. Along with its composites equipment, MVP also manufactures equipment for the foam and polyurethane industries including polyureas, adhesives and epoxies.
For more information about MVP, visit www.MVPInd.com.
Read about the Magnum Venus Products announcement in the Knoxville News Sentinel here or Maryville Daily Times here or Oak Ridge Today on WBIR (NBC) News here. Watch WATE (ABC) News coverage of the announcement below: