24 August 2012

Schaeffler Group USA making $41.1 million capital investment in its facility in Joplin, Missouri

Joplin, Mo. – 24 August 2012 - A global leader in the manufacturing of industrial ball bearings is making a $41.1 million capital investment in its Joplin factory, Gov. Jay Nixon announced today. To assist Schaeffler Group USA with upgrading the skills and training of its workers to correspond with its upgraded facilities, Gov. Nixon's administration is making job training funds available to the company for 250 of its employees at the Joplin location. 

The Governor made the announcement today at Schaeffler Group USA's facility after touring the plant, where he was joined by the company's local and national corporate leadership. 

"From Day One, we've focused on creating jobs and growing our economy by investing in our workforce and holding the line on taxes," Gov. Nixon said. "As a result of our efforts, industry's global leaders continue to invest in Missouri. I congratulate Schaeffler USA on its investment in Joplin, and I am pleased that my administration could help ensure that our workforce has the skills and training needed to attract significant investments like this to our state." 

To assist Schaeffler Group USA in moving forward with its expansion, the state of Missouri has authorized job training funds to help train 250 Shaeffler employees with improved technical skills, advanced automation, safety practices and leadership skills at the Joplin facility. These funds are made available by diverting a portion of the company's regular state withholding on the 250 jobs at the Joplin site

CNN-Money recently rated Missouri as the nation's sixth-best state for new business start-ups in its "10 Most Entrepreneurial States for 2011," with Missouri being the only Midwestern state in the Top 10. In addition, Missouri's state exports were up six percent during the first two quarters of 2012 compared to 2011, a year when the state of Missouri set a record with $14.1 billion in export sales revenue. 

The Schaeffler Group is a leading global manufacturer of rolling bearings and linear products, as well as a renowned supplier of high-precision components and systems for engines, transmissions and chassis applications to the automotive industry. The bearings produced at the Joplin facility, where Schaeffler has had a presence for 42 years, are used in water pumps that run crude oil through pipelines, railcars, heavy conveyors used for mining and paper mills, and in gear boxes for electrical and wind motors. The company's client list includes General Electric, Reliance Dodge, Caterpillar, Consolidated Bearings and Bearings Inc. 

Source: Office of Missouri Governor