Gov. Perry Announces TEF Investment in Continental Automotive Systems Inc. to Create 300 Jobs in Seguin
Gov. Rick Perry has announced the state is investing $1.2 million through the Texas Enterprise Fund (TEF) in Continental Automotive Systems Inc., to relocate production of its sensors and actuators from Europe and Asia to its plant in Seguin, creating 300 new jobs and $113 million in capital investment.
"Employers from around the nation and all over the world continue to look to Texas as the premier location for business expansion, relocation and job growth thanks to our low taxes, reasonable and predictable regulations, fair legal system and skilled workforce," Gov. Perry said. "This TEF investment in Continental will create hundreds of jobs, pump millions of dollars in capital investment into the area, and further strengthen Seguin's diverse economy."
Continental is one of the world's largest automotive industry suppliers. The company manufactures engine, transmission and hybrid control units at its plant in Seguin, and will begin producing sensors and actuators. Continental AG, the parent company, also has facilities in Houston and Uvalde.
"Today's announcement would not have been possible without the strong support of and collaboration with the state of Texas and Texas Enterprise Fund, Seguin Economic Development Corporation, City of Seguin and Guadalupe County officials," Kregg Wiggins, senior vice president, NAFTA Powertrain Division for Continental said. "We truly appreciate their support and look forward to expanding our business in this region."
"We are extremely excited by this announcement and look forward to continuing our long and mutually-beneficial relationship with Continental," Seguin Mayor Betty Ann Matthies said. "The recruitment of this project was made possible by seamless cross-jurisdictional coordination, and is another great example of how our community is able to aggressively utilize its economic development resources and pro-business approach to create a win-win public private partnership."
"Continental continues to be a success story here in Seguin," Seguin Director of Economic Development Terry M. Treviño said. "Since January 2010 the Seguin plant has grown from about 660 employees to more than 1,340 today, more than doubling its workforce, and is now adding more than 300 additional employees for a total of nearly 1,700. As most areas throughout the nation are losing jobs, Seguin continues to thrive - a testament to the strong fundamental advantages that make Seguin competitive on an international scale."
"I'm delighted for the residents of Seguin who may find jobs because of the Texas Enterprise Fund investment in Continental Automotive Systems," Sen. Jeff Wentworth said. "I'm always happy to see job growth and business expansion in Senate District 25, and I applaud the City of Seguin, the Guadalupe County officials and the Seguin Economic Development Corporation for their diligence and success."
"To have one of the world's largest automotive industry suppliers expanding their business right here in Seguin, makes this is an exciting time for this region," Rep. John Kuempel said. "I want to thank everyone at the local and state levels and Continental for investing in Seguin and the surrounding area."
The Legislature created the TEF in 2003 and re-appropriated funding in 2005, 2007, 2009 and 2011 to help ensure the growth of Texas businesses and create more jobs throughout the state. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state's most competitive tools to recruit and bolster business. To date, the TEF has invested more than $442.2 million and closed the deal on projects generating more than 60,700 new jobs and more than $15 billion in capital investment in the state.
For more information about the TEF, please visit http://www.texaswideopenforbusiness.com/incentives-financing/tef.php.
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