Magnum Venus Products (MVP), a premier manufacturer of composite application equipment, will build a new $12 million manufacturing facility in Knox County, in the US state of Tennessee. The new plant, to be constructed in two phases, in the Hardin Business Park will consolidate MVP’s current Knoxville operations and provide room for future growth.

Phase I, to be built on approximately 40,000 square feet of area, is expected to get completed in 2017. Phase II will provide an additional 40,000 square feet to the facility. Overall, this will create approximately 70 jobs in Knox County during the next five years.

“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, MVP president and CEO. “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.”

“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,” Tennessee Economic and Community Development Commissioner Randy Boyd said.

“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 is revolutionary technology that will remain revolutionary for decades.” (RKS)