German manufacturer of automotive and industrial components Schaeffler will invest more than $230m (€211.95m) in a new manufacturing facility in Dover, Ohio, the company said in a press release on Monday.
The new facility will focus on producing electric vehicle (EV) components such as electric axles for light and medium-duty vehicles, and is expected to create up to 650 jobs by 2032.
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In addition, as part of the agreement with the state of Ohio and Jobs Ohio, Schaeffler will have access to grants and tax credits, which will also help the company expand its current plant in Wooster.
“Our new plant will play a pivotal role in shaping our future in the Americas region,” said Marc McGrath, CEO of Schaeffler Americas. “Our new Dover, Ohio, facility will feature state-of-the-art production processes so we can better serve our customers while also adopting sustainable practices as we continue to pioneer motion.”
Ohio is a leading destination for manufacturing operations, with the state’s skilled workforce and urban areas acting as an incentive for many EV businesses looking to expand operations in the Midwestern region of the US.
“Auto manufacturing jobs are a cornerstone of our economy now,” Brendan Kelly, director of Drive Electric Ohio, told Investment Monitor in December 2022. “They are very important for basically every part of Ohio because the supply chain is spread throughout the state. If we are going to still have a robust auto industry in Ohio, we need to be welcoming EVs.”
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By GlobalDataSchaeffler’s new plant in Dover is expected to be completed in the third quarter of 2025.
