August 08, 2000

Lila White
(804) 692-3110

John Hoge
Precision Technology USA, Inc.
(540) 857-9871
Jill Lawrence
(804) 371-0049
British Firm Selects Roanoke for North American Headquarters
--Governor Gilmore announces Precision Technology Group's decision to create 100 new jobs- -

Richmond - Governor Jim Gilmore today announced that Precision Technology Group of Great Britain (PTG) has chosen Roanoke City for the headquarters of its new North American division, Precision Technology USA. Precision Technology plans to employ more than 100 people and invest more than $2 million over the next six years. The company plans to occupy a former Tultex building in the city. Virginia successfully competed with Ohio for the investment.

"I am pleased to announce Precision Technology's decision to locate this major facility in the City of Roanoke," Governor Gilmore said. "This project confirms that the Commonwealth offers a pro-business climate for international technology companies."

The new division joins three existing PTG divisions: two in Germany, Neff AA and Graessner, and one in Scotland, Precision Actuation Systems. The North American division will make and sell precision linear and rotary mechanical equipment for the automation, process control, robotics, material handling and motion control, and medical and nuclear handling industries. The initial phase will involve assembly and services, and move toward first manufacturing of European designs and, ultimately, design and manufacturing of products.

"The Roanoke Valley will provide us an excellent location from which to enter the North American market," said Dr. Gerd Icks, CEO, Precision Technology Group. "We looked at several other locations, but the location, infrastructure and low costs kept drawing us back here."

"I welcome Precision Technology to the Commonwealth," said Virginia Secretary of Commerce and Trade Barry E. DuVal. "Precision Technology and the Roanoke Valley will be a successful team."

The Virginia Economic Development Partnership, the Roanoke Valley Economic Development Partnership and the City of Roanoke assisted the company with its decision. The Virginia Department of Business Assistance will provide workforce training services.


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