Tokyo-based Foster Electric invests US$4.2 million to expand operations in El Paso, TX
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Tokyo-based Foster Electric is expanding its production in El Paso. The company is investing US$4.2 million on this expansion and production is set to start on 2020, company officials informed.
The company plans to manufacture a new brand of automotive speaker system. The forecast is to produce up to 6 million units per year, said Jose Rangel, vice president of operations in El Paso.
“The skilled labor force, its central location and excellent logistics were crucial to choose El Paso,” Rangel added.
The expansion will allow to retain 32 full-time jobs while creating 40 new full-time jobs. The jobs pay above the county median wage and will be primarily in automated speaker assembly manufacturing operations, The Borderplex Alliance informed.
“We have been successful with the efforts of our employees and want to continue to invest and grow here,” Rangel said during the official announcement.
Foster Electric started its journey in El Paso back in 1997 when it established a warehouse while in 2009 the speaker production started, according to its website.
“This expansion is further confirmation that our region is competitive and the right choice for business, manufacturing, trade, and commerce in the Americas,” said Jon Barela, CEO, The Borderplex Alliance
Foster Electric is one of the largest automotive speaker manufacturers in the world with 27,300 employees worldwide and revenues of US$1.3 billion per year.
“Foster Electric recognizes El Paso as a premier location to do business because of our talented workforce, quality of life and business friendly environment. I look forward to the expansion and opportunities that Foster Electric brings to region,” expressed El Paso Mayor, Dee Margo.