On Tuesday, May 23, 2023, Governor Glenn Youngkin announced Altec Inc. will be investing $1.4 million to reconfigure the Botetourt County operation for a new product line which will result in the creation of 150 new jobs. Altec is a leading provider of products and services to the electric utility, telecommunications, tree care, lights, signs, and contractor market.
“Congratulations to Altec on another successful chapter in its long and storied history producing high-quality products that garner international recognition,” said Delegate Terry Austin. “The company’s facility in Botetourt’s Greenfield Industrial Park is an economic driver. With this investment, it is now one of the largest employers in the region. We are grateful for Altec’s continued commitment to advanced manufacturing and are proud of the men and women who build these world-class products right here in Botetourt.”
“Altec is in its third decade operating in Botetourt County. The team at Altec has proven again and again that they are true corporate and community partners who are committed to providing fantastic manufacturing jobs in our region,” said Dr. Mac Scothorn for Botetourt, chairman of the Botetourt County Board of Supervisors.
“Botetourt County is proud to call Altec Industries a member of our corporate family,” says Botetourt County administrator Gary Larrowe. “We want to congratulate them on this expansion and are thankful for the economic partner that they are right here in Botetourt County.”
“The expansion of Altec Industries is a fantastic success story and a testament to the region’s capabilities in supporting business investment and growth, as well as Altec’s solid foundation of strong business leadership”, said John Hull, Executive Director of the Roanoke Regional Partnership. “Altec is a longstanding community and regional partner, and the growth of this enterprise in Botetourt County will have positive, significant regional impact.”
Altec Industries joined the Botetourt County corporate family when they opened their 80-acre campus in 2001 at Greenfield. In 2018 the company announced an expansion of the facility, bringing 180 new jobs and $30.2 million in capital investment. This new expansion will be built on eight additional acres.
These two most recent expansions support an additional 287 indirect and induced jobs and provide a total economic impact in the Roanoke Region of approximately $196 million annually. Indirect and induced economic impacts represent those benefits created by the additional spending on goods and services in the region by a company and its new employees.
The Virginia Economic Development Partnership worked with Botetourt County and the Roanoke Regional Partnership to secure the project for Virginia and will support Altec’s job creation through the Virginia Jobs Investment Program (VJIP), which provides consultative services and funding to companies creating new jobs in order to support employee recruitment and training activities. Read the full press release from Governor Youngkin’s office here.