MANSFIELD, Texas, Dec. 14, 2010 /PRNewswire/ -- The Mansfield City Council on Monday approved an economic development agreement with leading American tool manufacturer Klein Tools for the location of its new Advanced Manufacturing Technology Center (AMTEC) in the city.
The performance-based agreement could result in the creation of 585 jobs and a $76 million investment by the Chicago, Ill.-based company. The net economic impact to Mansfield has been estimated at more than $7.6 million over the first 10 years, with a $4.5 billion economic impact over 10 years to the State of Texas.
"We are excited about this partnership and the opportunities with the City of Mansfield," said company President Tom Klein. "This agreement will be significant as we strive to maintain and improve our positions in today's globally competitive environment, as America's premier maker of the highest quality hand tools."
"This is a huge announcement and win for the city given Klein's national prominence as a leading manufacturer in the world," said Clayton Chandler, Mansfield city manager.
"We believe strongly that Mansfield is the best place for living, working and doing business," said Mayor David Cook. "Klein's decision to locate its new technology center is further proof of that."
Klein is also the recipient $2.8 million from the Texas Enterprise Fund. The agreement is also based on job creation.
The new venture by the 153-year-old Illinois-based company will focus on development of cutting edge manufacturing processes. Klein produces professional hand tools and has been a leader in the improvement of manufacturing processes in areas such as forging, automation and machining and grinding.
"This facility will be dedicated to continuing our company's leadership and success in improving manufacturing technology, processes and equipment," Klein said. "We believe Mansfield and the Dallas-Fort Worth area's 'Best for Business' philosophy makes this the ideal location for a facility dedicated to developing cutting edge technology."
Mansfield's explosive growth is attributed to its high quality of life, excellent schools and strong business environment. Recognized as one of the fastest growing cities in Texas and the nation, Mansfield was named to Money Magazine's Best Places to Live in America list in 2007 and 2009.
Klein Tools was founded in 1857 by industrious German immigrant Mathias Klein. The company is still owned and managed by the Klein family.
Contact: Belinda Willis
SOURCE Klein Tools