KOSTER American Corporation announced plans to remodel and expand their existing facility at 2585 Aviator Drive. Located in Oceana South Industrial Park, KOSTER purchased the 14,000-square-foot office/warehouse facility in 2004. The company plans to expand into an existing 8,000-square-foot office/warehouse facility and construct a 14,000-square-foot warehouse and two 11,000-square-foot manufacturing and warehouse facilities adjacent to the existing building.
The company was founded in Virginia Beach in 1992 as a developer and manufacturer of waterproofing and other construction materials. KOSTER American is part of the international product manufacturing group Köster Bauchemie, headquartered in Aurich, Germany, and serves as the central location for distribution of superior products to North America.
“This expansion will allow KOSTER American to significantly increase our presence in the North American market,” said Basil Mewes, President. “We are pleased to continue growing in a city that is as friendly to manufacturers as Virginia Beach. KOSTER has worked on many notable projects, from the Olympic hall in Beijing to the MGM hotel in Las Vegas, and we are thankful that the City of Virginia Beach will serve as a strategic partner in our continued success.”
The company plans to invest $3.1 million in building improvements and $1.5 million in land. As part of this expansion, KOSTER will also hire six additional full-time personnel with average annual salaries of $70,000 (excluding benefits).
“KOSTER American Corporation is a valued company in Virginia Beach and we have been extremely pleased with their growth,” said Warren Harris, director of Virginia Beach Economic Development. “KOSTER’s expansion represents a significant capital investment in the city and also provides our residents with the opportunity to secure high-paying, fulfilling jobs.”
The Virginia Beach Development Authority has awarded the company an Economic Development Investment Program grant in the amount of $85,000 based on the company’s capital investment.
The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international business and industry that results in the creation of new capital investment and jobs that increase the per capita income in the community. The City of Virginia Beach is the most populous city in the Commonwealth of Virginia with a population of 437,000 and is the 39th largest city in the United States. The City of Virginia Beach is recognized as the best run city in America, by 24/7 Wall Street in 2012, and in 2011, Virginia Beach ranked number one for economic growth potential by Business Facilities. In 2012, the Department of Economic Development received re-accreditation through the International Economic Development Council, one of only 29 economic development organizations in the world to have this recognition. In 2011, the Department won an Award of Excellence for its marketing efforts from the International Economic Development Council. For more information, visit www.yesvirginiabeach.com.