Mayor Will Sessoms joins Basil Mewes, president of KOSTER American, at a ground breaking event today at 2 p.m. to kick off construction on the expansion of the company’s Virginia Beach headquarters and manufacturing operations. The company, recognized as the industry leader in moisture and oil remediation in concrete flooring systems, will remodel and expand its facility at 2585 Aviator Drive.
Located in Oceana South Industrial Park, KOSTER purchased their original 14,000-square-foot facility in 2004. In 2013, the company purchased an existing 8,000-square-foot building to serve as the first phase of their expansion. Today’s groundbreaking will begin KOSTER’s next expansion phase with the construction of a 14,000-square-foot production facility. The company has future plans to construct two additional 11,000-square-foot facilities. In all, KOSTER will have more than 50,000 square feet of space in Virginia Beach for its North American headquarters and manufacturing operations.
The company will invest more than $4.6 million in improvements to the site. KOSTER will also hire six additional full-time personnel with average annual salaries of $70,000.
“KOSTER has been a great corporate partner over the past 20 years,” said Warren D. Harris, director of Virginia Beach Economic Development. “We are pleased the company has found success to launch distribution to North America through this Virginia Beach location. We anticipate its growth and success will only continue.”
KOSTER American Corporation was founded in 1992 as a developer and manufacturer of waterproofing materials. Headquartered in Virginia Beach since 2004, KOSTER American Corporation is part of the international product manufacturing group KÖSTER Bauchemie AG, based in Aurich, Germany. The Virginia Beach location is the central location for distribution of superior building products to North America. KOSTER American is one of several German-based companies to operate their U.S. or North American headquarters in Virginia Beach. KOSTER has worked on many notable projects, from the Olympic Hall in Beijing to the MGM Grand hotel in Las Vegas.
The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international businesses to stimulate capital investment and create jobs. Virginia Beach is the most populous city in Virginia with a population of 447,000, and it is the 37th largest in the United States. It is recognized as one of the Best Run Cities in America by 24/7 Wall St. The Department of Economic Development received re-accreditation through the International Economic Development Council in 2012 and is one of only 29 economic development organizations in the world to have this recognition. Virginia Beach has been recognized as the Top 7 Big City Leading the U.S. Manufacturing Revival by Forbes. It is listed among the Top Five Overall Mid-sized American Cities of the Future, Top 10 for Economic Potential and Top Five for Infrastructure by fDi Magazine. CNNMoney.com ranked Virginia Beach as the Easiest Place to Start a Business and the 2nd Most Business-Friendly City in the country. For more information, visit www.yesvirginiabeach.com.
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