Foster Electric Expansion
$4.2m Investment in El Paso Operations
EL PASO - Today, The Borderplex Alliance, The City of El Paso, and The County of El Paso announced that Foster Electric is expanding operations in El Paso. Foster Electric is one of the largest automotive speaker manufacturers in the world with 27,300 employees worldwide and revenues of 1.3 billion dollars per year.
The company is making a 4.2 million dollar investment in El Paso, retaining 32 full-time employees and creating an additional 40 full-time jobs in El Paso. The jobs pay above the county median wage and will be primarily in automated speaker assembly manufacturing operations.
Jose Rangel, VP Operations El Paso, Foster Electric, said, "Foster Electric has been operating in El Paso for over 20 years. We have been successful with the efforts of our employees and want to continue to invest and grow here. Foster appreciates the support of The Borderplex Alliance, City and County of El Paso for their partnership and focus on economic development. "
Dee Margo, Mayor, City of El Paso, said, "Foster Electric recognizes El Paso as a premier location to do business because of our talented workforce, quality of life and business friendly environment. This partnership shows that the City of El Paso is committed to growing and supporting local and existing businesses. I look forward to the expansion and opportunities that Foster Electric brings to region."
Ruben John Vogt, El Paso County Judge, said, "Today's approval of the Economic Development Incentives Agreement with Foster Electric marks another step in the County's efforts to serve as a strong partner in our region's development, aiming to define and establish standards, creating a path to long term economic growth. The company's decision to expand their operations in east El Paso demonstrates their belief that the County is absolutely 'open-for-business' and is willing to step up and support their willingness to continue to grow in our community."
Jon Barela, CEO, The Borderplex Alliance, said, "With operations all across the world, we understand that Foster Electric has a choice when deciding where they want to expand and invest. This expansion is further confirmation that our region is competitive and the right choice for business, manufacturing, trade, and commerce in the Americas."