Randy Boyd is commissioner of economic and community development in Tennessee.A China-based company will open its first U.S. headquarters in East Tennessee, investing $4.7 million and creating 50 jobs, officials said today.
Innovate Manufacturing Inc., an injection molding company, will open a location in Knoxville, according to the state Department of Economic and Community Development.
Innovate is the second Chinese business to locate in East Tennessee this year, with Yanfeng Automotive Interiors unveiling plans to invest $55 million into a Chattanooga facility to supply parts for Volkswagen.
Innovate has four plastics factories and an engineering office in China, but the company chose to move a portion of its operations to the U.S. due to lower shipping and energy costs and proximity to its client base, officials said.
"Onshoring is gaining momentum with the reduction of cost burdens for companies manufacturing their products here in the U.S.," said Randy Boyd, the state's commissioner for economic and community development, in a statement.