Magnum Venus Products announces major expansion in East Tennessee
The expected $20 million investment over five years comes in large measure because of the composites and advanced manufacturing resources available in the Knoxville-Oak Ridge region.
On the same day that dignitaries gathered in West Knoxville for the announcement of continued federal and partner funding for the Institute for Advanced Composites Manufacturing Innovation (IACMI), a member of the IACMI industry consortium announced a major investment in the region.
Magnum Venus Products (MVP), a global manufacturer of fluid movement and production solutions for industrial applications, is expanding its footprint and capabilities with the purchase of a facility and land in East Tennessee. The expansion will enable MVP to increase its manufacturing velocity and meet customer demand.
The expected $20 million investment over five years includes 17 acres of land and a 125,000-square-foot facility. The new location will combine MVP’s corporate office and its Knoxville assembly and service center into one site and create a foundation for continued growth. The renovated facility is estimated to generate 100 jobs over the next five years in East Tennessee.
“While we operate a number of facilities throughout the United States, East Tennessee has been our home for over a decade,” said Tobi Ferguson (pictured at right), MVP’s President and Chief Executive Officer. “The composites and advanced manufacturing resources available here present unique business opportunities to catalyze continued growth for MVP. And with 40 percent of our customers located East of the Mississippi River, Knoxville is geographically ideal.”
Currently, MVP operates a headquarters in Knoxville and a 75,000-square-foot manufacturing and technology center in Kent, WA, which employs approximately 100 people. While the Kent facility will continue to operate, the additional capacity in East Tennessee will dramatically increase production rates, driving down lead times and enabling better-delivered service performance to customers.
“At its core, MVP is a family-owned business with a proud history of innovation,” said Ferguson. “MVP was built by a caring, people-first team on values that continue to guide it today. Our growth and success can be attributed to an inspired team with a passion for serving others.”
We followed-up with the company’s top executive, who assumed the leadership role at MVP two years ago, to better understand what contributed to the growth and need to expand.
“It started with putting the right people in the right bucket and giving the company a consolidated vision (developed) with my leaders,” Ferguson said. “We defined success as a company, then created roadmaps. Once we did that, it started to blow-up. It was people rising to the occasion.”
Two years into his tenure, Ferguson says MVP has shown an 82 percent in growth which necessitated the expansion announced on Tuesday. And that growth has been fueled by a workforce of young executives, the most senior under 40 years old.
MVP’s mixing and metering composite equipment is renowned for its precision and accuracy. The company’s product offering includes pumping systems, spray guns, filament winding systems, and other full-integrated production solutions. Along with its composites equipment, MVP also manufactures equipment for polyureas, adhesives, and epoxies. For over 80 years, MVP has been the leading equipment provider for composites industries including marine, infrastructure, pool and bath, oil and gas, transportation, and wind energy.