MANATEE — Veethree Electronics & Marine LLC has purchased a new manufacturing facility in South Manatee, with plans to pick up its hiring over the next few years.
The supplier of mechanical and electronic instrumentation paid $1.5 million for 52,000-square-foot facility at 2050 47th Terrace E. in Bradenton. The manufacturer plans to renovate the new location and add 20 jobs to its current payroll of 65 by 2015, according to the Manatee Economic Development Corp.
“Consistent growth over the years, coupled with the successful launch of new products, has enabled Veethree to commit and expand the breadth of our operations by purchasing a state of the art manufacturing facility in Bradenton,” said Steve Nelson, Veethree product manager. “Participating in state and local economic development incentives and Manatee County’s rapid response permitting program will allow us to accelerate our move to the new facility and expand production to meet customer demand.”
Manatee County commissioners approved $12,000 in performance-based incentives, and the state kicked in another $48,000 to accelerate the company’s hiring and capital investment. Veethree also qualified for expedited permitting from the county.
Founded in 1976, Veethree has a worldwide presence as an OEM, defense and aftermarket supplier of instrumentation, clusters, sensors and switches.
The company located its global engineering headquarters to Manatee in 2009 after acquiring the assets of the Gauge Division of Teleflex Inc., which closed its operations in Lakewood Ranch.
At the time, Veethree hired more than 50 people whose jobs would have been lost from Teleflex. Veethree continued to manufacture the existing Teleflex product line serving the marine and industrial markets in its 35,000-square-foot facility.
The company expects to occupy their new plant by July.
Josh Salman, Herald business writer, can be reached at 941-745-7095. Follow him on Twitter @JoshSalman