"The unique fuel tank systems that will be manufactured here will help create a new dimension to our economy and expand the region's capabilities in materials research and development," Chesapeake mayor Dr. William E. Ward says. Eager to further increase the automotive manufacturing presence in the area, the city is offering a $250,000 performance-based grant, and the Virginia Department of Business Assistance will provide work-force training services for some of the 42 workers to be employed at the new facility.

Located at 1545 Crossways Boulevard, the warehouse space is part of what was formerly a Volvo mass-transit bus manufacturing plant. While the terms of Visteon's leasing arrangement for the property--which is currently 96% leased--have not been released, CB Richard Ellis lists the space for $3.99-per-sf. Visteon's new plant is scheduled to be up and running in spring 2003.