Sun Hydraulics Corp. (NASDAQ: SNHY) has started construction on a 78,000-square-foot manufacturing facility adjacent to its existing operations in South Manatee County, according to Sharon Hillstrom, president of the Manatee Economic Development Corp. The expansion – Sun’s third manufacturing facility in the Manatee-Sarasota region – could lead to 361 new jobs over the next five years, potentially bringing Sun’s total employment in the region to over 1,000.
In 2011, Sun Hydraulics completed construction on improvements to utilities to serve the existing building at 701 Tallevast Road and the new building at 803 Tallevast. Combined capital investment for the utilities project and the new manufacturing facility is estimated at $19 million. Also in 2011, Sun renovated its headquarters and manufacturing facility in Sarasota County at a cost of approximately $1.5 million.
“We have begun site work for a third factory in the local Manatee-Sarasota area and expect capital spending of approximately $6 million in 2012 related to the building,” stated Allen Carlson, Sun’s CEO and president. “We look forward to the additional capacity being completed in mid-2013.”
Sun Hydraulics designs and manufactures high performance screw-in hydraulic cartridge valves and manifolds which are used to control force, speed and motion as integral components in fluid power systems. Sun’s products allow machine designers to develop innovative and efficient control systems for all types of capital goods. Sun’s customers are located across the globe. The company has approximately 900 total employees around the world, approximately 700 of which are located in Manatee-Sarasota.
“By adding a third facility in the Manatee-Sarasota area, Sun Hydraulics proves the viability of our region as a location for specialty manufacturers with a global reach,” Hillstrom said. The MEDC collaborated with Manatee County Government for economic development incentives and the rapid response permitting program.
Sun qualified for a total of $396,420 in performance-based incentives from Manatee County Government, as well as an estimated $76,580 in transportation impact fee incentives. The incentives are based on the company’s adding 361 jobs over five years at an average annual salary that is 15 percent higher than the county average.
“Sun Hydraulics has been an excellent corporate citizen and employer in Manatee County for many years, and this latest expansion signals the company’s ongoing commitment to this region,” said Ed Hunzeker, Manatee County administrator. “The Manatee Board of County Commissioners is dedicated to accelerating the pace of job growth in the community. Performance-based incentives and a business-friendly approach are essential to this effort.” A list of Manatee County's economic development incentives is available at www.mymanatee.org/econ_dev.
About the MEDC
The Manatee Economic Development Corp. works to attract new high-impact businesses and assist in the retention and growth of targeted existing businesses in Manatee County. Information: www.ManateeEDC.com.