THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, May 16, 1995 TAG: 9505160286
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY MAC DANIEL, STAFF WRITER
DATELINE: SUFFOLK LENGTH: Medium: 53 lines
FAG Bearings Corp., one of the largest manufacturers of rolling bearings in the world, is considering opening a warehouse and distribution center in Suffolk.
The firm has submitted plans to the city for a 10,000-square-foot office building and a 96,500-square-foot warehouse. The facility would be located on 7.3 acres in the Lake View East Industrial Park in the Harbour View development in northern Suffolk.
FAG Bearings Corp. is based in Schweinfurt, Germany, and has its North American headquarters in Stamford, Conn. The proposed Suffolk facility would employ up to 15 workers.
Suffolk city officials refused to comment on the site development plans.
FAG Bearings was formed in 1883 and had a net profit last year of $36.8 million, according to a spokeswoman for the company.
FAG produces rolling bearings for just about everything, including rail vehicles, automobiles, aerospace engineering, cranes and household appliances.
If the deal goes through, FAG Bearings would be the first private business to locate in the industrial park, which has long been touted as a key to Suffolk's growth.
Gov. George F. Allen is expected to officially announce the company's plans during a 12-day trade mission to Europe next month.
Morgan Stewart, press aide to state Secretary of Commerce Robert Skunda, refused to comment on the proposed warehouse or the governor's announcement.
FAG Bearings plans to move its headquarters in July from Stamford to Danbury, Conn., where a warehouse facility is not available.
According to company officials, the Suffolk warehouse will replace the one in Stamford and will be the main warehouse for the company's imports, all of which may pass through the port of Hampton Roads. The Suffolk warehouse will be used to distribute products to other warehouses throughout North America.
The Lake View East Industrial Park in Suffolk is a foreign- or free-trade zone, making any merchandise there exempt from U.S. duty or excise taxes. Suffolk, however, would receive taxes.
Plans for the warehouse do not require approval of the City Council or the Planning Commission because the buildings are within the permitted zoning guidelines for the industrial park, according to staff at the Suffolk Planning Department. The permit should be approved within the next month, city staff said. ILLUSTRATION: STAFF MAP
by CNB