City Council approved an economic development agreement May 26 that will bring 75 new jobs and more than $12 million in capital investment to Round Rock over five years.
The agreement with Valex Corporation will result in a minimum investment of $5 million in property improvements and $7 million in new equipment in an existing 60,000 square foot facility in the Crystal Park commercial development located at 120 E. Old Settlers Blvd. Under the agreement, Valex will lease and occupy the facility for at least seven years.
Founded in 1976, Valex is the leading manufacturer of ultra-high purity process components used in the semiconductor, TFT/LCD and solar industries. The company currently operates three manufacturing sites in California, Korea and China.
“Technology and innovative manufacturing are huge economic drivers in Central Texas and target industries in our community,” said Mayor Craig Morgan. “Round Rock is an ideal location for this type of development, and we are excited about this opportunity to further diversify our local economy.”
In consideration of Valex fulfilling the obligations outlined in the agreement, scheduled economic incentive payments of up to $225,000 will be made in annual payments over three years. This agreement is performance-based and includes clawback provisions, should Valex fail to meet the terms and requirements of the contract.
“After an extensive nationwide search, we are extremely pleased to have chosen the State of Texas, and in particular the city of Round Rock to establish our new welding division,” said David Dyal, General Manager of Valex Texas. “The City’s cooperation and incentives for this project as well as its infrastructure, access to an excellent labor pool and proximity to our large clientele were key factors in making this decision. We would like to thank the City for hosting our business and look forward to establishing a long and lasting relationship with the local community.