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Virginia Beach is among the U.S. cities where wages are growing fastest, according to a recent analysis. (Getty Images)

Virginia Beach is among the U.S. cities where wages are growing fastest, according to a recent analysis. (Getty Images)

VIRGINIA BEACH, Va. (WAVY) — A metal-stamping company from Spain is set to invest $3.2 million to expand its North American manufacturing headquarters in Virginia Beach.

SANJO specializes in precision technology and, in particular, the manufacturing of fineblanking parts. It only has 5 headquarters around the world, one of which is in Virginia Beach.

Its latest expansion in the area will retain 10 jobs and create 40 new jobs with an average annual wage of $60,000 to $70,000. The Phase II expansion will add more than 23,000 square feet to the existing footprint, totaling over 50,000 square feet of space upon completion in 2024.

The Virginia Beach Development Authority (VBDA) voted to award SANJO an Economic Development Incentive Program grant (EDIP) of $350,000 for the expansion. The SANJO EDIP award for Phase II was based on job creation and retention, plus capital investment. Total project Capital Investment is $9 million.

SANJO evaluated other options for expansion in the U.S. including relocating to Florida or Tennessee. Working with the City and the VBDA, they chose to remain in Virginia Beach and to nearly double the square footage of their current space. This keeps them in close proximity of their primary customer, STIHL, Inc., a major local manufacturer also located in Virginia Beach.

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