The City Council on May 26 approved an economic development agreement that will bring 75 new jobs and more than $12 million in capital investments to Round Rock over a five-year period.
The agreement with Valex Corporation will result in a minimum investment of $5 million in property improvements and $7 million in new equipment at an existing 60,000 square foot facility at the Crystal Park business development at 120 E. Old Settlers Blvd. Under the terms of the agreement, Valex will lease and occupy the facility for a minimum of seven years.
Founded in 1976, Valex is the leading manufacturer of ultra-high purity process components for the semiconductor, TFT/LCD and solar industries. The company currently operates three manufacturing sites in California, Korea and China.
“Technology and innovative manufacturing are tremendous economic drivers in central Texas and target industries for our community,” said Mayor Craig Morgan. “Round Rock is an ideal location for this type of development and we welcome this opportunity to further diversify our local economy.”
In exchange for Valex fulfilling its obligations under the agreement, planned 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 Agreement.
“After an extensive nationwide search, we are very pleased to have selected the state of Texas, and specifically the city of Round Rock, as the location for our new welding facility,” said David Dyal, general manager of Valex Texas. “The city’s collaboration and incentives for this project, as well as its infrastructure, access to an excellent workforce and proximity to our key customer base were key factors in this decision. We would like to thank the city for welcoming our business and look forward to building a long and lasting relationship with the local community.”