Ford Assembly Line - credit Ford
This week, the Ford Motor Company announced that is has sold its Norfolk Assembly Plant property in Norfolk, Virginia to Jacoby Development, Inc. Jacoby appears to have been something of a middle-man as they immediately sold part of the property to Katoen Natie (KTN) a global logistics company based in Belgium.
Prior to the transaction, Ford had worked with the city and state officials to try to find the most beneficial use for the property which is the largest privately owned, industrial-zoned property of its kind in the city. In the end, the sale to KTN is expected to be a boost for the local economy.
Through a $10.5 million renovation of a 662,000-square-foot building, which was once a body shop for Ford, plus an additional $1.5 in new equipment, KTN expects to be able to create about 225 new jobs for the area. The new facility will be a warehousing and distribution operation.
“We are delighted we were able to engage all of the stakeholders – the City, Commonwealth and the Port – to select a buyer committed to delivering a viable and exciting development that we are confident will serve the community well,” said Donna Inch, Chairman and CEO, Ford Land.
Something of a piece of history, the former Ford Norfolk Assembly plant opened in 1925 and at one time produced the Model T. In later years, the plant produced the F-150 Trucks before it was closed in 2007.
Source: Ford Motor Company
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