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 into an existing 60,000-square-foot facility in the Crystal Park business development located at 120 E. Old Settlers Blvd. Per 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 used in the semiconductor, TFT/LCD and solar industries. The company currently operates three manufacturing locations in California, Korea and China.
“Technology and innovative manufacturing are huge economic drivers in Central Texas and target industries for our community,” Mayor Craig Morgan said. “Round Rock is an ideal location for this type of development, and we’re excited for this opportunity to further diversify our local economy.”
In consideration of Valex completing the obligations outlined in the agreement, scheduled economic incentive payments up to $225,000 will be made in annual payments over three years. This agreement is performance based and does include clawback provisions, should Valex not 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 weldment division,” said David Dyal, Valex Texas General Manager. “The city’s cooperation and incentives for this project along with its infrastructure, access to an excellent labor supply and proximity to our major customer base were key factors in making this decision. We would like to thank the City for welcoming our business and we look forward to establishing a long and lasting relationship with the local community.”