RACER Trust, idX Corporation Complete Sale of Former GM Manufacturing Plant in Spotsylvania County, Va.
Company expected to invest $7.2 million, create 150 jobs in next three years
FREDERICKSBURG, Va. — RACER Trust and idX Corporation today announced they have completed the sale and transfer of the former General Motors Fredericksburg Powertrain Plant property in Spotsylvania County, Virginia, near Fredericksburg.
The sale includes the 289,000 square-foot manufacturing building and approximately 77.1 acres.
idX Corporation, founded in 1999 and headquartered in St. Louis, provides high-quality millwork, fixtures, décor and graphics to its customers, and offers manufacturing in all materials, including acrylic, glass, laminates, metal, upholstery, veneers, and wood. It will conduct manufacturing and warehouse operations in the former GM plant, located off Tidewater Trail. The company will invest financial and personal capital to prepare the building for reuse, and expects to create 150 jobs in the next three years.
The company said it hopes to begin operations in August, with full capabilities in place by later in the fall.
“We could not be more excited for idX Corporation and the people of Spotsylvania County,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “RACER’s mission is to maximize the reuse potential of our properties and to seek new investment and jobs for our communities. We are delighted that idX Corporation recognized the potential, the value and the opportunity in this property and wish the company continued success. Community leaders were as determined as we were to find new manufacturing jobs for this facility. We appreciate their partnership.”
“We are eager to begin the work of preparing the site for new manufacturing and to assemble what we know will be an excellent team in Spotsylvania County,” said Terry Schultz, CEO of idX Corporation. “Our company is growing worldwide, and this investment will position us to capture and service additional growth opportunities along the East Coast. We look forward to what we expect will be a long and mutually beneficial partnership with Spotsylvania County.”
“This is great news for Spotsylvania County. We’re thrilled to welcome idX Corporation to our community and eager to see the former GM plant spring back to life,” Spotsylvania County Administrator Mark B. Taylor said. “I thank Terry Schultz, Scott Stewart, and the whole idX team for their confidence in our community, Governor Terry McAuliffe and the Commonwealth of Virginia for their support, and RACER Trust for working tirelessly to market the property for beneficial reuse and new manufacturing jobs. Patience and persistence were rewarded.”
About RACER Trust: RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining one of the properties in Upstate New York. For more information, please visit our
About idX Corporation: idX Corporation, the preeminent manufacturer of consumer environments, offers superior craftsmanship, comprehensive technical capabilities, world-class project management, and turn-key retail services — the complete solution for the retail, financial, hospitality, restaurant and point-of-purchase markets. Specializing in wood, metal, glass, acrylic, vacuum forming, injection molding, laminate, veneer and material integration, idX has state of the art manufacturing facilities across North America, plus locations in Europe, Asia and Indian subcontinent to meet the needs of global customers. With over 20 years of experience, idX is dedicated to continuously provide customers with high-quality, efficiently engineered products, timely deliveries and exceptional service. For more information, please visit our website.