RACER Trust, iDX complete sale of former GM plant
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.
The sale includes the 289,000 square-foot manufacturing building and approximately
idX Corporation, founded in 1999 and headquartered in St. Louis, builds
millwork, fixtures, décor and graphics for customers. It
will conduct manufacturing and warehouse operations in the former GM plant, located
off Tidewater Trail. The company 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.”