Staunton calls the story of Cadence "entrepreneurship on steroids." The homegrown industry began with two people working out of a rented building in the city's downtown area. Thursday night, it celebrates a major expansion and more jobs.
Late Thursday afternoon, Cadence - originally known as Specialty Blades - cut the ribbon on its $16 million addition. The new production facility will require more employees, taking payroll over 200.
Cadence has enjoyed steady growth within a niche manufacturing sector, creating precision blades used by industry and medical professionals.
In May 2011, Governor Bob McDonnell helped announce the 25,000-square-foot expansion of the Cadence headquarters. He also presented a $150,000 check from the Governor's Opportunity Fund.
Amanda Glover with Staunton Economic Development said, "Now the company is growing very quickly, has expanded one, two, three, four times now in Green Hills Industry and Technology Center. They ship product worldwide, and I think we're going to continue to see them grow in the future."
Cadence says that growth is occurring more quickly than expected. Over the next three years, the manufacturer plans to add 65 new jobs.
Cadence CEO Peter Harris
says they invested hard during the economic downturn.
"We stayed our course, and
we're finding that that's really paying off very handsomely," he said. "We've already added 55 this year. We have another 50 openings before the end of
the year. So in one year we're going to
be pretty close to filling our three-year objective, and I see no reason why
that trend is not going to continue."
Cadence wants to fill
positions locally, if they can find qualified valley residents.
Staunton Economic Development
Press Release
Cadence, Inc., a Staunton-based medical device manufacturer producing precision products for the medical device and life science markets, announces that it is ahead of schedule in its expansion plans.
Last year, the Governor's Opportunity Fund (GOF) invested $150,000 to assist Cadence, Inc. with the creation of new jobs and capital investment. The City of Staunton committed to providing a local match through its Enterprise Zone program over a 5-year period. The performance agreement between Cadence and Staunton specified job creation and capital investment targets to be met within three years. In just over a year, Cadence has already:
- Invested $8 Million in equipment
- Invested $3 Million in facility expansion
- Hired 50 new positions
"It is tremendous that a company that has thrived in Staunton for more than 25 years continues to excel at a rapid pace," said Governor Bob McDonnell. "With two years left to meet the measures outlined in the performance agreement, Cadence has already hired nearly all of the committed positions and made a significant investment. The company's path of success continues, and both Virginia and Staunton are proud of their long-term partnership with Cadence."
Amanda Glover, Assistant Director of Staunton Economic Development, remarked, "Cadence continues to be a shining example of how far an entrepreneurial dream can go in Staunton."
According to the company, the fast pace of growth continues and they are on track to surpass the three-year job creation goal in the coming months. "We expect to hire an additional 50 positions by the end of 2012," says Peter Harris, CEO of Cadence, Inc. "With this expansion, we are increasing production capacity and generating significant new business."
"Not only has Cadence increased investment, expanded operations, and created jobs – they've also been selected as one of the "Best Places to Work" by a journal of their peers," adds Lacy B. King, Jr., Mayor of Staunton.
Today, the company is celebrating by holding an open house and providing tours of its new 25,000 sq. ft. facility.
