SCOTTS VALLEY, Calif. — Fox Factory Holding Corp. (Nasdaq:FOXF) (“FOX”) today announced plans to expand its El Cajon, CA facility to create an Automotive Ride Dynamics Center of Excellence. A California Competes Tax Credit awarded in January 2015 will aid the expansion effort.
The California Governor’s Office of Business and Economic Development has awarded FOX with a California Competes Tax Credit Allocation of $1.7 million to be spread over the next four years and subject to certain in-state growth requirements. FOX will use the credit to help expand its El Cajon, CA facility into an ISO9001 certified, Automotive Ride Dynamics Center of Excellence (ARDCoE). Its ARDCoE campus will be designed from the ground up to support its current military and automotive business–such as its direct bolt-on suspension upgrades for on-road trucks with off-road capabilities–and with the ability to efficiently support future growth and demand.