Corporate welfare is crony capitalism.
What Republicans Won't Cut

Istobal USA Moves to Bristol Virginia

by Lewis Loflin

Some Spanish carwash company named Istobal USA is receiving a package of grants and other incentives from the City of Bristol, Virginia, Bristol Virginia Utilities, and the state of Virginia along with other sources. I'll have to use the FOIA to get the information because this was conducted in secret and hidden from the public.

There's no public record of the deal prior to the likely multi-million corporate welfare package. These are not new jobs but old jobs thus no real increase in overall employment. This $2 million deal is "projected" to add 72 jobs over the next three years. We've heard that before. The rest is their press release.

I'd like to stress that Istobal USA has done nothing improper. We can't blame them for the stupidity of public officials that created such a corrupt and undemocratic system that's costing local/state taxpayers across the nation over $80 billion a year.

Press release 12/9/11:

Istobal USA of West Palm Beach, FL proudly announces it has purchased the assets of Magic Wand, LLC of Bristol, VA. "We are excited to welcome the highly dedicated, skilled and experienced personnel of Magic Wand to the growing Istobal USA team. The addition of the industry proven Magic Wand self-serve equipment, touch free rollovers and conveyor product lines gives Istobal USA and its distribution partners the industry's most complete product line.

It is the perfect opportunity to bring Istobal technology and efficiency to the reliable hard working Magic Wand products. The strategically located and modern 97,000+ sq. ft. manufacturing facilities in Bristol allow us to immediately expand our US based manufacturing and support capabilities. Our distributors and customers will receive a higher level of service and support as we utilize our new resources.

We sincerely thank the Virginia Tobacco Commission, the City of Bristol Economic Development Council, the Bristol Virginia Board of Utilities and the State of Virginia Business Development and Jobs Programs who made our decision to locate our manufacturing operations in Bristol very easy. We look forward to becoming an important member of the business community in the Tri Cities area," said Istobal USA President, Kevin Collette.

Istobal USA intends to add to the existing Magic Wand staff with new hires from the Bristol, VA area and with Istobal USA personnel from its present West Palm Beach, FL location. Magic Wand was formed in 1984 in Bristol, VA and was purchased by Key Bridge Investments in 2008. Istobal USA is a sister company of Istobal SA of Valencia Spain, founded in 1950, one of the world's largest automatic vehicle cleaning equipment manufacturers.

Ref: http://www.carwash.com/business-operations/article/istobal-usa-purchases-assets-of-magic-wand


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