Image Credit: Daimler Trucks North America
Daimler Trucks and Torc Robotics work to commercialize highly automated trucks
EXISTING INDUSTRY & WORKFORCE BUSINESS RETENTION & EXPANSION PROGRAM The Economic Development Department uses its Business Retention & Expansion (BRE) program as a way of maintaining good relationships and communication with companies in Montgomery County. Department staff arrange face-to-face BRE visits with local businesses to identify and help solve any problems or barriers that may be undermining their overall success and growth in our community. In 2019, the Department visited 53 separate companies, 12 of which required follow up information or services. Overall, the Department conducted a total of 74 visits. Five companies supported through the program announced or completed expansion or relocation projects that will result in $3.85 million in total new private investment and 80 new jobs.
DAIMLER TRUCKS ACQUIRES MAJORITY STAKE IN TORC ROBOTICS Torc Robotics, a leader in game-changing remote-control, digital-control, and autonomous robotics technologies and systems, announced this year that Daimler Trucks, a division of the Daimler Group, would be acquiring majority stake in their Blacksburg-based company. Daimler Trucks is the world’s largest manufacturer of heavy and medium trucks. Torc is already a leader in self-driving technology through its Asimov software. This new unique relationship will allow the two companies to work together to commercialize highly automated trucks. Torc CEO, Michael Fleming, is commited to keeping the company based in Blacksburg, and the company will remain a separate entity. This partnership will allow Torc to expand its team and grow its customer base in other markets. In a press release announcing the acquisition, Michael Fleming said, “With the ever rising demand for road transportation, not the least through e-commerce, there is a strong business case for self-driving trucks in the U.S. market and I believe the fastest path to commercialization for self-driving trucks is in partnership with Daimler Trucks, the OEM market leader. This move is in line with our mission of saving lives and represents another major milestone for Torc since crossing the finish line in the DARPA Urban Challenge 12 years ago.”
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2019 Annual Report | Montgomery County Economic Development Department
