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Friday, September 08, 2017

TEVET finalizes purchase
The firm which recently purchased the buildings owned by the Cocke County Partnership in the industrial park on Lisega Boulevard, finalized the transaction on Thursday. In August the Partnership board agreed to sell the spec building and former NPI site to TEVET for $810,000. The leading supply chain defense contractor within the Aerospace and Defense industry is expanding its operations from Greeneville to Newport. The NPI building will serve as the company's new national headquarters "because the location offers the most flexibility for future opportunities," says CEO Tracy Solomon. The firm will immediately begin renovating the NPI location for an optimal modern work environment, and TEVET plans to designate the Newport location as it's new headquarters in the Spring of 2018, while still maintaining an office in Greeneville. "TEVET is honored that the Cocke County Partnership's EDC Office brought this opportunity to our attention and we look forward to an ongoing partnership for growth," Solomon said. According to Partnership President Lucas Graham, the firm will transfer it's 22 current employees to the new location and plans to add at least 15 workers to it's workforce within three to five years. He said the ultimate workforce number will be dependant on several pending contracts. Solomon founded the firm in 2004 as a leading supplier of precision modular instrumentation, subsystems, and complete test stations for the defense and aerospace industry. In addition, TEVET has access to complete product and lab supply lines for life sciences and chemical analysis applications throughout many markets. It also provides extended value through problem-solving procurement processes, product maintenance, repair options, and offering product support for complete life cycles. In August, Inc. Magazine released it's 36th. annual Inc. 5000, with TEVET ranked 2,857 with a growth rate of 119%.It is TEVETís fifth consecutive appearance on the list that ranks the nationís fastest-growing private companies.

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