18 June 2010
18 June 2010
Auto parts supplier Magna Composites plans to invest $10 million to expand three plants in the western part of North Carolina and create 327 new jobs over the next four years.
The expansion – in Salisbury, Lenoir and Newton – was made possible in part by a state Job Development Investment Grant.
“Creating jobs is my number one priority, and this multi-county expansion is a win for the region and state,” said Gov. Bev Perdue. “North Carolina’s commitment to education, workforce training and maintaining a top-rated business climate makes us well positioned to continue to add jobs and economic opportunities.”
Magna Composites is a division of Magna Exteriors and Interiors, which is a wholly owned subsidiary of Canadian auto parts giant Magna International. Magna added the three North Carolina plants to its holdings when it purchased portions of Meridian Automotive Systems’ composites business in June 2009. Since then, the company has increased employment at the three facilities, which currently provide jobs for 360 workers.
The largest of the three facilities, in Rowan County, will grow by 183 jobs. The plant in Caldwell County will add 134 jobs, and the smallest plant in Catawba County will add 10 workers. While individual wages will vary greatly by job function, the overall average for the 327 new jobs will be $33,352 plus benefits.
“We have been fortunate to work with many people who understand our business and help us achieve common goals,” said Bob Brownlee, president of Magna Exteriors and Interiors. “We’re pleased that North Carolina recognizes the need for business-friendly programs, and it helps us remain in close proximity to our customers in this region.”
“This is great news for the region and for North Carolina,” said Rep. Lorene Coates. “During this tough economy it’s critical to make the right investments to create jobs and bring economic opportunities to this area.”
The state’s Economic Investment Committee today voted to award a Job Development Investment Grant to Magna Composites. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant.
Under the terms of the JDIG, the company is eligible to receive a grant equal to 50 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the six years in which the company meets annual performance targets. If Magna meets the targets called for under the agreement and sustains them for six years, the JDIG could yield up to $1.1 million in maximum benefits for the company.
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