A European advanced textiles manufacturer worked with economic development professionals from Parker Poe Consulting to realize plans for a $115 million investment in a new plant in North Carolina
The state-of-the-art manufacturing facility will be the company’s first U.S. plant as it responds to growing demand for its products in North and South America. The Company’s advanced textiles are used in various medical and consumer applications.
With production set to begin by the end of 2018, the Company will earn up to $2 million in reimbursements through a grant by the state’s Economic Investment Committee, using a formula that considers new tax revenues generated by the anticipated 145 new jobs the project is expected to create. Overall the project is expected to add $327 million to North Carolina’s economy during the grant’s five-year lifetime.
Parker Poe Consulting supported the company as it worked with the state and other participants in the site selection and incentives processes, including the North Carolina Department of Commerce, the NC Department of Transportation, the North Carolina Railroad Company, the Economic Development Partnership of North Carolina, the City of Asheboro, Randolph County and the Randolph County Economic Development Corporation, Duke Energy and Norfolk Southern.