Economic development roundup: Swedish company to open first U.S. operation in North Carolina
(The Center Square) – Swedish plastic compounds manufacturer Polykemi AB plans to invest $11.8 million to establish its first U.S. production facility in North Carolina, Gov. Roy Cooper’s office said.
The investment will create 22 jobs in Gastonia. The new facility, which will be located in the Gastonia Technology Park, will be Polykemi AB’s first North American operation and will be the company’s single-largest investment to date. It has manufactured plastic compounds for the automotive, furniture and household industries for more than 50 years.
“Since creating our subsidiary Polykemi Inc. in 2012, our aim has been to establish a production site in the U.S., and we are very happy to announce that this project is now becoming a reality,” Johan Hugoson, CEO of Polykemi Inc., said in a statement. “Being present with our own production will enable us to get closer to our customers and to explore the many opportunities we see in the U.S. market.”
Polykemi AB will receive a performance-based One North Carolina Fund grant of $50,000 to help with the project if it meets job creation and capital investment targets. All One NC grants require a matching grant from local governments.
Abzena Holdings: The life sciences contract development and manufacturing organization will invest $213 million to open a biopharmaceutical manufacturing site in Lee County. The investment will create 325 jobs. Abzena will receive a Job Development Investment Grant (JDIG) over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to Abzena up to $6.9 million. The project is estimated to grow the state’s economy by $1.5 billion, Cooper said.
Gusmer Enterprises: The filtration and fermentation products manufacturer will invest $26.5 million to build a production facility in Hickory. The investment will create 73 new jobs in Catawba County. Gusmer Enterprises will receive a performance-based One North Carolina Fund grant of $300,000 to help with the expansion if it meets job creation and capital investment targets. All One NC grants require a matching grant from local governments.
Robinhood: The mobile investing platform will invest $11.7 million to establish an office in Charlotte. The investment will create 389 jobs in Mecklenburg County. Robinhood will receive a JDIG over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to Robinhood up to $3 million. The project is estimated to grow the state’s economy by $800 million, Cooper said.
Pipeline Plastics Holdings: The industrial pipeline systems manufacturer will invest $4.6 million to build a new production facility in Fair Bluff. The investment will create 44 new jobs in Columbus County. Pipeline Plastics will receive a performance-based One North Carolina Fund grant of $125,000 to help with the expansion if it meets job creation and capital investment targets. All One NC grants require a matching grant from local governments.
American Racing Headers & Exhaust: The stainless-steel headers and exhaust system components designer, manufacturer and distributor will invest $4.37 million to open a new manufacturing facility in Stanly County. The investment will create 63 jobs. American Racing will receive a performance-based One North Carolina Fund grant of $175,000 to help with the expansion if it meets job creation and capital investment targets. All One NC grants require a matching grant from local governments.
AP Emissions Technologies: The automotive exhaust manufacturer will invest $400,000 to expand its e-commerce operations in Goldsboro. The investment will create 96 jobs in Wayne County. AP Emissions Technologies will receive a performance-based One North Carolina Fund grant of $125,000 to help with the expansion if it meets job creation and capital investment targets. All One NC grants require a matching grant from local governments.
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