Economic development roundup: $550M investment to create 355 biotech jobs in North Carolina
(The Center Square) – Biotech company Amgen will invest $550 million to build a biologics manufacturing operation in Holly Springs, company and North Carolina officials announced Tuesday.
The investment is expected to create 355 jobs in Wake County. The facility will include a biologics drug substance manufacturing plant to help Amgen meet the production demands for its medicines.
“Amgen is investing in a technologically-advanced drug substance plant in North Carolina to support the expected increase in demand for our medicines,” Amgen Executive Vice President of Operations Esteban Santos said in a statement. “Together with the previously announced advanced packaging plant in Ohio, we have committed to investing nearly $1 billion in new manufacturing capacity in the United States.”
The project could create a potential annual payroll effect of more than $42.4 million a year, Gov. Roy Cooper’s office said, and Department of Commerce economists estimated the project could grow the state’s economy by $2.5 billion.
Amgen 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 Amgen up to $11.6 million based on a required capital investment of $380.5 million.
Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average. It employs more than 24,000 workers worldwide, including more than 14,000 in the U.S.
Glen Raven: The performance textiles provider will invest up to $82 million to expand in Norlina. The investment is expected to create 205 jobs in Warren County. Glen Raven will receive a performance-based One North Carolina Fund grant of $1 million 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.
Smart Wires: The global power technology company will invest $21.5 million to build its global headquarters in Durham. The investment is expected to create 250 jobs. Smart Wires will receive a JDIG over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to Smart Wires up to $2.8 million.
Steffes: The steel fabrication company will invest $20.9 million to expand into Shelby. The investment is expected to create 130 jobs in Cleveland County. Steffes will receive a JDIG over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to Steffes up to $1.4 million.
Metal Specialist: The custom metal fabricator will invest about $3 million to build new headquarters in Wallace. The investment is expected to create 33 jobs in Duplin County. Metal Specialist will receive a performance-based One NC Fund grant of $100,000 to help with the expansion if it meets job creation and capital investment targets.
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