Fiber Composites Invests $3.8 Million To Expand Its New London, North Carolina, Manufacturing Facility
Area Development Online News Desk (12/23/2013)
A manufacturer of composite and PVC decking, railing and fencing products, Fiber Composites, doing business as Fiberon, will invest $3.8 million to expand its North American division headquarters in New London, North Carolina. The company, which employs 324 workers in North Carolina, plans to create 25 new jobs during the next three years in Stanly County.
“The company is appreciative of the dedication and skill of our local workforce in Stanly County and is happy to be able to expand our operations in New London,” said President Douglas Mancosh. “We are excited to locate our new recycling operation in New London, which will support our growing composite extrusion business.”
“Creating manufacturing jobs across North Carolina has been a priority within my administration’s economic plan. We remain focused on expanding partnerships with existing North Carolina businesses like Fiberon,” said Governor Pat McCrory. “Stanly County and the overall region will benefit greatly from this expansion.”
“Governor McCrory and I are working every day to ensure that we’re addressing the needs of our state’s existing manufacturers,” said Commerce Secretary Sharon Decker. “Stanly County’s highly-skilled workforce will be great for the future of Fiberon.”
The project was made possible in part by a performance-based grant from the One North Carolina Fund of up to $48,000. The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. These grants also require and are contingent upon local matches.
Other partners in the project include: the N.C. Department of Commerce, N.C. Community Colleges, Stanly County Economic Development Commission, Stanly County, Stanly Community College and the Town of New London.