Penn Compression Molding, Inc., a national manufacturer of custom molding thermoset composites, will expand its operations center in Smithfield, North Carolina. The project will add another 30,000 square feet of production space. The company’s $3 million expansion will result in the addition of 40 new jobs in Johnston County.
Founded in 1969, the privately-held company that is !SO9000 certified, handles a wide range of thermoset materials in a variety of forms such as bulk molding compound, sheet molding compound, thick molding compound and powder.
“I can’t think of a better way to kick off the new year than with news that a longtime Johnston County business plans to invest, grow and build on its success in our community,” said Jeffrey Carver, Chairman of the Johnston County Board of Commissioners.
The Board met jointly with the Smithfield Town Council to authorize an offer of performance-based financial incentives to help facilitate Penn Compression’s expansion plans.
“We are very appreciative of the support and partnership between our company and Johnston County and the Town of Smithfield,” states Daniel Leslie, President & CEO of Penn Compression. “This partnership is what attracted us to this area in 1978 and we are committed in seeing this growth continue into the future.”
The company operates facilities in Smithfield and Irwin, Pennsylvania, near Pittsburgh, employing a total workforce of 120. In addition to its job-growth impact, Penn Compression Molding’s expansion will result in additional tax-base and utility revenues for Johnston County and the Town of Smithfield, local officials said.
“We are thrilled that Daniel Leslie and Penn Compression have chosen Smithfield for their expansion,” said Smithfield Mayor Andy Moore. “It has been one of my goals as Mayor to boost our local economy. Investing in our community and providing our citizens job opportunities ultimately improves their quality of life and that of the town as a whole.”