Palziv North America, an internationally recognized manufacturer of polyethylene foams, plans to invest nearly $5.2 million and add 40 jobs as part of an expansion to its manufacturing center, 31.4 miles north of Raleigh, in Louisburg, North Carolina.
A wholly-owned subsidiary of Israeli-based Palziv Ltd., Palziv North America manufactures cross-linked, closed-cell polyethylene foams. The company supplies its foam solutions in rolls, blocks or semi-processed customized products, tailored to specific customer needs.
“Palziv has seen significant growth in our Crosslinked Foam Division, leading our company to make strategic moves and investments to meet this growing North American demand,” said Paul Robertson, Palziv’s COO.
“With a great performance record from our Louisburg employees, combined with critical support from the state and local government, it became clear to us that Franklin County, North Carolina was the right choice,” he said.
As an incentive, a performance-based grant of $40,000 from the One North Carolina Fund will help facilitate Palziv North America’s expansion in Franklin County. The One NC Fund provides financial assistance to local governments to help attract economic investment and to create jobs.
Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require a matching grant from local governments and any award is contingent upon that condition being met.
“Management teams in Israel and a host of other global business centers pay attention when a manufacturing location delivers the goods,” said North Carolina Commerce Secretary Anthony M. Copeland. “We welcome this expansion by Palziv, which adds to the state’s ranking as one of the top states for foreign direct investment in the nation.” N.C. Commerce and the Economic Development Partnership of N.C. were instrumental in supporting the company’s investment decision.
“North Carolina enjoys a reputation on the global stage as a great location for manufacturers,” Governor Roy Cooper said. “Companies have many choices when they evaluate a location, and this decision proves North Carolina offers everything a manufacturer needs to succeed.”
In addition to North Carolina Commerce and the Economic Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, the North Carolina Community College System, Franklin County, and the Franklin County Economic Development Commission.