Ideal Fastener Corporation will invest more than $5.7 million to expand its facility in Oxford, North Carolina. The company plans to create 155 jobs in Granville County by the end of 2019.
Ideal Fastener Corporation is a privately held company established in 1936 and is the second-largest zipper manufacturer in the world. The company is involved in every aspect of the styling, technology and manufacturing of zippers. The company has more than 3,500 employees with six manufacturing facilities in four different countries, as well as sales and support offices in more than 18 countries. The company currently employs 226 people at its Oxford facility.
“This expansion in Oxford will enable Ideal Fastener to manufacture a zipper using new technology that its customers will be able to apply to their products,” said state Commerce Secretary Sharon Decker. “To have this new product made by North Carolina workers is further evidence of the quality workforce we have to offer employers.”
“We have been manufacturing in North Carolina for over 45 years and we are excited about our continued growth and future here,” said Steven Gut, Vice President for Ideal Fastener. “With the support of the North Carolina Department of Commerce and the Granville County Economic Development Commission we are continuing to invest in additional capacity to help us better service our valued customers.”
Governor Pat McCrory said, “These new jobs resulting from this expansion will make a significant impact in the economy of Granville County and the City of Oxford.”
The project was made possible in part by an award to Ideal Fastener from the state North Carolina Job Development Investment Grant program, as voted by the state Economic Investment Committee. Receipt of the award is based on proof of job creation and other performance requirements. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state, and which would not be undertaken in North Carolina without the grant.
Under the terms of the company’s JDIG award, Ideal Fastener is eligible to receive up to 12 annual grants equal to 62 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over 12 years, the JDIG award could yield aggregate benefits to Ideal Fastener of over $1.3 million upon the creation of 155 jobs.
Other partners who assisted with this announcement include: The N.C. Department of Commerce, NC Community College System, Vance-Granville Community College, NC Works, Granville County and Granville County Economic Development Commission.