Shurtape Technologies Expands Operations in Catawba County, North Carolina
The new facility in Catawba County will provide expanded distribution and manufacturing capabilities for the growing company. The site will service customers in the Southeastern region of the United States.
“When our growth plans called for additional manufacturing and distribution space in the Southeast, Shurtape evaluated several potential locations,” said Stephen Shuford, CEO, Shurtape Industrial Group. “The Catawba site offered the most compelling overall combination of skilled workers, access to key shipping lanes and a supportive business climate. We are excited about continuing our legacy of investment in the NC foothills region.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. led the state’s support for the company’s expansion. Shurtape will add a variety of positions with this expansion, including logistics and manufacturing.
“Shurtape started in North Carolina and has grown to be a global leader in its industry,” said North Carolina Commerce Secretary Anthony M. Copeland. “Today’s announcement is good news for the company’s growth, its future employees, Catawba County and the future of North Carolina manufacturing.”
Shurtape’s expansion in Catawba County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $199 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $594,900, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Shurtape chose to locate in Catawba County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $66,100 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as Catawba, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.
Partnering with the North Carolina Department of Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Catawba County, the Town of Catawba and the Catawba County Economic Development Corporation.
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