Corning Incorporated Expands Facilities In Newton And Midland, North Carolina
The company will invest $67 million in a new optical cable manufacturing facility in Newton and $109 million to expand its existing optical fiber manufacturing facility in Midland.
“Corning is in its 46th year of delivering high-performance fiber optic solutions to global network operators,” said Clark S. Kinlin, Executive Vice President, Corning Optical Communications.
“This long history in North Carolina, and today’s announced expansions, would not be possible without the ongoing support of local, county and state government entities. This decision is a win/win for Catawba and Cabarrus Counties, and for our highly skilled, diverse and dedicated employees who work and live there,” he added.
“Corning is a global leader with a longstanding commitment to North Carolina,” said Governor Roy Cooper. “Companies that continue to innovate and invest in research and development are the kinds of high-tech job creators we want working with North Carolina.”
North Carolina Commerce and the Economic Development Partnership of North Carolina led the state’s support for the company’s expansion.
Corning’s expansion in Catawba and Cabarrus counties will be facilitated, in part, by Job Development Investment Grants (JDIG) approved by the state’s Economic Investment Committee earlier today. Under the terms of the JDIG, the company is eligible to receive the following:
Catawba County: up to $2,613,600 in total reimbursements, over 12 years.
Cabarrus County: up to $2,124,000 in total reimbursements, over 12 years.
Payments will occur in annual installments over 12 years pending verification by North Carolina Commerce and North Carolina Revenue that the company has met incremental job creation and investment targets at both locations. JDIGs reimburse new and expanding companies a portion of the newly created tax-base with the goal of increasing the overall revenue benefit to the state of North Carolina. The Cabarrus County reimbursement is contingent upon financial participation from local government.
By law, JDIG projects must result in a net revenue inflow to the state treasury over the life of the award. For projects in Catawba County and other Tier 2 counties, 10 percent of the eligible grant is directed to the state’s Industrial Development Fund – Utility Account to help finance economic infrastructure in rural counties. For projects in Cabarrus County and other Tier 3 counties, 25 percent of the eligible grant is directed to the state’s Industrial Development Fund – Utility Account.
Corning’s expansion in these two counties could provide as much as $998,400 in new funds for the Utility Account. More information is available on county tier designations.
Partnering with North Carolina Commerce and the EDPNC on this project were the North Carolina General Assembly, the N.C. Department of Transportation, the North Carolina Community College System, Catawba County, Town of Newton, Cabarrus County, Catawba County Economic Development Corporation, Cabarrus Economic Development Corporation and Duke Energy.
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