Technimark Expands Randolph County, North Carolina, Operations
The facility will help the company meet supply opportunities from medical device companies that require U.S. manufacturing.
“We’re excited to expand our healthcare manufacturing capabilities at our Asheboro headquarters,” said Brad Wellington, Technimark’s President and CEO. “The commitment and support we have received from the State of North Carolina has been invaluable to making this expansion a reality, allowing us to create more well-paid jobs for the dedicated workforce in Randolph and surrounding counties.”
Technimark’s project will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $398.5 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 $1,108,800, 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.
"It’s always great to see a North Carolina company expand in our state,” said Governor Roy Cooper. “Manufacturers like Technimark know firsthand how well we support them, from our skilled workforce to a transportation network that makes it easy to reach customers quickly and efficiently.”
The North Carolina Department of Commerce coordinated the state’s support for the company during its site evaluation and decision-making process.
Although wages will vary depending on job role, the average salary for all the new positions will be $44,290. The current average wage in Randolph County is $40,552. The community will see more than $9.5 million enter its economy from the project’s payroll impact, each and every year.
Because Technimark chose a site in Randolph County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving $123,200 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities across the state finance necessary infrastructure upgrades to attract future business.
“North Carolina’s leadership in manufacturing is recognized around the world,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Our state’s workforce is a key reason for our success, and as our First in Talent plan for economic development makes clear, education and specialized training will prepare our workers to meet the future needs of manufacturers like Technimark.”
Technimark, headquartered in Asheboro, is a global manufacturing provider for the healthcare, consumer packaging and specialty industrial markets. The company specializes in precision injection molding, value-added assembly, and full supply chain services. With facilities in the United States, Mexico, United Kingdom, Ireland, Germany, and China, Technimark delivers high-quality products worldwide.
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) on this project were the North Carolina General Assembly, the North Carolina Community College System, the Rail Division of the North Carolina Department of Transportation, the North Carolina Railroad Company, Norfolk Southern, Duke Energy, Randolph Community College, Randolph County, the City of Asheboro and the Randolph County Economic Development Corporation.
2022 Top States for Doing Business Provide an Environment for Business Growth
2022 Top States Workforce Development Programs
The New Industrial Ecosystem
The 2021 Top States for Doing Business Reflect Their Locational Advantages
36th Annual Corporate Survey: Executives Focus on Labor, Energy, Shipping Costs
Major Projects: Embrace Wide Open Rural Spaces
Area Development’s 17th Annual Shovel Awards Recognize State and Local Economic Development Efforts — First Two Platinum Shovels Awarded