South Korea-Based COSMOIND Plans Middlesex, North Carolina, Manufacturing Plant
The 128,000 square-foot facility, located in the Middlesex Corporate Centre, will consist of manufacturing, warehousing and office space.
“It is positive news that North Carolina continues to be the top choice for international companies that want to expand in the United States,” said Governor Cooper. “Companies like COSMOIND could go anywhere in the world, but they are choosing Nash County and our state for our convenient location, transportation infrastructure, and skilled workforce.”
The 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 $402 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 $1,080,000 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.
“North Carolina will continue to grow its foreign direct investment if we can deliver well-trained talent,” said N.C. Commerce Secretary Machelle Baker Sanders. “Our stable manufacturing economy combined with a keen focus on creative education and training programs, are critical for the future success of global manufacturers such as COSMOIND.”
COSMOIND Co., Ltd. has designed, produced and distributed infrastructure piping around the globe for more than 30 years. The Korea-based company is a comprehensive manufacturer of high-quality piping products to include PE pipe, fittings, ball valves and installation tools.
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