Precision Swiss Products Establishes Brunswick County, North Carolina, Headquarters
The company will invest more than $9.3 million to locate its headquarters and manufacturing facility at International Logistics Park, using the latest technology and robotics to manufacture its innovative parts.
“We are excited to be moving our headquarters and significantly expanding our manufacturing footprint in North Carolina,” said Norbert Kozar, CEO of Precision Swiss Products. “We look forward to a long and mutually beneficial partnership with the State of North Carolina and Brunswick County working together to create these highly skilled jobs and look forward to working with the local colleges in providing training for future jobs as we grow our business.”
The North Carolina Department of Commerce led the state’s efforts to support PSP’s decision to locate to North Carolina. The new jobs will employ highly skilled machinists, shipping and receiving workers, quality control personnel, executive and administrative staff. The average annual salary for all new positions is $54,025, creating an annual payroll impact of more than $6.7 million per year.
PSP’s expansion 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 10-year term of the grant, the project is estimated to grow the state’s economy by more than $301 million.
“We are excited to have another innovative company choose North Carolina for its headquarters,” said Governor Roy Cooper. “With our premier quality of life, convenient location and most importantly, our diverse and highly-skilled workforce in Brunswick County, Precision Swiss Products has made a great decision to join our business community.”
Using a formula that takes into account the new tax revenues generated by the 125 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,779,000 spread over 10 years. Payments for all JDIGs 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 PSP is locating to the International Logistics Park in both Brunswick and Columbus counties, the latter of which is classified by the state’s economic tier system as Tier 1, the company’s JDIG agreement does not require a contribution into the state’s Industrial Development Fund – Utility Account.
“Companies continue to find confidence in North Carolina’s ability to support their strategic growth plans,” said N.C. Commerce Secretary Machelle Baker Sanders. “The strength of our manufacturing economy, the productivity of the largest manufacturing workforce in the southeastern United States, and our dynamic workforce development partnerships are the right tools for an innovative company like Precision Swiss Products to succeed.”
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, Brunswick Community College, Brunswick County Board of Commissioners, Brunswick Business & Industry Development, Columbus County, North Carolina’s Southeast and Duke Energy.
Changes in the Incentives Landscape
Supply Chain Bottlenecks Creating New “Logistical Hotspots”
Front Line: Finding, Creating, and Supporting Talent
The “Great Resignation” Is Impacting Corporate Relocations
Workforce Q4 2021
Communicating Your Project’s Value to Local Stakeholders
The Challenges of Renovating an Existing Facility Into a Food Plant