Precision Swiss Products Inc. is expected to bring 125 new jobs with the future location of its headquarters in Brunswick County, Gov. Roy Cooper announced Tuesday.
The California-based company will invest more than $9.3 million to locate its headquarters and manufacturing facility to the International Logistics Park shared by Brunswick and Columbus counties, officials said in the release.
Precision Swiss Products (PSP) is slated to bring operations into the first speculative building now under construction in the industrial park, said Bill Early, executive director of local economic development organization Brunswick Business and Industry Development (Brunswick BID).
The spec building, estimated to cost about $8.5 million, is a 150,000-square-foot facility in development by Cameron Management and affiliated ownership.
The development team is working with PSP to meet the needs of its new headquarters and manufacturing operation, which will take up about 60,000 square feet of the 150,000 speculative space, Early said.
PSP is a major producer of small, high-precision parts for the aerospace, medical device and semiconductor industries, officials said in the release.
“We are excited to be moving our headquarters and significantly expanding our manufacturing footprint in North Carolina,” Norbert Kozar, CEO of Precision Swiss Products, said in the release. “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.”
While the company is bringing its base and manufacturing to southeastern, North Carolina, Early said the company plans to keep some of its operations in California.
PSP’s relocation will be funded partially by the state’s Job Development Investment Grant (JDIG).
“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. 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,” stated the release.
Payments for all JDIG grants happen after performance verification by the state departments of commerce and revenue that the company has met its targets in job creation and investment.
The new jobs brought to the region by PSP will employ highly skilled machinists, shipping and receiving workers, quality control personnel, executive and administrative staff, stated the release.
The average annual salary for all new positions is just over $54,000, “creating an annual payroll impact of more than $6.7 million per year,” stated the release.
“Brunswick County’s overall average annual wage is $40,184 and Columbus County’s annual wage is $35,138,” stated the release.
The state’s department of commerce and Brunswick BID were several players in bringing this economic development project to the area. Others included the state’s Economic Development Partnership of North Carolina, N.C. General Assembly, N.C. Community College System, Brunswick Community College, Brunswick County Board of Commissioners, Columbus County, North Carolina’s Southeast and Duke Energy.
“We are excited to have another innovative company choose North Carolina for its headquarters,” Cooper said in the email. “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.”
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