Loparex LLC, a global
manufacturer of polycoated and silicone-coated papers and films, will expand
its manufacturing operation in Eden and relocate
its U.S. headquarters from a
Chicago suburb to Cary.
The company plans to invest $18.9 million and create 128 jobs - 68 in Eden and 60 in Cary
- during the next three and one-half years.
"This project
demonstrates clearly the unique qualities that make North Carolina a top choice for global companies
looking to invest and expand," said Gov. Bev Perdue. "We are able to
provide a well-trained workforce with experience in advanced manufacturing,
still a very important part of our economy, as well as top scientific talent for
research and development collaboration, resulting in 128 well-paying,
sustainable jobs."
The state's Economic
Investment Committee met May 27 and voted unanimously to award a Job
Development Investment Grant to Loparex to facilitate the expansion in Eden and the headquarters relocation to Cary. Grantees receive no up-front money and
must meet agreed-on figures for job retention, job creation and average wages
to receive grant funds.
Under terms of the
performance-based grant, the average annual wage of the Eden
jobs will be $52,323, not including benefits, significantly greater than the Rockingham County average of $29,796. The average
annual wage for jobs in Cary will be $93,347,
not including benefits, more than twice the Wake County
average wage of $43,160.
Loparex is a leading
global manufacturer of polycoated and silicone-coated papers and films used in
many pressure-sensitive adhesive applications. The company's products are
critical components of many medical supplies and devices, including backings
for heart-monitor electrode pads and transdermal patches that deliver medicine
through the skin. Loparex products and processes also are used in the
automotive industry; for turbine propellers that generate wind power; and
precise die-cutting used in mobile phones and digital cameras.
Loparex currently has
92 employees in North Carolina,
all at its Rockingham county manufacturing facility. Of the $18.9 million
planned investment, $16.9 million will go to the Rockingham
County expansion; $2 million will go
to Wake County for the new headquarters.
"Our customers
demand innovation, global market capability and high-value, cost-effective
product solutions. Our presence in North
Carolina will further strengthen our ability to meet
those demands, and we are excited to move into the Research Triangle
area," said Loparex CEO Mike Apperson. "We look forward to being part
of the local community, and thank the State for its help and support."
"Expanding our
manufacturing capability in Eden
also expands our business opportunities," said Mike Werner, vice president
of sales and marketing. "The synergy of these two significant business
decisions - the Eden
expansion and relocation of our headquarters to the Research Triangle - sets us
apart in our industry."
For each of the
grant's nine years in which the company meets the required performance targets,
the state will provide a grant equal to 60% of the state personal income
withholding taxes derived from the creation of new jobs. If the company creates
the jobs called for under the agreement and sustains them for nine years, the
agreement could yield as much as $2.35 million in maximum benefits for Loparex
and up to $427,500 to the Industrial Development Fund for infrastructure
improvements in economically distressed counties. When a Job Development
Investment Grant (JDIG) is awarded to one of the state's more economically
prosperous counties such as Wake, 25% of the grant award is allocated to the
Industrial Development Fund to encourage economic development in less prosperous
counties.
JDIGs are awarded only
to new and expanding businesses and industrial projects whose benefits exceed
the costs to the state and which would not be undertaken in North Carolina without the grant. Since the
first grant was awarded in 2003, the program has been responsible for creating
commitments for more than 30,000 jobs and $6.1 billion in investment in North Carolina.
Other partners that
assisted with this announcement include: the N.C. Department of Commerce; the
N.C. Department of Revenue; N.C. Community Colleges; the City of Eden;
Rockingham County; Town of Cary; Cary Chamber of Commerce; Wake County Economic
Development; and Duke Energy.
For more information,
visit
www.loparex.com.
