A food-processing company that uses technology developed by North Carolina State University plans to expand its Montgomery County operations, creating 505 jobs over the next five years, officials said Monday.

Wright Foods Inc. also expects to invest $53 million in its Troy plant.

“Consumers continue to demand more nutritious and better-tasting foods, and at the same time, they want foods that are convenient and affordable,” company President and Chief Executive J. Michael Drozd said in a statement. “This expansion will allow us to grow to meet the needs of consumers.”

The company uses N.C. State technology known as aseptic processing, which is officials say improves product shelf life and quality without preservatives or refrigeration. Aseptic processing also saves energy, packaging materials and distribution costs.

Wright Foods already employs more than 80 people in North Carolina. The average salary of the new jobs will be $29,678 a year, plus benefits.

The company qualified for a grant of up to $1.5 million from the One North Carolina Fund, which provides financial assistance to attract business projects to the state. Companies receive no money up front and must meet job and investment targets to obtain the grant funds.