ASHEBORO – A global manufacturer of high-value injection-molded packaging and components is set to expand its facility in Asheboro with an investment of $62 million, following a deal made with the state’s Economic Investment Committee. It’s yet another economic development project announced, following a big first quarter of the year.
The project, code named “Project Jetson,” was discussed during a scheduled meeting of the Economic Investment Committee earlier today.
Technimark, which launched in 1983, is headquartered in Asheboro, and plans to expand its manufacturing capabilities. According to its website, Technimark is one of the largest independent injection molders across the globe, and serves consumer packaging, healthcare, and industrial markets.
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The expansion project will create 220 jobs, according to a presentation given by a member of staff at the North Carolina Department of Commerce during the Economic Investment Committee meeting, held via teleconference.
Those jobs will pay an average annual wage of more than $44,000, according to the presentation.
The company will receive a state incentives package worth nearly $1.4 million, and another $950,000 in local incentives. Technimark also considered expanding an El Paso, Texas, facility.
An economic model estimated that the project would increase North Carolina’s gross domestic product by approximately $399 million and net state revenue by approximately $7.7 million.
In addition to a job creation target, there is also a retention condition of the state’s deal. According to the presentation during the conference call of the Economic Investment Committee, the company and its related member, Wellmark, currently employ 1,142 workers across North Carolina.
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