RALEIGH – More than 40 jobs paying nearly $42,000 a year and a $17 million investment in infrastructure are coming to Elizabethtown.

The economic development news from Severn Peanut Company was announced by Gov. Roy Cooper on Tuesday.

Severn plans to produce bulk peanut butter at the revamped facility.

The company will receive a $150,000 One North Carolina Fund grant, but the grant requires matching local support and that job and investment targets be met.

“Severn Peanut Company in Elizabethtown continues to create good jobs which spotlights our world class farmers and diverse workforce which help make North Carolina the best state to do business,” Cooper said in a statement. “We know agriculture is the heart and soul of our economy.”

Severn Peanut is part of Meherrin Agricultural & Chemical Company.