Raleigh, NC (STL.News) Precision Swiss Products, Inc. a manufacturer of high precision component parts, will create 125 new jobs in Brunswick County, Governor Roy Cooper announced today. The 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.
“We are excited to have another innovative company choose North Carolina for its headquarters,” said Governor Cooper. “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.”
Precision Swiss Products (PSP) is a major producer of small, high precision parts for the aerospace, medical device and semiconductor industries. Made of microscopic metal and plastic, PSP’s parts are used in heart valves, implantables, braking systems, throttles, and chamber components. The company will use the latest technology and robotics to manufacture its innovative parts in a state-of-the-art manufacturing facility to be built in the International Logistics Park.
“We are excited to be moving our headquarters and significantly expanding our manufacturing footprint in North Carolina,” said Norbert Kozar, CEO of Precision Swiss Products. “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.”
“Companies continue to find confidence in North Carolina’s ability to support their strategic growth plans,” said N.C. Commerce Secretary Machelle Baker Sanders. “The strength of our manufacturing economy, the productivity of the largest manufacturing workforce in the southeastern United States, and our dynamic workforce development partnerships are the right tools for an innovative company like Precision Swiss Products to succeed.”
The North Carolina Department of Commerce led the state’s efforts to support PSP’s decision to locate to North Carolina. The new jobs will employ highly skilled machinists, shipping and receiving workers, quality control personnel, executive and administrative staff. The average annual salary for all new positions is $54,025, creating an annual payroll impact of more than $6.7 million per year. Brunswick County’s overall average annual wage is $40,184 and Columbus County’s annual wage is $35,138.
PSP’s expansion will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. 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. Payments for all JDIGs only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because PSP is locating to the International Logistics Park in both Brunswick and Columbus counties, the latter of which is classified by the state’s economic tier system as Tier 1, the company’s JDIG agreement does not require a contribution into the state’s Industrial Development Fund – Utility Account.
“We are thrilled to have Precision Swiss Products join our community as our first business at the International Logistics Park,” said N.C. Representative Frank Iler. “The people of Brunswick County are capable and ready to support the company’s expansion to North Carolina.”
“I speak for the entire community when I say we gladly welcome these new jobs and investments to southeastern North Carolina,” said N.C. Senator Bill Rabon. “These strong wages will help grow our economy, support our hardworking families, and attract more manufacturers to our region.”
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, Brunswick Community College, Brunswick County Board of Commissioners, Brunswick Business & Industry Development, Columbus County, North Carolina’s Southeast and Duke Energy.