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A manufacturer of plastic pipe and other components plans to establish its first North American factory in eastern North Carolina, state and company officials announced.
Cosmoind Co. will produce polyethylene pipes for industrial, natural gas, and drinking water projects at a new $12.8 million factory in Middlesex, North Carolina. The 128,000 square-foot facility will include manufacturing, warehouse, and office room.
The project is expected to create 168 new jobs at an average salary of more than $44,000 per year. Its annual payroll impact could reach more than $7.4 million.
State economic development officials have backed a tax incentive package that could compensate the organization more than $1 million over 12 years if it fulfills its hiring and capital spending goals.
State Commerce Secretary Machelle Baker Sanders said the current sound manufacturing economy and a new emphasis on training programs are essential components to the success of global manufacturers.
Cosmoind, based in South Korea, also produces ball valves, fittings, and installation tools.
Image Credit: 4level / Shutterstock.com
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