Technimark gets incentives’ nod

October 7, 2014

ASHEBORO — Randolph County and the City of Asheboro voted to approve a $1 million economic incentives package for Technimark LLC Monday that is expected to create 224 new full-time jobs.Under the proposed arrangement, a total of $1 million — 50 percent from the county and 50 percent from the city — will be paid to the company over a six-year period. These payments will be conditional on the company satisfying certain performance requirements.In return, the company will be required to create a total of 224 new full-time jobs and invest $46 million in real and personal property at facilities located at 527 W. Central Ave. in Asheboro.The company must also agree to sustain the expansion with all the employees for six years after that expansion is completed or face clawbacks (refunds of part of the incentive).Bonnie Renfro, Randolph County Economic Development Corp. president, said Technimark is a private company with 12 global manufacturing sites in Asheboro, Mexico, Germany and China. The company is one of the 15 largest plastic injection molders in the U.S., she said.Technimark already has 981 full-time employees and 170 contract workers. She said the expansion, when completed, would make Technimark the largest manufacturing employer in the county with 1,205 workers.Fred Richey, Technimark vice president of corporate development, told the joint meeting of officials that the company did an extensive search of sites on the eastern seaboard before settling on an expansion in Asheboro. He said the proposed economic incentives from the local governments and the state government would help his company make this substantial investment.Only one person spoke against the incentives package during the public hearing. Janet Pate asked why, when the county has so many internal needs, would local officials consider giving money to a large corporation that already has plenty of money.Both boards voted unanimously in favor of the package. As explanation and, in part, to answer Pate’s question, Commissioner Darrell Frye said he considered the project a net benefit to the county.He said he knows Randolph County citizens would prefer a paycheck from a company like Technimark to a handout from government. He said the incentives package equals jobs and money reinvested in the county.Speaking after the meeting, Richey said Technimark still has some final requirements to complete before the state signs off on the project. He said, if all goes according to plan, the expansion will be in operation by the fall of 2015. That would mean the company could potentially be looking to add jobs beginning in mid-year 2015, he said.

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