June 29, 2012
Contact: Chris Mackey
Office: (919) 733-5612
State Grant Helps Company Locate in Hamlet
RALEIGH – Gov. Bev Perdue today announced that FerroFab Inc., a manufacturer of specialized fabricated metal components, will locate a new facility in Richmond County. The company plans to create 54 jobs and invest $510,000 over the next three years in Hamlet. The project was made possible in part by a $81,000 grant from the One North Carolina Fund.
“My first priority is creating jobs,” said Gov. Perdue. “Our state’s top-notch workforce and strong business climate allows manufacturers like FerroFab to compete in this global economy.”
FerroFab is a fully owned subsidiary of Corona Machinery Corp. an international producer of specialized fabricated metal components. Corona Machinery Corp. has affiliates in Belgium, Germany, Austria and Italy.
Salaries will vary by job function, but the average annual wage for the new jobs will be $30,019, plus benefits. The Richmond County average annual wage is $28,548.
“Richmond County is an excellent location, from a geographic as well as labor force point of view and we are very excited to move forward with this expansion,” said Mark Feigenbaum, Corporate Counsel for Corona Machinery Corp. “Thanks to the North Carolina Department of Commerce, the Richmond County Economic Development and the Richmond County Board of Commissioners, in particular by its Director of Development Rick Sago who not only displayed enthusiasm for the project but was also able to combine the realities of local conditions with the requirements put forward by the project team.”
The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. These grants also require and are contingent upon local matches.
“I am elated that Richmond County will be getting 54 new jobs with the opening of FerroFab,” said Rep. Ken Goodman, of Rockingham. “We must continue to support education and job training programs that make our workforce attractive to businesses around the world.”
“FerroFab will make an excellent addition to Richmond County,” said Sen. Bill Purcell. “There they will find the business-friendly climate and skilled workforce they need to succeed in the global economy.”
North Carolina continues to have a top-ranked business climate. Through Gov. Perdue’s JobsNOW initiative, the state works aggressively to create jobs, train and retrain its workforce, and lay the foundation for a strong and sustainable economic future.
Through use of the One NC Fund, more than 60,000 jobs and $11 billion in investment have been created since 2001. Other partners that helped with this project include: the N.C. Department of Commerce, N.C. Community Colleges, Richmond County, the City of Hamlet and North Carolina's Southeast.