“It’s always great to see a North Carolina company expand in our state,” North Carolina Gov. Roy Cooper said in an April 21 statement. “Manufacturers like Technimark know firsthand how well we support them, from our skilled workforce to a transportation network that makes it easy to reach customers quickly and efficiently.”
Technimark, headquartered in Asheboro, specializes in precision injection molding, value-added assembly, and full supply chain services.
“We’re excited to expand our healthcare manufacturing capabilities at our Asheboro headquarters,” said Brad Wellington, Technimark’s president and CEO. “The commitment and support we have received from the State of North Carolina has been invaluable to making this expansion a reality, allowing us tp create more well-paid jobs for the dedicated workforce in Randolph and surrounding counties.”
Technimark’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) , which authorizes the potential reimbursement to the company of up to $1,108,800, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
Because Technimark chose a site in Randolph County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving $123,200 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities across the state finance necessary infrastructure upgrades to attract future business.