Custom Alloy Corporation (CAC), a heavy manufacturer of pipe fittings and forgings, has selected Stanly County for a new industrial operation.
The company will invest $8.1 million in a facility located in Badin that will produce products for the U.S. Navy. The investment will create 40 jobs.
CAC is a family-owned company that manufacturers pipe fittings and forgings for many specialized markets, including power generation, petrochemical, refining, gas transmission, subsea, aerospace, mining, nuclear marine, and defense and military. Some of the company’s forgings can reach up to 100,000 pounds in size.
The company also manufactures critical components for the U.S. Navy submarines and aircraft carriers. The company’s new facility in Stanly County will become home for CAC’s Navy Fitting Product Line and new Specialty Pipe Product Line and will enable the company to provide the military with faster deliveries and increased capacity, which will lead to less turbulence in the supply chain for these important components.
A performance-based grant of $100,000 from the One North Carolina Fund will help facilitate CAC’s expansion in Stanly County. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching grant from local governments and any award is contingent upon that condition being met.
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, Duke Energy, Piedmont Natural Gas, Stanly Community College, the Town of Badin, Stanly County and the Stanly County Economic Development Commission.