Insulated materials firm to expand in Youngsville
Posted November 2, 2016
Youngsville, N.C. — A company that makes thermal and acoustic insulation, gaskets, seals and mats for the energy, construction, marine, automotive and athletics industries plans to nearly double in size with the expansion of its manufacturing operations in Franklin County, officials said Wednesday.
K-FLEX USA will create 100 jobs and invest $45 million in its facilities and equipment over the next four years.
"We are excited to add to our manufacturing campus in Youngsville and look forward to continuing to be an active member in our community," Giuseppe Guarino, president of K-FLEX USA, said in a statement. "This new facility will ensure that K-FLEX USA can continue to meet the growing demand for our products in North America and around the world. We are grateful to Franklin County and the state of North Carolina for their support as we invest in our shared future."
The average yearly salary of K-FLEX’s new positions will be $49,100, plus benefits, higher than the overall average in Franklin County of $39,067.
The company has qualified for a Job Development Investment Grant of up to $1.1 million. The grant is in the form of rebated state withholding taxes on the new positions, and payments are made in annual installments over 12 years, provided the company meets job creation and investment targets. The state reimbursement is contingent upon local participation from Franklin County.
K-FLEX USA, which already employs 195 workers and contractors in North Carolina, is a unit of Italy’s IK Insulation Group, which makes and distributes a diversified portfolio of insulation products around the world.