Business Briefs

Cereal maker to expand in Asheboro

Posted November 18, 2010 11:22 a.m. EST

— Malt-O-Meal will expand its Randolph County cereal plant, creating 80 jobs, officials said Thursday.

The company plans to invest $135 million in the expansion over the next three years. The plant makes breakfast cereals and oatmeal.

“Our plant in Asheboro is the newest, most modern breakfast cereal plant in the United States’” Chris Neugent, Malt-O-Meal chief executive officer, said in a statement.

Malt-O-Meal already employs 200 people in Asheboro. The average annual wage for the new jobs will be $34,508, plus benefits, which is higher than Randolph County's average wage of $29,172.

The company has qualified for a $350,000 grant from the One North Carolina Fund, which provides financial assistance to attract business projects that stimulate economic activity and create jobs. Companies receive no money upfront and must meet job and investment targets to obtain the funds.