Business

Yarn maker to expand in Richmond County

Posted November 9, 2009 1:28 p.m. EST

— A company that makes fiber-based yarns for the textile industry plans to expand in Richmond County, officials said Monday.

Richmond Specialty Yarns LLC plans to create 135 new jobs and invest $1 million during the next three years in a project that also will help the company retain 140 existing jobs, officials said.

FilSpec Inc., a yarn-spinning company based in Canada with clients worldwide, has purchased a controlling interest in Ellerbe-based Richmond Yarns Inc., which will be renamed Richmond Specialty Yarns and expand operations to serve new markets.

“For FilSpec, North Carolina was the best choice because of the very good relationship we already have with Richmond Yarns Inc. as a supplier, because of their available manufacturing capacity and because of the quality and stability of the work force already in place,” FilSpec Chief Executive Jean Parenteau said in a statement.

The Ellerbe operation will produce specialized yarns from fibers and fiber blends to serve the military, medical, protective wear, marine, upholstered furniture and other markets.

Salaries for the 135 new jobs will vary by job function, but the average annual wage will be $25,931, plus benefits.

The company will qualify for a $150,000 grant from the One North Carolina Fund, which provides financial assistance to attract business projects that create jobs. Companies must meet job creation and investment performance targets to obtain the money.