Cary manufacturer to add 117 jobs
Posted July 12, 2011 10:41 a.m. EDT
Updated July 12, 2011 12:05 p.m. EDT
Cary, N.C. — Privately held Lord Corp., a high-tech manufacturing firm, on Tuesday announced a $20 million expansion of its headquarters in Cary.
Lord, which makes adhesives and coatings for industrial uses, plans to add 117 jobs within five years. The company already employs about 330 people in Cary.
"Given the presence of some of the best universities and community colleges in the country, North Carolina offers us a tremendous talent pipeline to grow our company,” Chairman and Chief Executive Rick McNeel said in a statement.
The average annual salary for the new positions will be $81,487, plus benefits. Wake County's average annual wage is $44,980.
The expansion has been planned for months, with Lord attempting to secure tax incentives from the state.
The state Economic Investment Committee voted Tuesday to award a Job Development Investment Grant to Lord. Under the terms of the JDIG, the company is eligible to receive a grant equal to 50 percent of the state withholding taxes from the new jobs for each of the eight years in which the company meets annual performance targets.
If Lord meets all of the targets under the agreement, the JDIG could yield $1.3 million for the company.
Founded in Erie, Pa., more than 85 years ago, the company employs 2,700 worldwide, with 15 manufacturing sites in eight countries. Lord opened a new technology center in Japan in May.