Dymax Corporation, a global chemical and plastics manufacturer, will open a new manufacturing center and create 227 jobs in Union County. The company will invest $46.7 million in the City of Monroe.
“Manufacturers like Dymax chose North Carolina and Union County because we are doing the right things to help them and their employees be successful,” said Governor Cooper. “Our education and workforce development systems, transportation networks, and overall business climate place our state at the top of the list for companies large and small.”
Founded in 1980, Dymax Corporation serves original equipment manufacturers (OEMs) in the medical, electronics, aerospace, and automotive sectors, among several others. The company pioneered the manufacture of broad-spectrum, light-curable products like adhesives and coatings, as well as a variety of plastics and related equipment. The company’s products are used in a wide range of goods across multiple industries, including medical catheters, electric vehicle batteries, and consumer electronics circuit boards. The company’s project in Monroe will establish a manufacturing, warehouse, and office space of more than 100,000 square feet.
“Dymax is experiencing steady and significant growth, and our expansion from our Northeast roots into North Carolina opens doors to outstanding labor, technical and logistic resources,” said Aaron Mambrino, President of Dymax North America. “The combination of available resources and solid support from state and local officials made North Carolina a great choice.”
“We’re pleased to welcome a new manufacturer to North Carolina,” said Commerce Secretary Machelle Baker Sanders. “We’re the top state for manufacturing in the Southeast, thanks to companies like Dymax that understand and appreciate our state’s commitment to maintaining a large and well-trained workforce.”
The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.
Although wages will vary depending on position, the average salary for all the new positions will be $66,343, which is greater than the current average wage in Union County of $49,129. The community will see more than $15 million enter its economy from the project’s payroll impact, each and every year.
Dymax Corporation’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $933 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,247,250, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
“It’s a great day for Union County, Monroe, and the entire state as we welcome these new jobs to our area,” said N.C. Senator Todd Johnson. “North Carolina offers one of the best business climates in the world and companies like Dymax appreciate everything we provide to help companies succeed in our state.”
“I’m proud of the people and organizations who worked behind the scenes to make today’s announcement possible,” said N.C. Representative Dean Arp. “Our community will continue to support Dymax and their new employees as the company begins its operations in our state. I have no doubt they will be very pleased with their decision to locate this new facility in Monroe.”
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, the North Carolina Department of Revenue, Union County, the City of Monroe and Monroe-Union County Economic Development.