Nutec Wraps Up Industrial Deal in Metrolina
- Jul 13, 2015
By Balazs Szekely, Associate Editor
A manufacturer of high temperature insulation fibers is expanding its business in the Charlotte metropolitan area. Monterrey, Mexico-based Nutec Group will develop a $19.2 million advanced industrial insulation manufacturing facility in the town of Huntersville. The 62,500-square-foot plant should create 61 positions in production, warehouse, maintenance and quality control departments, with an annual payroll of approximately $2.5 million, according to an announcement made by Governor Pat McCrory, N.C. Commerce Secretary John E. Skvarla III and the Economic Development Partnership of North Carolina.
Nutec Group operates plants in Ramos Arizpe, Mexico; Berriz, Spain; and San Paulo, Brazil. The company’s products are used in the fire protection, metal, glass, automotive and petroleum industries.
The developer is expected to receive an incentive of up to $100,000 from the One North Carolina Fund, provided that the project meets the job creation requirements and the investment performance standards to qualify. Nutec also expects a Business Investment Program grant from the Mecklenburg Board of County Commissioners and an Economic Development Incentive grant from the Huntersville Town Board of Commissioners. According to the Charlotte Business Journal, the grants coming from the county and the city would reach $216,466 and $86,391, respectively.
Photo credits: Nutec Group