Construction of Precision Swiss manufacturer HQ at a cost of $9.3 million is to be built along with a state-of-the-art manufacturing facility at the International Logistics Park shared by Brunswick and Columbus counties.
Construction of Precision Swiss manufacturer HQ will be partly financed by a Job Development Investment Grant (JDIG) recently approved by the state’s Economic Investment Committee. The terms of the 10-year grant show that the project is estimated to grow the state’s economy by more than $301 million, over this timeframe.
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The grant’s terms also take into account the new tax revenues generated by the 125 new jobs and the JDIG agreement authorizes the potential reimbursement to the company of up to $1,779,000 spread over 10 years. All the JDIG payments are to be determined through performance verification by the departments of Commerce and Revenue, to ensure that the company meets its incremental job creation and investment targets. After taking into consideration the grant’s reimbursement payments to a given company. It’s a win-win situation for all, as the JDIG projects still result in a positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
The CEO of Precision Swiss Products, Norbert Kozar said,“We are excited to be moving our headquarters and significantly expanding our manufacturing footprint in North Carolina.” He also said, “We look forward to a long and mutually beneficial partnership with the State of North Carolina and Brunswick County working together to create these highly skilled jobs and look forward to working with the local colleges in providing training for future jobs as we grow our business.”
Machelle Baker Sanders, who is the North Carolina Commerce Secretary said, “Companies continue to find confidence in North Carolina’s ability to support their strategic growth plans.” He also stated, “The strength of our manufacturing economy, the productivity of the largest manufacturing workforce in the southeastern United States, and our dynamic workforce development partnerships are the right tools for an innovative company like Precision Swiss Products to succeed.”
