Cabinet hardware manufacturer Blum Inc. is planning to invest $16 million to upgrade and add workers at its headquarters facility in Stanley, about 20 miles northwest of Charlotte.
In a statement Wednesday, Blum said it is making the investment because of growing demand for its products. The demand spike, Blum said, has resulted in a 13 percent revenue growth over the last two years.
The project will be made possible by a $362,110 economic development grant paid over seven years, an incentive that Lincoln County commissioners approved on Monday, Blum said.
Blum currently employs 390 and will take on 15-20 more over the next two years as part of the investment, the company said.
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Part of the investment ($7 million) will go toward equipment upgrades, Blum said, that will improve the speed and efficiency of its automated warehouse. Another $6 million will be spent on new machinery, equipment and tools used in the manufacturing process. The remaining $3 million will pay for building upgrades, Blum said.
“Anytime we invest back into our plant and operations, the benefits not only stimulate success for Blum but also reach into the community in the form of good jobs and more spending in the local economy,” said Blum President and CEO Karl Rudisser.
Blum is one of the area manufacturers that has a four-year apprentice program that partners with Central Piedmont Community College and pays students while they learn on the job.