Kaco USA Inc. is spending nearly $8.4 million to expand its Lincoln County production facility over the next three years, and plans to hire an additional 100 workers for the project.
Kaco, which manufactures high-precision sealing solutions for the automotive industry, will add production, accounting and management jobs at its Lincolnton facility off U.S. 321, the company said in a statement Thursday. Salaries for the new jobs will average $34,580 a year, nearly in line with Lincoln County’s average annual salary.
The expansion was helped by a performance-based incentive of up to $100,000 from the state’s One North Carolina Fund. To receive the funds, companies must meet job creation and capital investment targets. The One NC grants also require a local government match.
Kaco is part of the China-based Zhongding Group, which operates nine facilities in North America. Marcio Lima, Kaco’s president and CEO, said the local investment opens the doors for future expansion by the ZD Group in North Carolina.
“Kaco USA’s expansion in North Carolina is more evidence that our state is a top global destination for automotive suppliers,” Gov. Pat McCrory said.