One of Charlotte’s oldest companies wants to invest $100M in Union County. Here’s why
One of Charlotte’s oldest companies plans to invest up to $100 million in Union County.
Manufacturer Charlotte Pipe and Foundry is considering an approximately $100 million expansion of its current plant in Monroe, said Chris Platé, executive director of the Monroe-Union County Economic Development Commission. The expansion would include more equipment and possibly new buildings.
The investment would take place in phases over a 10-year period, if the firm selects Monroe for the expansion.
Charlotte Pipe and Foundry has a plant in Monroe off of Old Charlotte Highway, where it has manufactured plastic piping since 1967. It has more than 600 employees there.
Platé presented the project to Monroe City Council members at a special meeting Monday afternoon. The council unanimously approved $2.15 million in local incentives for the expansion, which will be paid over 14 years starting in 2024 as reimbursements on taxes paid by the company.
The company must invest $30 million in the first three years and $50 million by year seven to receive the full incentive package, according to a memo presented to the Monroe council.
Local development officials have spoken with Charlotte Pipe about the investment — code-named Project Endurance — since 2021. Union County commissioners also are scheduled to consider approving tax incentives to secure Charlotte Pipe’s investment, Platé said.
Charlotte Pipe and Foundry, known for melting scrap metal into pipe, is one of the Charlotte region’s oldest companies. Founded in 1901, the firm produced cast iron at S. Clarkson Street and Summit Avenue near uptown for more than a century but announced in 2020 it would move production to a new site in Stanly County.
About the Monroe investment
Charlotte Pipe and Foundry is looking to invest more in its Monroe operations due to increased demand for the plastic products it manufactures there, Platé said. The plant manufactures up to 200 miles of piping per day, he said.
“The demand for Charlotte Pipe’s products has grown consistently over the years, and obviously (the company) sees the need for further growth because of that,” he told Monroe council members.
The company indicated to the county EDC tha tax incentives will be a “very important factor” in the site it selects for an expansion, Platé said.
He said Charlotte Pipe and Foundry will select a site following Union County’s public hearing on the project Nov. 21.
A potential stadium site
Charlotte Pipe and Foundry’s move to Stanly County attracted Charlotte sports buzz because the 55-acre property, located a few blocks from the aging Bank of America Stadium, is one of the only near-uptown sites big enough to house a new sports stadium.
Last fall, Charlotte Pipe filed a request for rezoning of the site.
Company officials asked the city council to rezone the property as an “uptown mixed-use district,” meaning it could be redeveloped as retail, restaurants — or a stadium.
The Charlotte City Council voted to approve that request in December.
The move to Stanly County garnered the company up to $50 million in state and local incentives. The Stanly County Journal reported in 2020 the company plans to employ at least 400 people at the new site in Oakboro, which is about 45 minutes east of Charlotte.
Charlotte Pipe and Foundry said it planned to begin operations at the new facility in 2024.
This story was originally published November 15, 2022 at 6:00 AM.
