Lake Norman & Mooresville

Town awards another grant to Mexican insulation company

A Mexican insulation company pouring several million dollars into building a manufacturing facility in Huntersville has entered into a grant agreement with the town for state funds.

The $100,000 agreement formally approved by commissioners last month stipulates that the company, Nutec, create no less than 55 full-time jobs and invest at least $17 million over the next three years into the expansive facility between Mount Holly-Huntersville Road and Interstate 77, toward the southern end of town. The company has said it aims to exceed those numbers, creating as many as 61 jobs and investing as much as $19.2 million.

In addition, the company must provide health insurance for full-time employees as well as proof of environmental permits.

The money was requested by the town from the One North Carolina Fund, a state job-recruitment program. Under the agreement, it must go toward equipment and any repairs or renovations at the facility.

It involves matching funds from both the town and Mecklenburg County, totaling about $300,000, that are based on how much Nutec is expected to pay in property taxes over five years.

Construction has already begun on the 63,000-square-foot facility, which will make ceramic fiber. It is expected to open in mid-2016, becoming the global company’s first manufacturing plant in North America.

Part an incentive agreement that also involves the Lake Norman Regional Economic Development Corp., the investment further underscores the “global appeal” of the county, Trevor Fuller, chairman of the county board of commissioners, said in a news release announcing the investment this summer. And the jobs it creates, he added, “will provide avenues for growth and economic mobility.”

Jake Flannick is a freelance writer: