The Charlotte Business Journal reported on June 14 that Magna Composites, a subsidiary of Magna International Inc., will spend $10 million to expand the three plants with the help of state incentives. The 327 new jobs will be added to Magna plants in Rowan, Catawba and Caldwell counties. Bob Brownlee, a Magna executive, says the three plants already have 360 employees.
“We’re pleased that North Carolina recognizes the need for business-friendly programs, and it helps us remain in close proximity to our customers in this region,” Brownlee said in a press release.
Magna acquired the three North Carolina plants in June 2009 as part of its purchase of assets of the composites business of Meridian Automotive System.
The largest of the three facilities, in Rowan County, will add 183 jobs. The Caldwell plant will add 134 jobs, and the smallest plant, in Catawba County, will add 10 workers. The state awarded a job development investment grant to Magna worth up to $1.1 million over six years.
Click here for original Charlotte Business Journal report.