NC: Advanced Superabrasives to Invest $26M, Hire 47 in Madison County
27 Oct, 2017
Advanced Superabrasives, Inc., a manufacturer of premium high-performance grinding wheels and equipment, will expand operations at its existing facility in Mars Hill, creating 47 full-time jobs over four years, Governor Roy Cooper announced today. The company will invest $26 million in its expansion in Madison County.
"North Carolina’s top-flight manufacturing workforce makes our state the right choice for companies looking to grow into the future,” Governor Cooper said. “Advanced Superabrasives’ expansion is just the latest example that top manufacturers have confidence in our state and our workers.”
Advanced Superabrasives manufactures industrial grinding machines and has won international respect for its superabrasive grinding wheels, used by the automotive, aerospace, medical and woodworking industries, among others. One of the company’s grinding wheels is currently in use on the planet Mars, part of the scientific package aboard the Curiosity rover. All Advanced Superabrasives products are manufactured and distributed worldwide from their facility in Mars Hill.
“Companies with experience in North Carolina understand the advantages of doing business here,” said North Carolina Commerce Secretary Anthony M. Copeland. “It’s wonderful to see another manufacturer choose to expand their operations in our state.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) were instrumental in supporting the company’s expansion decision.
“North Carolina values its manufacturing companies, both large and small,” said Jonathan Szucs, General Manager for Advanced Superabrasives. “Our company is proud to do business here and we look forward to growing in the state for many years to come.”
Salaries for the new jobs will vary by position but will average $33,829 annually. Madison County’s average wage is $31,560.
A performance-based grant of $100,000 from the One North Carolina Fund will help facilitate Advanced Superabrasives’ expansion in Madison County. The One N.C. Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require a matching grant from local governments and any award is contingent upon that condition being met.
In addition to North Carolina Commerce and the Economic Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, the North Carolina Community College System, Madison County, the Town of Mars Hill, and Madison County Economic Development.