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Spectrum Mills to spend $2.7 mn on McDowell project

27
Apr '10
Gov. Bev Perdue announced that Spectrum Mills LLC will locate in McDowell County. The company, which will manufacture specialty textured yarns, plans to create 49 jobs and invest $2.7 million during the next three years. The project was made possible in part by a $135,000 grant from the One North Carolina Fund.

“North Carolina remains a top choice for companies seeking to create new jobs and enhance their successful operations,” said Gov. Perdue.“Our exceptional business climate, skilled workforce and training programs continue to attract businesses and investment to our state.”

Spectrum Mills is a privately owned company headquartered in Marion. The company will make textured and color polyester yarns for use in wholesale and retail applications, including sewing, needlework and piece goods. The company's predecessor was Spectrum Dyeing and Finishing, which was purchased from bankruptcy by a private investor who plans to consolidate two inactive facilities into one operation in Marion and restart production.

Salaries will vary by job function, but the annual average wage for the new jobs will be $33,286, not including benefits.That is above the McDowell County average annual wage of $27,768.

“Spectrum Mills is excited about the opportunity to locate our manufacturing operation in North Carolina. North Carolina's solid history of being a textile state, with higher education and research devoted to the textile industry, validated our decision to locate here. A high-quality workforce, competitive utility rates and friendly state and local governments were also critical factors that attracted us to the state of North Carolina,” said Chongchul Kim, president of Spectrum Mills LLC.

The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds.These grants also require and are contingent upon local matches.

“During these tough economic times, it's critical to make the right investments that will create jobs and economic opportunities in McDowell County,” said Sen. Joe Sam Queen. “Our top-notch workforce is a big reason for this welcome news today.”

North Carolina continues to have a top-ranked business climate. Through Gov. Perdue's JobsNOW initiative, the state works aggressively to create jobs, train and retrain its workforce, and lay the foundation for a strong and sustainable economic future.

Through use of the One NC Fund, more than 40,000 jobs and $7 billion in investment have been created since 2001. Other partners who helped with this project include: the N.C. Department of Commerce, N.C. Department of Revenue, N.C.Community Colleges, McDowell County, McDowell Economic Development Association, N.C. Employment Security Commission and Duke Energy.

State of North Carolina, Office of the Governor


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