NC Manufacturer Promises Growth
CARY, N.C. (AP) — A privately-owned company that makes products that control vibration, motion and noise will build up its headquarters near Raleigh over several years and get state help with the expansion, Gov. Beverly Perdue's office said Tuesday.
Lord Corp. could pocket up to $1.3 million in grants if it lives up to projections to hire 117 people between 2012 and 2017 while keeping about 330 jobs now located in and around its Cary world headquarters. The white-collar jobs are expected to pay salaries averaging $81,487 a year.
The company announced expansion plans in March and sought incentives from state and local governments to help cover its costs. A company spokeswoman did not return a call seeking comment.
Lord Corp. is expected to invest $20 million in the expansion.
The company doesn't release financial reports but says its sales exceed $600 million a year for adhesives, lubricants and other products manufacturers can't do without but consumers never see. Lord Corp. has been moving into solar energy and wind power products.
Lord Corp. was founded by Pennsylvania patent attorney Hugh Lord in 1924 and has been in the Raleigh suburb for 16 years.