Governor Roy Cooper announced last week that the California-based manufacturer, Precision Swiss Products Inc. (PSP) will be relocating their headquarters and manufacturing facility to Brunswick County. This move to Southeastern North Carolina is expected to create 125 new jobs in the area in the upcoming years. This is great news for Southeastern NC residents! Continue reading for more information about this relocation.
Who
Precision Swiss Products is a California based manufacturing firm. They produce small, high-precision parts for the medical device, semiconductor and aerospace industries. These parts are made of microscopic metal and plastic and are used in things like heart valves, braking systems, throttles, implantables, and chamber components. PSP uses the latest technology and robots to create these cutting edge parts in an advanced manufacturing facility.
What
PSP will be investing over $9.3 million to relocate their headquarters and manufacturing facility to Southeastern North Carolina. Their 150,000 square-foot facility is estimated to cost about $8.5 million.
Where
PSP’s HQ and manufacturing facility will be located in the International Logistics Park that is shared by both Brunswick and Columbus counties. International Logistics Park is an 1,100 acre site off of US 74.76.
When
Production of the new Precision Swiss Products facility has already begun and is expected to be complete in October, and begin operations in January. They have already ordered equipment from overseas that will be delivered to the east coast soon. They were also recently approved a Job Development Investment Grant by the states Economic Investment Committee that will help fund part of the development.
Many of the new jobs will be created between 2022 and 2026, but hiring may begin as early as now to October.
Impacts on the Community
This relocation is expected to bring hundreds of new jobs and millions in wages, greatly supporting the local economy. The average annual salary for these new jobs is expected to be just over $54,000, generating more than $6.7 million each year. PSP is expected to grow the state’s economy by more than $301 million over 10 years.
They will be hiring skilled machinists, shipping and receiving workers, quality control personnel, as well as executive and administrative staff. Some expect this new manufacturing HQ to later attract many other industrial manufacturers to the area, which would mean extra tax revenue and potentially higher paying jobs.
Local officials, PSP affiliates and residents alike are all looking forward to this move. PSP CEO says that they are excited for the partnership with Brunswick County and the State of North Carolina. They will also be working with local colleges to create training programs for these types of jobs.
Governor Cooper said that Precision Swiss Products has made a wonderful decision to move their headquarters to Southeastern North Carolina because of our great quality of life, awesome location and our diverse and highly-skilled workforce. We are excited to see this new manufacturer join the area and see how it helps the community!
You can read the full press release from the Governor here. For more local commercial real estate news and updates, keep up with our blog!