PENN COMPRESSION LAUNCHES $3 MILLION EXPANSION, CREATING 40 JOBS
Johnston County, N.C. - January 2, 2018. Penn Compression Molding, Inc., a national manufacturer of custom molding thermoset composites, will expand its Smithfield operations to include another 30,000 square feet of production space. The company's $3 million expansion will result in the addition of 40 new jobs for Johnston County.
"I can't think of a better way to kick off the new year than with news that a longtime Johnston County business plans to invest, grow and build on its success in our community," said Jeffrey Carver, chairman of the Johnston County Board of Commissioners. The Board met jointly with the Smithfield Town Council to authorize an offer of performance-based financial incentives to help facilitate Penn Compression's expansion plans. "This company long ago proved its mettle as an American manufacturing pioneer, and we're proud that Johnston County will be an even larger part of its future."
Founded in 1969, Penn Compression Molding intends to grow its facilities on Component Drive in Smithfield. The company handles a wide range of thermoset materials in a variety of forms such as bulk molding compound (BMC), sheet molding compound (SMC), thick molding compound (TMC) and powder. Its customers include top global names such as GE, Black and Decker, Eaton, ABB and Siemens. The privately-held company is ISO9000 certified. It operates facilities in Smithfield and Irwin, Pa., near Pittsburgh, employing a total workforce of 120.
In addition to its job-growth impact, Penn Compression Molding's expansion will result in additional tax-base and utility revenues for Johnston County and the Town of Smithfield. "We are thrilled that Daniel Leslie and Penn Compression have chosen Smithfield for their expansion," said Smithfield Mayor Andy Moore. "It has been one of my goals as Mayor to boost our local economy. Investing in our community and providing our citizens job opportunities ultimately improves their quality of life and that of the town as a whole."
"We are very appreciative of the support and partnership between our company and Johnston County and the Town of Smithfield, states Daniel Leslie, President and CEO of Penn Compression. "This partnership is what attracted us to this area in 1978 and we are committed in seeing this growth continue into the future."
The Johnston County Economic Development Office facilitates value-added interaction between government, education and the private sector in encouraging and promoting job creation and economic investment in Johnston County. A unit of county government, JCEDO collaborates with local, regional and statewide partners and allies in providing confidential location assistance to businesses and technical support to the county's 11 municipalities. Its menu of services includes customized digital mapping, labor and wage analysis, site readiness assistance and incentive packaging. For additional information, visit www.jcnced.com