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INDEPENDENT TRIBUNE: It's official - Intertape Polymer investing $40 million in Midland
- By Michael Knox
- Feb 24, 2016
MIDLAND — Intertape Polymer Corporation will invest $40 million on a site near the Town of Midland, according to a Cabarrus Economic Development Corporation press release.
The company is a subsidiary of Intertape Polymer Group Inc. and will develop a production facility that will create 49 jobs. The company is a global leader in packaging materials.
The project is located on 33 acres near U.S. 601 and Wallace Road, officials said. Construction should begin soon and the company should be up and running by mid-2017.
“We are excited to have Intertape Polymer Group become part of the community with their expansion into the Midland area," Midland Mayor Kathy Kitts said. "The Town Council is appreciative of all parties that worked for months to land this project as Midland was in competition with other locations. We can't wait for Intertape Polymer Group to break ground and begin construction of their new facility."
Intertape Polymer Group Inc. has headquarters in both Montreal, Canada and Sarasota, Florida. The company’s performance products, including tapes and cloths, are designed for demanding aerospace, automotive and industrial applications and are sold to distributors, retail stores and large end-users across a broad array of industries.
EDC target industries
Intertape is an example of how the Cabarrus Economic Development Corporation has targeted certain industries to attract them to our area and how the county can land businesses associated with those industries. Intertape Polymer Group Inc. develops products for the aerospace and automotive industry, which a 2015 study showed were among the industries Cabarrus County should target.
“Businesses are turning to Cabarrus County and we are ready," said Cabarrus County Board of Commissioners Chairman Steve Morris. “Intertape Polymer Group will sit just outside Midland--an area coveted by locals, but secret to much of the world. The secret is out. Midland and Cabarrus County have much to offer (Intertape Polymer Group Inc.), and we are grateful for their investment in our resources, workforce and community.”
The other industries the 2015 study showed Cabarrus County should target include energy, food and beverage, logistics and “back office space,” such as office space used by accountants for a major corporation that could be headquartered in Charlotte, but have additional services in Cabarrus County.
On Feb. 15, the Cabarrus County Commissioners approved an incentive grant that would be the equivalent of the company receiving a reimbursement for 85 percent of their tax base over the next five years. The company would have to pay those taxes and would later get reimbursed. Intertape Polymer Group Inc. looks to be reimbursed $1.2 million over a five-year period for their $40 million investment in Cabarrus County.
Intertape Polymer Group Inc. is a publicly-traded company (Toronto Stock Exchange: ITP) and employs approximately 2,000 employees with operations in 17 locations, including 12 manufacturing facilities in North America and one in Europe.
“We are excited to make this strategic investment in additional capacity to enable us to meet the growing demand for water-activated tape,” said Gregory Yull, Intertape president and chief executive officer. “This project is in line with our strategy to leverage world class assets with a minimal environmental footprint to produce high-quality products in growing areas of our product portfolio. The new manufacturing facility should allow us to enhance our position in the market and better serve our customers,”
The arrival of IPG in North Carolina was made possible in part by the Cabarrus County, Cabarrus Economic Development Corporation, Economic Development Partnership of North Carolina, the North Carolina Department of Transportation, the North Carolina General Assembly, the North Carolina Community College System, Aberdeen Carolina & Western Railway and Duke Energy.
“Cabarrus EDC is certainly pleased that (Intertape Polymer Group Inc.) has strategically chosen Cabarrus as the right location for their new facility,” said LeeAnn Nixon, with the Cabarrus Economic Development Corporation. “We look forward to welcoming them to our business community and providing on-going support during the construction phase and