CHARLOTTE — The relocation of Charlotte Pipe and Foundry’s metal pipe manufacturing operation to Stanly County has grown even more lucrative for the nearly 120-year-old company.
[Charlotte Pipe is leaving its longtime home near uptown]
After local incentives were approved last week, the N.C. Department of Commerce approved on Tuesday a $15 million Job Maintenance & Capital Development Fund grant for the company’s move to Oakboro from its current site in Charlotte near Bank of America Stadium.
As plant relocation details are finalized, senior management is evaluating a wide variety of options related to the 55 acres that comprise the current foundry location in uptown Charlotte. “We feel fortunate that the land area constitutes one of the largest contiguous tracts of land in an urban center in the nation and we see many exciting possibilities for the property,” said Hooper Hardison, President of Charlotte Pipe.
The company must invest $325 million in its Stanly County facility and pay employees 140% of the county’s average wage at the new location in order to receive the full value of the grant.
After the state grant approval, Charlotte Pipe officially announced it would be building a new facility on a 428-acre site in Oakboro. The company’s relocation calls for at least 400 jobs in the new facility.
With $15 million in state money now in the bag, the financial incentive for Charlotte Pipe to move its operation to Stanly County has reached $50 million.
Site work could begin later this year and the new plant could be operating as early as the third quarter of 2023.
“Charlotte Pipe has always been committed to investments that will benefit our associates, our customers and our shareholders,” said Roddey Dowd, Jr., CEO of Charlotte Pipe. “While our current location is providing all stakeholders with a solid platform to deliver outstanding results, a new foundry will allow a more efficient layout of our plant and equipment and give us the flexibility to expand to meet future needs. Our current site simply does not afford the opportunities for growth that we envision for Charlotte Pipe.”
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