Michigan-based automotive and heavy truck composite components supplier Continental Structural Plastics Inc. is expanding its operations with a capital investment of $45 million to add new capabilities to its facility in Salisbury, N.C.
The expansion will add 50,000 square feet to the current facility and create a new paint and prime line, allowing the company to speed production and accommodate larger products, according to an Aug. 21 news release. CSP also plans to create 61 new jobs in the area, it said.
The One North Carolina Fund, which provides financial assistance to local governments, is providing a performance-based grant of $100,000 to help facilitate the expansion.
According to the release, companies receive no money up front and must meet job creation and capital investment targets to qualify for payment from OneNC. The grant also requires a matching grant from local governments.
"Continental Structural Plastics is happy to be able to announce some good news during these uncertain times," CSP CEO Steve Rooney said in an email. "The expansion of the facility, and the addition of jobs wouldn't be possible without the strong support we've received from the State of North Carolina and Rowan County, as well as from our parent company, Teijin [Ltd., based in Tokyo]. They have committed to investing in CSP to enable us to support current and future growth opportunities in North Carolina and globally."