CLAREMONT — Prysmian Cables And Systems plans to expand local operations in Claremont by investing $73.48 million and ushering in 100 new jobs to the company.
Catawba County Commissioners voted unanimously Monday night to amend the 2017 Joint Economic Development agreement with Prysmian Cables to allow for more jobs and a larger monetary investment.
Nathan Huret, director of existing industry services with the Catawba EDC, said in 2016 Prysmian Cables made a commitment to invest $20 million and create 50 new jobs.
“After that commitment, (Prysmian Cables) approached me in late 2017 with a proposal to expand the commitment even further,” Huret said.
Now, the company is adding another $53.48 million and 50 more jobs to the 2016 agreement, for a total $73.48 million and 100 new jobs.
The 50 jobs added to the original agreement will have an average salary of $44,000, with primarily hourly-production workers with some salaried managers and engineers.
Part of the agreement with Prysmian Cables is the company will not only add and maintain 100 new jobs, but also maintain the existing 383.
County commissioners also agreed to up the incentive payments from $287,500 to $1.317 million over a six-year period.
Along with the amendments, county commissioners and the city of Claremont split the bill for a North Carolina Building Reuse grant, which requires a five percent local match.
The grant will provide the company with $500,000 to update their existing building, and county commissioners and Claremont City Council agreed to pay $12,500 each for the local match.
Huret said the agreement and amendment show that the Prysmian Cables is making a comeback from the early 2000s recession.