Via a press release from Tommy Jenkins, Director of the Macon County Economic Development Commission:
Tubular Products Manufacturer to Locate in Macon County
Franklin Tubular Products Inc, a manufacturer of manipulated tubular assemblies, will locate operations in Macon County. A subsidiary of Tricorn Group PLC, the company has acquired the Franklin facility, business and certain assets of the former Whitley Products Inc. The company plans to create 121 jobs and invest $4 million over the next three years in local operations..
The project was made possible in part by performance based grants from Macon County ($61,500), the Town of Franklin ($61,500) and the One North Carolina Fund ($56,000). These grants are contingent upon a combination of verified job creation and investment performance benchmarks. Appropriate claw-backs are in place if those performance measures are not met.
"This is an example of how government can step up and make a difference," said Kevin Corbin, chairman of the Macon County Board of Commissioners. "This is something we needed to do for the good of the community. We worked hand in hand with the town of Franklin to make the deal happen. By helping save this business, it kept $16,000,000 in payroll here over the next five years. We are extremely happy with the purchaser. I think they are they are going to do great things here."
"We are thrilled to have Franklin Tubular locating in Macon County," said mayor Joe Collins of Franklin. "Over 100 jobs will be saved, an existing manufacturing facility will be put to good use and there is opportunity for future job growth and investment. "
Partners involved in this project include the N.C. Department of Commerce, N.C. Community Colleges, Macon County, the Town of Franklin, Macon County Economic Development Commission and Advantage West.
TriCorn Group PLC, based in Malvern UK, is a value added manufactured and specialist manipulator of pipe and tubing assemblies to niche markets worldwide in the Energy & Utilities, Transportation and Aerospace sectors.
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Press Release from the Governor's Office:
Metal Manufacturer to Create 121 Jobs in Macon County
MARCH 5, 2013 • JOBS AND THE ECONOMY
Raleigh, N.C. -- Today, Governor Pat McCrory and N.C. Commerce Secretary Sharon Decker announced that Franklin Tubular Products Inc., a manufacturer of manipulated tubular assemblies, will locate its operations in Macon County. The company plans to create 121 jobs and invest $4 million over the next three years in Franklin.
“My administration is committed to partnering with businesses to help them succeed,” said Governor McCrory. “We must do more to align educational preparation and training with the needs of our manufacturers and other industries.”
Franklin Tubular Products is a subsidiary of Tricorn Group PLC. As a part of the project, Tricorn acquired the facility, business and assets of Whitley Products. The Franklin facility will continue to manufacture fabricated metal tubes. There are currently more than 100 people employed at that plant.
“North Carolina has a proud heritage in manufacturing,” said Sharon Decker, N.C. Secretary of Commerce. “We want more ‘Made in NC’ products to be sold around the country and around the world, so we are pleased Franklin Tubular Products is locating its operations in Macon County.”
Salaries will vary by job function, but the average annual wages for the new jobs will be $32,102, plus benefits. The Macon County average annual wage is $29,516.
“Following the establishment of our manufacturing facility in China announced last year, this acquisition represents a further and very significant step in the Tricorn business achieving a considerable multi-site global business, delivering global tube solutions to a global OEM customer base,” said Phil Lee, Group Finance Director, Tricorn Group PLC. “We have already started to establish close working relationships with Whitley’s U.S. customer base and this is an ideal platform from which to increase sales in the U.S. for the Franklin facility.”
The project was made possible in part by a performance-based grant from the One North Carolina Fund of up to $56,000. The grant is contingent upon proof of job creation and receipt of a local funding match. The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds.
“It is wonderful news to learn that Franklin Tubular Products has purchased the business and certain assets from Whitley Products to keep that operation and its 120 jobs in Franklin,” said Senator Jim Davis. “It is my understanding that an additional $4 million will be invested in the near future to modernize the plant. This achievement is the result of a collaborative effort by Governor McCrory's office, the North Carolina Department of Commerce, the Macon County Board of Commissioners, the Town of Franklin, the Macon Economic Development Corporation, and Advantage West. This is a great example of what can be accomplished when the appropriate stakeholders work together.”
“I am proud to see North Carolina Governor McCrory and the Department of Commerce, along with Macon County Commissioners, working together to bring jobs to Western North Carolina,” said Rep. Roger West.
Other partners that helped with this project include: the N.C. Department of Commerce, N.C. Community Colleges, Macon County, Macon County Economic Development Commission, AdvantageWest and the Town of Franklin.
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