~ Leader in Lightweight Composites for the Transportation Industry Investing in New Paint Line and Equipment ~
Salisbury, NC — The Rowan EDC and the North Carolina Department of Commerce announced today that Continental Structural Plastics (CSP), a Teijin Group Company, will expand its operations in Rowan County. CSP is recognized as a global leader in the formulation of advanced composites, and the design and manufacturing of components for the transportation industry. Through this expansion, the company expects to create up to 61 jobs over the next two years. CSP also plans a capital investment of approximately $45 million in new equipment and improvements to its Rowan County facility, which is located at 6701 Statesville Boulevard. These improvements will include the addition of a modernized paint and prime line, as well as a 50,000-square-foot building expansion.
“As we continue to see growth opportunities for our advanced composite components, we are expanding and updating our facilities to meet this demand,” said Steve Rooney, CSP CEO. “We know we have access to a skilled, committed manufacturing workforce in North Carolina, and we are truly grateful to Rowan County and the State of North Carolina for the on-going support as we expand our operations in the State.”
A variety of state and local agencies played key roles in ensuring that this expansion occurred in Rowan County. On August 20th, the State of North Carolina awarded a performance-based grant of $100,000 to CSP from the One North Carolina Fund. The Rowan County Board of Commissioners showed its support for the project by applying for a Rural Building Reuse Grant, which provides funding for renovations and expansions of facilities in North Carolina counties, on behalf of the company. The NC Rural Infrastructure Authority also awarded a $460,000 Rural Building Reuse Grant to help fund the project.
The Rowan County Board of Commissioners showed further support for the project by awarding the company an
‘Economic Development Investment Grant.’ “We are very grateful that Continental Structural Plastics has chosen Rowan County for this expansion and for the bright future it holds for the company and its employees,” said Rowan County Commission Chairman Greg Edds. “They are an invaluable member of our community and this announcement is indicative of their commitment to Rowan County and its citizens.”
The ‘Economic Development Investment Grant’ approved by the County is a performance-based incentive requiring the company to meet predetermined employment goals before incentives are paid. In addition, the North Carolina Community College System will partner with CSP to provide customized training for the new employees.
“We are most thrilled when one of our existing companies chooses to expand in Rowan County” said Rowan EDC President Rod Crider. “This is a great example of the overall strength of our manufacturing cluster and a testament to the efforts of the team at Continental Structural Plastics to continue to lead its industry.”
About Continental Structural Plastics
Continental Structural Plastics, a Teijin Group company, has provided leading-edge technologies in lightweight composite solutions for the automotive, heavy truck, HVAC, and construction industries for 50 years. Headquartered in Auburn Hills, Michigan, CSP provides full-service engineering support, and holds multiple patents covering materials development and manufacturing processes. The company has operations on three continents and more than 4,300 employees. For more information, please visit www.cspplastics.com.
About the Teijin Group
Teijin (TSE: 3401) is a technology-driven global group offering advanced solutions in the fields of environmental value; safety, security and disaster mitigation; and demographic change and increased health consciousness. Originally established as Japan’s first rayon manufacturer in 1918, Teijin has evolved into a unique enterprise encompassing three core business domains: high-performance materials including aramid, carbon fibers and composites, and also resin and plastic processing, films, polyester fibers and products converting; healthcare including pharmaceuticals and home healthcare equipment for bone/joint, respiratory and cardiovascular/metabolic diseases, nursing care and pre-symptomatic healthcare; and IT including B2B solutions for medical, corporate and public systems as well as packaged software and B2C online services for digital entertainment. Deeply committed to its stakeholders, as expressed in the brand statement “Human Chemistry, Human Solutions”, Teijin aims to be a company that supports the society of the future. The group comprises more than 170 companies and employs some 20,000 people across 20 countries worldwide. Teijin posted consolidated sales of JPY 853.7 billion (USD 8.0 billion) and total assets of JPY 1,004.2 billion (USD 9.4 billion) in the fiscal year that ended on March 31, 2020. Please visit www.teijin.com.
About the Rowan EDC
Operating since 1984, the Rowan EDC, Rowan County’s Economic Development Commission, is the lead business assistance resource for Rowan County and its ten municipalities, including the City of Salisbury. For additional information, please visit www.rowanedc.com or contact: Scott Shelton, vice president, at scott@rowanedc.com or 704-637-5526.
