Korean company building plant in Middlesex | The Enterprise
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Korean company building plant in Middlesex

168 new jobs to be created

Posted on May 10, 2022

Updated on May 11, 2022

Local newsTop news

Corey Friedman | Enterprise file photo

MIDDLESEX — A pipe manufacturer plans to invest $12 million and create 168 new jobs in southern Nash County.

“This is an outstanding win for our corporate community,” said state Sen. Lisa Barnes, R-Nash. “We welcome Cosmoind and these 168 new jobs to our region where a great quality of life, affordability and quality workforce await them.”

Polyethylene infrastructure piping manufacturer Cosmoind Co. Ltd. will build its first North American operation in Middlesex. The company makes pipes used in natural gas and drinking water systems, according to a Tuesday announcement from Gov. Roy Cooper’s office.

“It is positive news that North Carolina continues to be the top choice for international companies that want to expand in the United States,” Cooper said in the release. “Companies like Cosmoind could go anywhere in the world, but they are choosing Nash County and our state for our convenient location, transportation infrastructure and skilled workforce.”

Cosmoind has designed, produced and distributed infrastructure piping around the globe for more than three decades. The Korea-based company is a comprehensive manufacturer of products including PE pipe, fittings, ball valves and installation tools, according to information from the company.

Cosmoind’s new location will be a 128,000-square-foot facility for manufacturing, warehouse and office space in the Middlesex Corporate Centre, said N.C. Commerce Secretary Machelle Baker Sanders.

“North Carolina will continue to grow its foreign direct investment if we can deliver well-trained talent,” Sanders said. “Our stable manufacturing economy combined with a keen focus on creative education and training programs, are critical for the future success of global manufacturers such as COSMOIND.”

The N.C. Department of Commerce led the state’s efforts to support Cosmoind’s location in North Carolina.

Workers will earn an average of $44,425 per year, though salaries will vary by position. That’s slightly above Nash County’s average annual wage of $44,377.

State officials say the project could create a potential annual payroll impact of more than $7.4 million per year for the region.

A Job Development Investment Grant approved by the state’s Economic Investment Committee will help facilitate the Cosmoind project. Officials say the plant could add $402 million to North Carolina’s economy during the grant’s 12-year term.

Using a formula that accounts for the new tax revenue Cosmoind jobs will create, the JDIG agreement authorizes up to $1 million in potential reimbursement to the company spread over 12 years.

State payments only occur after the commerce and revenue departments verify that a company has met its incremental job creation and investment targets. Officials say JDIG projects result in positive net tax revenue to the state treasury after accounting for reimbursement payments.

“We are excited to welcome Cosmoind and its investment to Nash County,” said state Rep. Matthew Winslow, R-Franklin, whose current district includes Middlesex. “I commend all the local, regional and state partners for their diligent work to support this economic development project.”

In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, project partners include the N.C. General Assembly, the N.C. Community College System, Nash Community College, Nash County, the Nash County Department of Economic Development, Duke Energy and the town of Middlesex.

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