Company expansion nets 44 new jobs, $4M
Published 2:43 pm Thursday, October 18, 2018
An Albemarle company is expanding its operations with the addition of 44 new jobs and a financial investment of more than $4 million.
Enforge, a subsidiary of Angstrom – USA Automotive Group, announced Thursday the expansion of manufacturing operations at its Albemarle facility.
“Enforge is excited to expand its current business in Albemarle,” said Rajneesh Banga, Angstrom vice president of finance. “As Angstrom is experiencing significant growth, we selected Albemarle as our first preference to launch this business due to availability of stable skilled workforce and pro-business environment which North Carolina offers.”
In addition to recruiting new industry, economic development leaders have been increasingly committed to retaining and expanding existing businesses.
“An important part of economic development is the retention of local industry,” said Ronnie Michael, mayor of Albemarle. “The City Council of Albemarle and its employees stand ready to help our local business and industries grow with our abundant and reliable utilities and services.
“We are fortunate to have an established industry like Enforge trusting in our community with this huge expansion and investment. We look forward to working with the company as they continue with this planned growth,” he continued.
State and local officials helped facilitate the Enforge expansion. Gov. Roy Cooper announced a $90,000 performance-based grant from the One NC Fund to keep Enforge in Albemarle. The One N.C. Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment.
All One NC grants require a matching grant from local governments and any award is contingent upon that condition being met.
Shortly thereafter the award, the North Carolina Rural Infrastructure Authority Board announced awarding Enforge a $160,000 Rural Building Reuse Grant.
The state will also provide $50,600 toward training.
Both the city of Albemarle and Stanly County had previously approved performance-based incentive grants of $100,000 and $105,000, respectively, to keep Enforge “Project Steel” in Albemarle.
Rick Williams, chairman of the Stanly County Economic Development Commission, expressed appreciation for the company’s decision to expand locally.
“The Stanly County EDC is very pleased Enforge and Angstrom have chosen Stanly County as the location for their expansion and business growth,” he said. “We very much appreciate their investment in Stanly County, and we will continue to work closely with them to help meet their labor needs as well as maintain a positive business climate to foster their long-term economic success in Stanly County.”
Enforge, at 1600 Woodhurst Lane, is a supplier of safety-critical suspension, steering, structural components and assemblies for automotive industry.
This project will bring a new capability, hot forging, to Enforge’s Albemarle facility.
Based in Michigan, Angstrom Automotive Group manufactures such products as control arms, suspension links, track bars, steering links, tow hooks, brace rods and other structural components and assemblies.
Angstrom customers include Fiat Chrysler Automobiles, General Motors, Ford, Honda, General Electric, Bosch, American Axle & Manufacturing and others.