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Fiberon on Thursday announced its plans to upgrade and expand its manufacturing operations and facility in New London with a new investment of more than $20 million over the next three years.

Fiberon is a manufacturer of composite and PVC decking and railing products used in homes and light commercial construction.

The company initially located in New London in 1997 and has continued to be a major employer in Stanly County.

In December, Gov. Roy Cooper and N.C. Department of Commerce Secretary Tony Copeland announced the North Carolina Department of Commerce’s Rural Infrastructure Authority authorized a funding commitment to the project of $110,000 to assist with building upgrades to the existing facility.

The County of Stanly will receive the $110,000 Rural Building Reuse grant and the grant funds will be distributed to Fiber Composites upon completion of the project, which will assist in the renovations of an existing warehouse facility in New London.

“We are grateful that Fiberon has chosen to reinvest and expand the manufacturing operation at their New London facility,” New London Mayor Tate Daniels said. “The Town is pleased to support their continued growth in New London and look forward to their continued success now and in the years to come.”

“We are very excited about the opportunity to upgrade our facility and further streamline manufacturing for our Fiberon products,” added Mike Huskey, Fiberon vice president of operations and supply chain. “We will continue to grow operations in Stanly County and look forward to maintaining our position as one of the ‘Companies of Choice’ for Albemarle and New London.”

The Stanly County Economic Development Commission and Stanly County Board of Commissioners extend their gratitude to the Economic Development Partnership of North Carolina, NC Department of Commerce, N.C. Community Colleges and Stanly Community College for their support.

“The Stanly County Board of Commissioners is pleased to provide support to an existing company that has not only invested millions in our community but has also been a major employer creating hundreds of jobs for our citizens,” County Commission Chairman Matthew Swain said. “We are extremely excited about Fiberon’s success, expansion plans and decision to grow its manufacturing capacity in our community. This is another example of a company finding success in Stanly County due to our business-friendly environment, lower cost of doing business and proximity to Charlotte.”