Norwood company to invest $3.5 million

Published 9:29 am Tuesday, November 8, 2022

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The Norwood Town Council unanimously approved an agreement to give tax incentives to one local business.

At Monday’s meeting, a public hearing was conducted regarding a proposed economic incentive agreement between the town and an existing powder and e-coating provider in the Norwood town limits. The company will get a five-year, 60 percent development grant.

The company will invest $3.5 million, which Stanly Economic Development Commission Director Candice Lowder said would include $1.1 million in real property and $2.4 million in machinery.

Lowder said the company would also add jobs over the next five years.

No one else spoke at the public hearing.

About Charles Curcio

Charles Curcio has served as the sports editor of the Stanly News & Press for more than 16 years and has written numerous news and feature storeis as well. He was awarded the NCHSAA Tim Stevens Media Representative of the Year and named CNHI Sports Editor of the Year in 2014. He has also won an award from Boone Newspapers, and has won four North Carolina Press Association awards.

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