Innospec will add 30 jobs, invest $11.75 million in Rowan County
Published 9:54 am Friday, August 30, 2019
SPENCER — Innospec, located adjacent to Interstate 85 in northern Rowan County, will add 30 jobs to its local facility and invest $11.75 million in new equipment and improvements, the Rowan Economic Development Commission announced Friday.
Improvements at its facility — 500 Hinkle Lane — will include renovating administrative facility and adding a rail spur that the company said will allow it to expand existing product core lines. That’s in addition to work already underway on two 30,000-square-foot warehouses that will help accommodate growth.
“Innospec is healthy and continues to experience significant growth. We are excited about the future.” said Bruce McDonald, president of Innospec Performance Chemicals. “Our new Global Technology Center will allow us to continue our pipeline of new products for our customers.”
McDonald said Innospec, which manufacturers specialty chemicals, appreciates the support provided by local officials for the project.
“Rowan County, the town of Spencer and the Rowan EDC have been very helpful and cooperative during this entire process” he said.
Known as Project Special until its announcement Friday, Rowan County commissioners provided tax incentives to help make the expansion happen.
During the five-year incentive period, Rowan County would collect $333,680 in new tax revenue, provide incentive grants totalling $250,261 and retain a total of $83,419 in new tax revenue. By December 2021, the company is required to employ 111 full-time employees, according to the county’s tax incentive agreement.
“Innospec’s decision to choose our community as the location for its new global technology center shows that the company is confident in Rowan County’s ability to provide the highly skilled workforce necessary to develop new products and improve existing ones” said Rowan County Commission Chairman Greg Edds.
North Carolina’s Rural Infrastructure Authority also provided the company with a $300,000 building reuse grant to help with the expansion.
The N.C. Community College System will also partner with Innospec to provide customized training for its new employees, a news release said.
Spencer Mayor Jim Gobbel said the town of Spencer considers Innospec to be a valuable corporate citizen.
“Spencer is delighted that Innospec continues to promote sustainable growth,” Gobbel said.