Ideal Fastener to create 155 jobs
Ideal Fastener Corp. will be expanding its facility in Oxford, and plans to create 155 jobs and invest more than $5.7 million by the end of 2019.
The company, which primarily manufactures zippers, now employs 226 people at its Oxford facility.
Ideal Fastener received an award from the state Job Development Investment Grant (JDIG) program.
“The support we got from the state and the county was very important in our decision to expand,” said Ideal Fastener vice president Jeff Gut. “We’re loyal to North Carolina and feel like we’re an active part of the community.”
He said the jobs will range from production supervisors to machine operators and engineers.
The total annual payroll will be more than $5.4 million for the new jobs.
Oxford Mayor Jackie Sergent said she hopes the job growth creates a ripple effect to all other businesses and vendors both in and outside the area.
“Jobs mean so much to our community,” Sergent said. “(We) hope (the expansion) will open the eyes to others.”
Under the terms of the JDIG award, Ideal Fastener is eligible to receive up to 12 annual grants equal to 62 percent of the state personal income tax withholdings from the eligible new jobs created.
Over 12 years, the JDIG award could yield aggregate benefits to the company of over $1.3 million, according to the Office of the Governor.
Ideal Fastener was founded in New York in 1936. In 1966, it moved its manufacturing headquarters to Oxford and in 1997, it expanded overseas.
“This expansion in Oxford will enable Ideal Fastener to manufacture a zipper using new technology that its customers will be able to apply to their products,” North Carolina Commerce Secretary Sharon Decker said in a statement. “To have this new product made by North Carolina workers is further evidence of the quality workforce we have to offer employers.”
The company has more than 3,500 employees with six manufacturing facilities in four countries.
Gut said the company added many new positions at the beginning of this year and there has been a lot of demand for new products.
“As we ramp up production, we’re going to need a lot of people,” Gut said.