|Innospec to Expand in Rowan County|
|Leading Specialty Chemicals Company Investing in new Global Technology Center, Facility Upgrades and Equipment|
|Published Friday, August 30, 2019|
SALISBURY, NC – The Rowan EDC and North Carolina Commerce Secretary Anthony Copeland announced today that Innospec Inc., a leading global manufacturer of specialty chemicals, will expand its operations in Rowan County. Through this expansion, the company expects to create up to 30 jobs over the next two years plus invest approximately $11.75 million dollars in new equipment and a series of improvements at its Spencer facility. These improvements will include a new, state-of-the-art global technology center which will allow for increased research and development of new and enhanced products to serve the personal care and home care product industry and the agriculture industry.
Other planned improvements include the renovation of current administrative facilities and the addition of a rail spur which will allow Innospec to expand its existing core product lines. These improvements mark yet another year of significant reinvestment in its Spencer facility, which is located at 500 Hinkle Lane. In 2018, the company began construction on two 30,000-square-foot warehouses to accommodate its continued growth.
“Innospec is healthy and continues to experience significant growth. We are excited about the future.” said Bruce McDonald, president, Innospec Performance Chemicals. “Our new Global Technology Center will allow us to continue our pipeline of new products for our customers.” McDonald added that Innospec appreciates the support given 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” said McDonald.
A variety of state and local agencies played key roles in ensuring that this expansion occurred in Rowan County. On August 22nd, the State of North Carolina’s Rural Infrastructure Authority awarded Innospec a Building Reuse Grant of $300,000 to help facilitate its expansion.
The Rowan County Board of Commissioners showed its support for the project by awarding the company an ‘Economic Development Investment Grant.’ “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. “We are grateful for Innospec’s continued investment in Rowan County and glad we were able to support this job creating expansion.”
The ‘Economic Development Investment’ grant approved by the County is a performance-based incentive requiring the company to meet predetermined employment goals before the incentives are paid. In addition, the North Carolina Community College System will partner with Innospec to provide customized training for the new employees.
Mayor Jim Gobbel said that the Town of Spencer considers Innospec a valuable corporate citizen and complimented the company on its success. “Spencer is delighted that Innospec continues to promote sustainable growth. Congratulations for the positive impact that you’re making on the community” said Gobbel.
Rowan EDC President Rod Crider praised Innospec’s industry reputation and expressed his gratitude for their expansion. “Innospec is a global specialty chemicals business recognized for its outstanding research and development capabilities” said Crider. “We’re pleased that they have chosen Rowan County to develop new, innovative and ground-breaking products to serve their customers. Their investment of nearly $12 million dollars demonstrates that we have the skilled workforce, business environment and location for global companies to be highly competitive.”
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