Companies across the country may be having trouble filling jobs, but it’s still the case that the more jobs a city gets the better, and this week Cambrex announced expansion plans that will bring at least 78 new full-time jobs to the city.
Cambrex is a large biopharmaceutical maker that has had a presence in High Point for the last five years.
The expansion, which will take place at Cambrex’s current location on Mendenhall Oaks Parkway, includes about $30 million in new investment which should help beef up the city and county’s tax rolls nicely.
In a press release announcing the expansion, Cambrex CEO Thomas Loewald stated that the city, in partnership with the State of North Carolina, helped make this deal happen,
“We are extremely excited about this expansion in North Carolina, which would not have been possible without the support of the State’s leadership and economic development programs, and their focus on nurturing the region’s skilled and diverse workforce,” he stated.
In this case, a performance-based grant of $200,000 from the One North Carolina Fund helped entice Cambrex to expand. That state fund provides financial assistance to local governments in an attempt to help them attract new economic investment and create jobs. Under this incentive, companies have to meet job creation and capital investment targets in order to qualify for payment down the line.
All One NC grants require a matching grant from local governments.
High Point has really been on something of a hot streak when it comes to job creation in this century – with large and small expansion and relocation announcements coming regularly. Of course, the city leaders, those in most local governments in this area, are very generous when it comes to handing out incentives. Those leaders consider incentives a necessity when it comes to enticing some companies to create or bring new jobs.
Cambrex’s new positions include operations, scientists, quality assurance and administrative personnel. The average annual salary for all new positions is $96,167. Guilford County’s overall average annual wage is $50,603.
The new positions – which could end up being more than the 78 promised – will be created over a three-year period and will include operations, scientists, quality assurance and administrative personnel.
High Point Mayor Jay Wagner was of course pleased.
“We applaud Cambrex’s decision to grow in High Point. The City’s investments in quality office and industrial parks like Piedmont Center have provided excellent locations for companies like Cambrex. Recent improvements to downtown along with the City’s many parks and recreational opportunities will make High Point a great place to live, work and play for Cambrex’s new and existing employees,” the mayor said in a prepared statement.
Sandy Dunbeck, the director of the High Point Economic Development Corp., as well as the 2021 Director for the Guilford County Economic Development Alliance, stated that this was a very positive reflection on the business environment in this area.
“Seeing Cambrex continue to grow in High Point validates the assets we have in the City, Guilford County, the Carolina Core and State of North Carolina in the BioPharma sector,” she noted.