Existing Industry Investment Continues in Lincoln County
Two local industries are bringing more investment into Lincoln County. Lincoln Economic Development Association presented requests on behalf of existing local companies, The Timken Company and Spantek, at the Monday, July 18, 2016, meeting of the Lincoln County Board of Commissioners. Per the Lincoln County Industrial Incentive Grant program, the Commissions voted to approve both requests.
The Timken Company incentive request was the first presented for approval. Timken plans to invest just under two million dollars in equipment for the relocation of an existing hub bearing operation to the Lincoln County facility. As part of this new product line, Timken plans to hire for multiple positions locally and is working currently to secure and train the needed workforce in order to begin production. Currently, Timken employs over 450 at the Iron Station location in eastern Lincoln County.
Spantek, located in the City of Lincolnton, is expanding as well. A manufacturer of expanded metal products, Spantek’s growth has necessitated the need for two new production lines, with an investment of $2.2 million dollars. Currently, Spantek has 33 employees and plans to hire three to four more with the expansion. Mike Gilboy, President of Spantek, said, “Spantek is excited to make an investment in capital improvements in our Lincolnton facility. We’re making this investment because we believe in the long-term success of our Lincolnton workforce and operations. The planned equipment additions will increase our capacity while providing technological advancements in our processes for the benefit of our customers and Spantek associates.”
LEDA’s board chair, Bo King offered, “What great news it is when you hear that two existing industries are expanding as the same time in our community. Timken and Spantek are both leaders in their fields of manufacturing expertise and their need to grow to keep up with demand is very encouraging. Lincoln County is fortunate to have more jobs and the additional tax base being added to our local economy in times that other areas of the country are not as fortunate. The LEDA staff and board congratulate both and wish them continued success in the future, especially as it positively influences the quality of life for the citizens of Lincolnton and Lincoln County.”