Ostec Industries announced on August 24, 2009 that it would begin its operation occupying a 12,000 square foot facility located in the Denver Industrial Park. The company plans to invest approximately $2,000,000 in the facility and equipment, initially bringing in 5 jobs.

With over 100 years of experience Ostec Industries is a three-generation-old family owned business which originated in Hanover, Massachusetts. The company is a CNC Swiss type lathe screw machine shop which caters to the specialized requirements of the Military, Electronics, Aerospace, Medical and Dental industries. Ostec has a track record of being one of the preferred vendors of the high quality conscious military, commercial and automotive industries.

“Lincoln County had everything we were looking for,” said Ostec President Richard Coste. “We were able to find the building that best suited our operation and with the support from the Lincoln Economic Development Association (LEDA) and Gaston College this experience has been an easy transition.”

The Lincoln County Board of Commissioners will spend $18,997.40 of taxpayer funded incentives in a grant that was passed in early July.

The tax dollars will be paid out in equal installments over a five year period.

Board Chairman Alex Patton said in a statement from the Lincoln Economic Development Commission, “We are honored to have Ostec Industries relocate to Lincoln County. In this time of economic uncertainly we appreciate companies investing in Lincon County. We look forward to a long and successful relationship. I want to thank LEDA for all of their hard work in continuing to bring new industry to Lincoln County.”

Pete Acker, Board Chairman of LEDA stated “I am very excited about the opportunity for Ostec Industries to move to Lincoln County. This is another great example of the county’s commitment to industry and its pro-business environment.”