17 March 2016
By Justin Vick, Union County Weekly
Union County has offered economic incentives to AEP Industries in hopes the company will invest $15 million into its Stallings manufacturing plant.
The grant would yield $412,500 over five years in return for the investment of new equipment and machinery. While job creation isn’t required for the grant AEP is requesting, the company expects the project will generate 20 jobs, according to Gretchen Carson, existing industry staffer for Monroe-Union County Economic Development.
“The company recently notified our office of this potential expansion and has indicated that incentives are very important for the parent company and their final location decision,” Carson told county commissioners Monday, March 7.
Union County is vying for the expansion with other areas of the country that AEP operates. AEP has seven plants in cities, such as Chino, California; Bowling Green, Kentucky; and Waxahachie, Texas.
AEP has been operating in Union County since 1977. About 300 employees work at the plant on Seaboard Drive.
“This potential expansion will strengthen the stability of the Union County location and its retention of the current employees,” Carson said.
The Monroe-Union County Economic Development estimates AEP will pay $582.375 in ad valorem taxes over the grant period.
County commissioners approved a $118,000 grant over five years in December 2013 in return for a $5.9 million investment into its Stallings plant.
The company produces industrial and stretch films for packaging products like pallets or bales of hay.
AEP reported $181.7 million in gross profits during fiscal year 2015, an increase of $59.8 million from 2014, according to the release of its January financial results. The company noted a decrease in net sales last year.
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