HSM, the new name of Hickory Springs Manufacturing, won a $200,000 grant from the One North Carolina Fund to spur an expansion of facilities, including a $1.5 million foam-tech lab that the company broke ground on in April. In all, the company is investing $3.3 million in the towns of Hickory and Conover over the next three years.
The One NC Fund provides financial assistance through local governments to attract business projects that promise to stimulate economic activity and create new jobs in the state. Gov. Pat McRory’s office said companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. These grants also require local matches. Other partners in the One NC Fund project included the North Carolina Department of Commerce, North Carolina Community Colleges, Catawba County, Catawba County Economic Development Corporation, City of Hickory, and the City of Conover.
Dave Colburn, HSM president and CEO, said the new 30,000 square-foot Corporate Innovation and Technology Center will provide a setting for customers and vendors to work collaboratively on new products, programs and services. To support growing engineering, research and design operations, HSM will continue to seek top designers and innovators in its customers’ industries. As HSM transforms their business, it will require the need for skilled labor and additional training, requiring the need for expanded partnering with local colleges and universities.
Meanwhile the 10,000 square-foot Foam Technical Center will expand current operations at the HSM’s Conover foam complex and enhance the company’s ability to formulate foams, incorporating new pilot lines and improved testing capabilities. for developing new products in new and existing markets.
“Our goal as a company has always been to be a manufacturer’s manufacturer – the kind of company businesses want to work with,” added Colburn. “Our new structure better positions us to offer more complete and advanced offerings to our customers. We are underscoring this commitment and reinforcing our ability to deliver new materials and innovative manufacturing techniques that bring our customers’ design visions to life and enable them to respond rapidly to changing market demands.”
The 162 new jobs created by the expansion is expected to pay average annual wages of $43,179 plus benefits. The Catawba County average annual wage is $36,223, added the governor’s office. HSM has been located in the area for the past seven decades and employs 1,494 people in North Carolina.
“HSM and its people are woven deeply into the fabric of our community,” added state Rep. Andy Wells. “Their continued success is a positive reflection on their efforts and the entire Catawba Valley.”
