A supplier to automakers will spend about $2.5 million to open a 25-employee facility in Lincoln County.
Magna-Tech Manufacturing Corp. of Muncie, Ind., will heat-treat and seal automotive castings that are used in engines and transmissions. The facility will open this year in a Keith Corp. speculative building in the Lincoln County Industrial Park.
Lincoln County is giving the company a total of $41,000 in incentives.
It’s the seventh facility in North and Central America for Magna-Tech. The closest to Charlotte is in Greenville, S.C.
Dan Irvin, Magna-Tech president, hints that more local investment may be coming.
“We look forward to becoming a part of the community, and we are confident that locating in Lincolnton will create new opportunities for all of us.”
In Lincoln County, Magna-Tech will seal porous parts castings using a process called “vacuum impregnation.” During the process, air is removed from the pores of the parts and a resin is used to seal the surfaces.
Pete Acker, chairman of the Lincoln Economic Development Association, says the county’s manufacturers seem to be holding up well during “uncertain economic times.”