News and Press Releases:
One North Carolina Fund Grant Helps
TCOM Expand Near Elizabeth City
Raleigh, North Carolina., (10 December 2007) - -
Governor Mike Easley today announced that TCOM L.P., a supplier of airships and lighter-than-air vehicles, will expand its facility in Pasquotank County, creating 101 jobs and investing $3 million during the next three years. The announcement was made possible in part by a $70,000 One North Carolina Fund grant.
''Our state's focus on aerospace, technology and military-related businesses is helping companies such as TCOM decide to either expand or locate here,'' Easley said. ''Defense-related businesses know we take pride in being the most military-friendly state in the nation. These companies, and the military presence in North Carolina, have an $18 billion impact on our state's economy.''
Maryland-based TCOM is an international supplier of airships and lighter-than-air vehicles used in the surveillance and communications industries. The company will produce unmanned, tethered balloons, known as ''aerostats,'' at its Elizabeth City plant as part of an Army contract. TCOM will develop and test an ''aerostat'' for an emergency warning communications system for use during natural disasters. While wages will vary by job function, the average weekly wage of the new jobs will be $880 plus benefits. It is more than the Pasquotank County average weekly wage of $507, not including benefits.
TCOM Board Chairman John Saverino said his company is excited about the expansion. ''TCOM has had a long and mutually beneficial relationship with the state of North Carolina and looks forward to many more years of operations at our Pasquotank facility.''
The One North Carolina Fund assists the state in industry recruitment and expansion by providing financial assistance through local governments to attract business projects that will stimulate economic activity and create new jobs in the state. One North Carolina Fund grants require and are contingent upon a local match. Through the use of this Fund, more than 28,000 jobs and $4 billion in investment have been created since 2001.
''We are very pleased that TCOM is expanding in Pasquotank County,'' said state Senate President Pro Tem Marc Basnight (D-Beaufort, Camden, Currituck, Dare, Hyde, Pasquotank, Tyrrell and Washington counties). ''Our efforts to make sure we invest to provide a world-class workforce make a big difference, both here and across the state.''
''TCOM's expansion is exactly the kind of economic development our performance-based incentives and other state and local programs encourage,'' said state Rep. Bill Owens (D-Camden, Currituck, Pasquotank, Tyrrell counties).
Other partners who helped make this announcement possible include the N.C. Department of Commerce, Pasquotank County, Albemarle Economic Development Commission, North Carolina's Northeast Commission, Rural Economic Development Center, Small Business and Technology Development Center, N.C. State University's Industrial Extension Service and USDA Rural Development.
Contact:
Stephen Silvoy
410-312-2400
Web site: http://www.tcomlp.com
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