Penn Compression Molding, a national manufacturer of custom molding thermoset composites, will expand its Smithfield operations to include another 30,000 square feet of production space. The company’s $3 million expansion will result in the addition of 40 new jobs for Johnston County.
“I can’t think of a better way to kick off the new year than with news that a longtime Johnston County business plans to invest, grow and build on its success in our community,” said Jeffrey Carver, chairman of the Johnston County Board of Commissioners. The Board met jointly with the Smithfield Town Council this morning (Tuesday) to authorize an offer of performance-based financial incentives to help facilitate Penn Compression’s expansion plans.
“This company long ago proved its meddle as an American manufacturing pioneer, and we’re proud that Johnston County will be an even larger part of its future,” Carver said.
Founded in 1969, Penn Compression Molding intends to grow its facilities on Component Drive in Smithfield. The company handles a wide range of materials in a variety of forms such as bulk molding compound (BMC), sheet molding compound (SMC), thick molding compound (TMC) and powder. Its customers include top global names such as GE, Black & Decker, Eaton, ABB and Siemens. The privately-held company is ISO9000 certified. It operates facilities in Smithfield and Irwin, Pa., near Pittsburgh, employing a total workforce of 120.
The Smithfield plant was selected for the expansion over the Penn facility in Pennsylvania.
In addition to its job-growth impact, Penn Compression Molding’s expansion will result in additional tax-base and utility revenues for Johnston County and the Town of Smithfield.
“We are thrilled that Daniel Leslie and Penn Compression have chosen Smithfield for their expansion,” said Smithfield Mayor Andy Moore. “It has been one of my goals as Mayor to boost our local economy. Investing in our community and providing our citizens job opportunities ultimately improves their quality of life and that of the town as a whole.”
“We are very appreciative of the support and partnership between our company and Johnston County and the Town of Smithfield,” states Daniel Leslie, President and CEO of Penn Compression. “This partnership is what attracted us to this area in 1978 and we are committed in seeing this growth continue into the future.”
This is the second major economic development announces in Smithfield in recent weeks. In December, OPW announced plans to add 80 jobs and invest $7.78 million at their manufacturing plant on US 70 Business West.