Gov. Pat McCrory and North Carolina Commerce Secretary Sharon Decker recently announced HSM qualifies for a performance-based grant from the One North Carolina fund of up to $200,000. HSM plans to create 162 new jobs and invest more than $3.3 million over the next three years in Hickory and Conover.
“It’s always encouraging to see companies with roots as deep as HSM continue to reinvest in our state,” McCrory said. “Their commitment to innovative manufacturing and job creation will contribute to strong economic growth in Catawba County and across the entire state of North Carolina.”
The announcement comes as HSM transitions from being a components manufacturer to a supplier of integrated solutions, supported by a new business model organized around four business units – transportation solutions, furniture solutions, bedding solutions and diversified solutions.
“Our goal as a company has always been to be a manufacturer’s manufacturer – the kind of company businesses want to work with,” explained Dave Colburn, HSM president and CEO. “Our new structure better positions us to offer more complete and advanced offerings to our customers. By investing in 162 new jobs, the build out of our corporate innovation and technology center, foam technical center and the launch of new diversified products such as beachTuff, 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 One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. Additionally, these grants require and are contingent upon local matches, potentially doubling the grant awarded. Local incentives will be considered by the affected local governments in public session as required by NCGS 158-7.1.
According to Colburn, the 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.