June 14, 2010. Auto parts manufacturer Magna Composites LLC has won $1.1 million in state incentives for a proposed expansion that would add 327 new jobs at three plants in the western part of the state.
Magna expects to spend $10 million for the expansion in facilities in Salisbury, Lenoir and Newton, according to a statement issued by Gov. Beverly Perdue’s office Monday morning. The firm already employs 360 workers at those locations.
Magna received the state incentives as part of a Job Development Investment Grant.
The company is a division of Magna Exteriors and Interiors, which is a wholly owned subsidiary of Canadian auto parts giant Magna International (NYSE: MGA). Magna International operates 240 manufacturing facilities in 25 countries.
