ALBEMARLE — An expansion to the Michelin North America aircraft tire plant in Norwood has gained financial backing from the local county government.
At its meeting Monday night, the Stanly County Board of Commissioners unanimously approved an economic development incentive grant equal to 75% of new taxes generated by the project over a 10-year period.
Operating under the planning name “Project NORRAD,” the company plans to invest $4.4 million in real property improvements and $25.7 million in machinery and equipment, totaling $30.1 million. The project is expected to create 30 new jobs over the next three years with an average annual salary of $50,083.
Elizabeth Kazimir, director of the Stanly County Economic Development Commission, presented the request following a required public hearing that drew no comments.
“The grant request is 75% for 10 years for a business that is expanding its operations in the town of Norwood with an additional manufacturing line,” Kazimir said. “This project specifically will create 30 additional new jobs with salaries above the county average, and will result in new taxable investment of an estimated $28.164 million in machinery and equipment over the next five years.”
Vice Chairman Bill Lawhon asked how the projected wages will compare to the county average.
“The current Stanly County average wage for 2026 is $43,248, and for this project, the average salary will be $50,083,” Kazimir said.
Following that item, commissioners also unanimously approved a resolution supporting the company’s application for a Building Reuse grant through the North Carolina Department of Commerce’s Rural Infrastructure Authority.
“Should you choose to support this resolution and Project NORRAD’s application, the RIA will review this application on April 16 this year,” Kazimir said. “The Department of Commerce requires a local match for companies to apply for this building reuse program. It’s very common, standard practice for us, and we’ve done several of these in the past.”
As part of the resolution, the county agreed to provide a local cash match of $11,250 to support administration of the project.
Opened in 1991, Michelin’s Norwood plant manufactures aircraft tires for commercial and military aviation, serving as a key Stanly County employer and a specialized link to the global aerospace industry.
The Stanly County Board of Commissioners will hold its next regular meeting on April 20 at 6 p.m. in the Gene McIntyre Meeting Room at Stanly County Commons.