Duplin explores business incentive
By Catharin Shepard
Published in News on October 10, 2010 1:50 AM
KENANSVILLE -- The Duplin County commission extended Monday a hefty tax incentive to a local company that is considering expanding its business.
Precision Hydraulic Cylinders manufacturers cylinders for the material handling and mobile equipment industries. The company operates a plant near Beulaville and a facility near Wallace in addition to overseas operations in India and England.
The company would invest about $3.4 million in the facility, adding additional equipment and paint rooms for its products. The expansion would bring about 86 jobs to Duplin County.
The commissioners voted to offer Precision Hydraulic Cylinders a 75 percent property tax return for a five-year period. The company would still pay its taxes for that time, but the county would return three-fourths of the tax revenue collected from the facility each year for five years. The tax break amounts to potentially more than $72,000.
The expansion is not guaranteed at this point, Economic Development Director Heather Beard said. Company officials are determining whether to expand the Duplin County facility or one of the company's other locations.
The project, codenamed Project Kaleidescope, is one of several potential business expansions in the area.