Kannapolis Approves Incentives for ISE Enterprises, Inc. Expansion
The City of Kannapolis has approved an economic development incentive grant to ISE Enterprises, Inc. for investment in a 30,000 square foot facility at 840 Biscayne Drive, Kannapolis. The company has been in Kannapolis since 2004.
“We congratulate ISE Enterprises, Inc. on their expansion. By investing in one of our existing industries we ensure that the firm remains here and local jobs are secure. We look forward to their continued success and employment growth in our City,” commented Kannapolis Mayor Darrell Hinnant.
The expansion is a result of two companies, Kannapolis-based ECS Enterprises, Inc. and Charlotte-based International Display Systems, merging. The company produces display fixtures as well as other plastics fabrication and CNC machining. The new facility will contain acrylic fabrication and packaging operations, with a total investment of $2.75 million ($2.4 million in real estate and $350,000 in equipment). The company will retain some operations in their current 23,500 square foot facility at 1151 Biscayne Drive in Kannapolis.
“We are very excited about expanding and remaining in Kannapolis and Cabarrus County. With our merger partner, International Display Systems, we have been working together on larger projects over the last few years and it made sense to merge. We are both family owned and operated companies and not competitors. We complement each other and this merger and expansion makes us a stronger bigger player in our field,” said Cliff Sult, Jr., CEO of the new ISE Enterprises, Inc.
John Stilwell, Chairman and COO of ISE Enterprises, Inc. commented, “We have enjoyed building a relationship with Cliff and his family. It makes perfect sense for our two firms to join together. Our children all have leadership roles in the new company which ensures a succession plan in place for the longevity of our company in Cabarrus County.”
The expansion project will result in 20 new full time jobs over the next three years. Most of the new jobs are due to the merger of the companies and will be relocated from Mecklenburg. Currently, ECS Enterprises employs 35 full-time and 17 part-time workers with an average wage of $19.36 per hour for full-time employees.
The City is providing a three-year grant which totals $44,179. After this three year period, the company will pay approximately $17,325 in property taxes to the City annually. On July 18, Cabarrus County also approved incentive grants for this company expansion.