Sri Lanka-based MAS Holdings is set to acquire 108-year-old textile manufacturer Acme-McCrary Corp., Asheboro, N.C., and plans to invest approximately $20 million to open its first manufacturing and development center in the United States in Asheboro. The new facility will create 133 jobs according to the office of North Carolina Governor Roy Cooper.
“North Carolina enjoys a worldwide reputation as a center for textile research and workers,” Governor Cooper said. “Our excellent business climate and location offer international firms an ideal place to reach and serve customers in the United States.”
MAS owns 48 production facilities in 15 countries and employs more than 85,000 globally, but the facility in Asheboro will become its first manufacturing location in the United States.
“We are delighted to be associated with Acme-McCrary, whose values and philosophy are very much in alignment with MAS,” said Mahesh Amalean, chairman of MAS Holdings. “Our presence in the Western Hemisphere enables us to strengthen our value propositions of speed and flexibility offered through on-shore and near-shore operations to our customers. It also enables us to engage and strengthen our continued association with academia and research institutions in the U.S.”
“We are pleased to be a part of MAS Holdings’ location of a manufacturing facility in our hemisphere,” said W.H. Redding Jr., chairman of Acme-McCrary. “MAS Holdings brings to North Carolina an exemplary corporate culture and a growing business. Their concern for environmental impact is world class and keeping and growing textile jobs in North Carolina is exciting.”
The One NC Fund provided a performance-based grant of $575,000 to facilitate the deal. In order to receive the grant, MAS Holdings must keep the 374 existing job at Acme-McCrary, as well as meet additional job creation and capital investment targets that have been set.