ASHEBORO — A Sri Lanka-based apparel and textile manufacturing company plans to acquire the manufacturing assets of the Acme-McCrary Corp. in Asheboro.
MAS Capital plans to spend nearly $20 million to create new manufacturing capacity, offices and an innovation center at Acme-McCrary’s Pritchard Street plant, and to create at least 133 new jobs with an average wage of $30,637, while retaining current jobs in Asheboro.
“This is an exciting economic development project,” Bonnie Renfro, president of the Randolph Economic Development Corp., said at a joint meeting of the Randolph County Board of Commissioners and the Asheboro City Council on Monday night.
Following a public hearing, commissioners and council members each approved $150,000 to assist with costs of the expansion — for a $300,000 total incentive package. The money would be paid in no less than four annual installments contingent of the company meeting the job creation and investment requirements.
Based on the proposed taxable capital investment, the project is expected to generate new tax revenues of more than $300,000 each for the county and the city over four years.
MAS Capital employs 84,000 people in 48 manufacturing facilities in 15 countries. The private company is “one of the world’s largest design to delivery solution providers in apparel and textile manufacturing,” Renfro said.
The company produces sportswear, intimate wear and swimwear, and has strategic partnerships with brands such as Nike, lululemon, Victoria’s Secret, Polo Ralph Lauren, L Brands, Columbia and PVH.
MAS has a design office in New York, but does not have a manufacturing facility in the western hemisphere.