ITM to invest $17 million and create more than 130 jobs
Dec 20, 2018 | Economic Development , Planning and Development , Communications , City Manager , City Council , Bond Information
The City of Hickory, Catawba County, and the Catawba County Economic Development Corporation (EDC) announced today that they have signed the second tenant for the Trivium Corporate Center, a 270‐acre Class A business park under construction in southeast Hickory. ITM Isotopen Technologien München AG (ITM), a group of specialized radiopharmaceutical companies, plans to construct a manufacturing facility in the park for the production of a new generation of targeted radiopharmaceuticals for the treatment of cancer patients. ITM plans to create 137 jobs and invest $12 million in machinery and equipment over the next five years. An additional $5 million will be invested in new facility construction in this location. Salaries for the new employees will vary by position and experience. Once all positions are filled, the annual payroll impact will be more than $9.7 million. The average salary is higher than the Catawba County average of $41,531.
This is the second company to announce that it will locate in the Trivium Corporate Center, which is being jointly developed by the City of Hickory, Catawba County, and the EDC. Corning Incorporated announced earlier this year that it would construct a new manufacturing facility for its Optical Communications segment.
As part of the project, 8.9 acres owned by the Trivium Corporate Center Inc., a non‐profit entity jointly developed and funded by Catawba County and the City of Hickory, will be sold to ITM for its North American production facility.
"Signing the second tenant for Trivium Corporate Center further validates the vision of our elected leaders and our citizens who approved bond funds for projects such as Trivium to help the local economy grow and thrive," said Warren Wood, Hickory city manager and president of the Trivium Corporate Center Board of Directors. "A pharmaceutical manufacturer is the exact type of client the City and County envisioned when developing plans for the park."
“We are delighted to start our first North American facility in Hickory at the Trivium Corporate Center,” said Steffen Schuster, CEO of ITM. “This new site will give us the opportunity to provide Targeted Radionuclide Diagnostics and Therapy to our U.S. customers as quickly as possible. Hickory is an important biotech location, centrally located for distribution and very business friendly. We look forward to growing our company in Catawba County and working with local communities in creating long‐term employment.”
"We want to welcome ITM to Catawba County," said Randy Isenhower, chair, Catawba County Board of County Commissioners, and chair, Trivium Corporate Center Board of Directors. “ITM is bringing products to the market that improve outcomes and quality of life for cancer patients. We are honored they have chosen to do that in Catawba County. “
“The Targeted Radionuclide Therapies that ITM continues to develop are important tools in the fight against cancer,” adds Hickory Mayor Hank Guess. “I think almost everyone has lost someone in their life to cancer. Hopefully, ITM, and companies like it, will eventually cause that to happen less often. The City of Hickory appreciates their decision to locate at Trivium Corporate Center and looks forward to working with them as they establish their first U.S. location.”
"ITM is a company that changes lives, and we are grateful they have chosen to locate in Catawba County. Economic development is very competitive and having appealing sites as a result of the City of Hickory bond initiative can tip the scales in our favor," said Robin Nicholson, chair of Catawba County EDC. “ITM’s decision to construct a new facility in the Trivium Corporate Center is a perfect example. The EDC will continue working to create opportunities that can bring companies like ITM to Catawba County and provide quality jobs for our workforce."
ITM plans to hire a variety of employees for the new manufacturing operation, including chemical engineers, chemical equipment operators, quality control chemists, quality assurance auditors, health and safety engineers, industrial production managers, and other workers. Salaries will vary by position, but the average annual compensation will be above the Catawba County average wage. Hiring is expected to begin early 2020, with assistance by NC Works.
Local incentives will be considered for the project at an upcoming public hearing by the Catawba County Board of Commissioners and Hickory City Council.