STERIS plc to Boost Lee County Economy with $600 Million Investment
In a significant boost to the local economy, STERIS plc (NYSE: STE), a prominent player in the healthcare sector, is set to create 335 new jobs in Lee County, North Carolina. This development comes as the company plans to invest a substantial $600 million in setting up a new Chemistries Manufacturing Center of Excellence in Sanford.
Governor Josh Stein lauded this development, stating, “STERIS is making a major investment in North Carolina, which reinforces our state’s reputation as a powerhouse in the life sciences industry.” He emphasized the state’s long-standing excellence in manufacturing and innovation as key factors in attracting global companies like STERIS.
Founded in 1985, STERIS is a global provider of solutions focused on infection prevention in healthcare. With a workforce exceeding 18,000 employees across approximately 250 locations in over 35 countries, the company’s new 600,000-square-foot facility will host advanced manufacturing, research and development, laboratory, warehouse, and distribution operations.
Dan Carestio, President and CEO of STERIS, remarked, “After extensive analysis of our existing facilities and Customer demand, we have decided to make a significant investment in the United States to support our long-term global growth. Creating a formulated chemistries Center of Excellence will allow us to accelerate innovation, expand capacity and optimize our U.S. chemistries manufacturing and distribution network.”
N.C. Commerce Secretary Lee Lilley highlighted the strategic importance of the decision, noting, “STERIS’ decision to make its Center of Excellence in Lee County affirms the region’s emergence as a premier hub for advanced manufacturing.”
The new jobs at STERIS will offer an average annual salary of $68,704, which surpasses Lee County’s average of $59,903. This initiative could lead to a potential annual payroll impact exceeding $23 million for the region.
The state’s Economic Investment Committee has approved a Job Development Investment Grant (JDIG) to facilitate STERIS’ move, which is projected to boost the state’s economy by $1.8 billion over 12 years. The JDIG agreement authorizes potential reimbursements up to $3,213,000, contingent on the company’s performance in job creation and investment targets.
The project is expected to yield a 325 percent return on public investment, translating to $4.25 in state revenue for every dollar spent. Even after grant reimbursements, JDIG projects typically generate positive net tax revenue for the state treasury.
Due to STERIS selecting a site in Lee County, classified as a Tier 2 area under the state’s economic tier system, the JDIG agreement includes a provision to move up to $357,000 into the state’s Industrial Development Fund – Utility Account. This account aids rural communities in upgrading infrastructure to attract future business ventures.
Senator Jim Burgin expressed enthusiasm about the investment, stating, “We are proud to welcome STERIS to Lee County. This landmark investment and expansion mark an exciting new chapter for both the company and our community, creating opportunities for shared growth and long-term economic prosperity.”
Representative John Sauls echoed similar sentiments, highlighting the positive implications for the region’s workforce and business environment.
Key partners in this project include the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, the North Carolina General Assembly, and several other local and state organizations committed to fostering economic growth in the region.
Read More Here
