Wednesday, May 28 2014
Sherman Economic Development Corporation (SEDCO) today announced GlobiTech will double the original planned expansion at its Sherman, Texas facility. GlobiTech will invest $18 million in new production equipment and create 20 new jobs. SEDCO is providing an incentive grant of $900,000 to assist the company in the project.
During the March 2014 meeting, the SEDCO Board of Directors approved a performance agreement to provide an incentive grant of $480,000 to assist GlobiTech with its expansion project of capital investment of $9.6 million and creating ten new jobs. Since that time, GlobiTech’s parent company decided to essentially double its investment at their Sherman facility. The existing performance agreement contract was amended to include the additional investment, jobs and incentive grant amounts.
“We are excited about adding further investment and jobs at our GlobiTech operations in Sherman, Texas.“, said Mark England, president of GlobiTech Inc. and vice president of parent company GlobalWafers Co., Ltd. “Sherman continues to be an excellent partner and we are pleased to be able to increase our presence in the community. We appreciate the continued support of the Sherman Economic Development Corporation.”
“The decision of GlobiTech’s parent company to double the investment and job creation in their Sherman facility, is impressive.” said Chris Pendergrass, chairman of Sherman Economic Development Corporation. “Sherman continues to thrive as a great location for manufacturing. SEDCO’s ability to assist companies like GlobiTech, through their incentive program, is one of the reasons Sherman is attractive to major employers.”
GlobiTech is located on FM 1417 in Progress Park. They produce silicon epitaxial products and services to the worldwide semiconductor industry. GlobiTech will invest $18 million in new equipment and hire twenty new staff members to its current base of 174 employees. SEDCO agreed to an incentive grant of $900,000 to be paid in two installments over the next sixteen months as the company meets its goals.
Sherman Economic Development Corporation (SEDCO) is the economic development organization for the City of Sherman supported by a local sales tax. Sherman is a growing city of 40,000 in the Sherman/Denison MSA about 40 miles north of Dallas, Texas. Sherman is a lead city in the two-state Texoma region. SEDCO is focused on growing the local economy through marketing, incentive programs, real estate development (Progress Park) and corporate customer service. SEDCO has attracted 857 jobs and over $812 million in capital investment to the community since 2011.
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