Charlotte Pipe and Foundry Company has been awarded a Job Maintenance and Capital Development Fund (JMAC) grant to support the relocation of its foundry operation from Mecklenburg County to Stanly County. In modernizing its production of cast-iron soil pipe, fittings and castings, the company will retain at least 1,050 jobs in North Carolina as it invests $325 million in Stanly County. At least 400 of these jobs will be based at the state-of-the-art facility in Oakboro, which is expected to commence commercial operations in early 2024.

The North Carolina Economic Investment Committee (EIC) approved the JMAC grant. Charlotte Pipe and Foundry could receive up to $15 million over the 10-year life of the JMAC. Under conditions of the grant, the company must invest at least $325 million at its new site in Stanly County in addition to maintaining the workforce from its current operations in North Carolina.