Prysmian Group, a world leader in the telecom cables and systems industry, will expand its North American headquarters in Lexington County, SC. The expansion will exceed $15 million of capital investment and is projected to create 30 jobs over the next five years.
“Over the years, the manufacturing industry has grown dramatically throughout the State of South Carolina, creating a unique ecosystem in our region that attracts top-tier talent,” said Prysmian Group North America CEO Hakan Ozmen. “As a global leader in innovation, Prysmian Group plans to continue investing in the talent and manufacturing opportunities in South Carolina and beyond.”
In May 2017, Prysmian Group, which employs approximately 20,000 people across 50 countries worldwide, announced plans to make significant investments throughout North America. The investments will allow the company to execute a three-year, $300 million contract to aid Verizon in the development of its 5G and new broadband networks. Under this agreement, Prysmian Group will supply nearly 11 million miles of ribbon and loose tube cables.
The Lexington County expansion is part of that North American investment and, once completed, will make the facility Prysmian’s top producer of fiber cable in the world. This project complements two additional South Carolina investments, which the company announced earlier this year.
In July, Prysmian announced a $14 million investment in its Abbeville facility to fulfill future renewable energy projects. In August, the company broke ground on a new research and development center expansion in Lexington, bringing additional industry experts from around the world to South Carolina.
“Prysmian continues to demonstrate a strong commitment to the State of South Carolina, and we couldn’t be more proud to see them thriving here,” said Gov. Henry McMaster. “By announcing their third expansion this year, this company is making a statement that our workforce, infrastructure and pro-business environment are ‘Just right.’”
The Coordinating Council for Economic Development has approved job development credits related to this project.
“South Carolina offers businesses a strong foundation on which to build success, and Prysmian Group’s decision to further expand their operations here is another indication of that fact,” said Secretary of Commerce Bobby Hitt. “We are proud of the partnership that the State of South Carolina has cultivated with this great company.”
Relocating or Expanding Your Business In South Carolina
Considering South Carolina for your company’s relocation or expansion project? Check out Business Facilities’ South Carolina Incentives and Workforce Development Guide.
– Read: Telecom Cable Company Expanding For Third Time In South Carolina at BusinessFacilities.com.