Core Technology Molding, a plastic injection manufacturer based in Greensboro, plans to add 68,000 square feet to its operation and create 26 new jobs in the next four years.
The company, founded by CEO Geoff Foster, said it will spend $27.8 million on the land, the building and equipment. It’s currently in a 36,000-square-foot building with plans to build a 104,000-square-foot facility. A location has not yet been finalized.
Privately held Core Technology has revenue less than $50 million, but Foster says the company has experienced 300% growth since COVID-19 started in early 2020. Its customers include Applied Material, BMW Manufacturing, GE Appliances, Husqvarna, Merck, Pfizer, Mercedes-Benz, Snap-on Tool, Volvo Mack Trucks and Volvo Car.
“Our growth is a testament to the hard work and dedication of our team, and this expansion will allow us to continue to serve our global OEM customers with the highest-quality products,” says Foster, who adds he’s looking at a site about six miles away from the current location.
The jobs are expected to have an average wage of $58,885, above the Guilford County average of $48,747. Core Technology currently has 60 employees. The Greensboro City Council approved an economic incentive package of $520,407 for the expansion.
Foster and his wife founded the company in 2006. Its advanced machinery produces millions of components each year that go to 150 countries. About two-thirds of its business is with biopharmaceutical companies.
In 2018, the company moved into one side of an approximately 70,000-square-foot building in the Gateway Research Park, a partnership of N.C. A&T University and UNC Greensboro, on the east side of Greensboro.
Foster, who holds two degrees from NC A&T State University and an MBA from Wake Forest University, was named the 2015 Minority Small Businessman of the Year by the Greensboro Chamber of Commerce. Before starting Core Technology, he worked in Durham at Corning Life Sciences, where he was responsible for an $80 million product line and 125 employees.
Foster says the company is working with Guilford Technical Community College and the NC Apprenticeships program to develop employees. Core Technology offers profit sharing and tuition reimbursement for its workers, who take an annual trip together.
“I’ve been teaching at North Carolina A&T for 20 years, so I kind of cherry pick my best students,” says Foster at a recent Business North Carolina manufacturing round table. Now, we’re reached out to other schools and other universities where we can hire top talent that’s already in the state.”
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