With boost from state, Freudenberg-NOK to expand and hire in NH
Freudenberg-NOK, which manufactures sealing components for the automotive and aeronautics industries, will use $3 million to expand its Northfield plant, with the rest of the funds used to refinance existing debt on the facility, according to N.H. Business Finance Authority Executive Director Jack Donovan.
“This expansion reflects the growth of the U.S. auto industry,” Donovan told councilors at their meeting in the Peterborough Town House. “We’re helping a manufacturer expand while keeping their costs down in a part of the state that needs jobs.”
Once the third shift is in full operation in 2014, Donovan projected the company’s employment could increase from 115 up to 200 workers.
“Anywhere that two pieces of metal go together, like axles or drive-trains, you need seals or gaskets between them, and that’s what they make,” Donovan said. “They retreated a bit during the recession but as you may have noticed, the auto industry is expanding dramatically now, and improving exports because production costs have been brought down.”
Sununu said the company has a strong balance sheet and could likely obtain financing on the open market.
“We don’t waive taxes here or do the kinds of things they do in other states to attract industry. This is something we can do to keep them here,” he said. “They’re a good company; they like the state and we want to keep them here.”
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