Case Study

NMTC Case Study for TDC Greenfield Industries

February 8, 2021

The Project

TDC Cutting Tools, Inc., one of the world’s leading manufacturers of cutting tools, established its overseas headquarters in Oconee County, S.C. at the same site as its subsidiary, Greenfield Industries. The company invested $11.7 million in the construction of a 47,000 square foot campus, including a 32,000 square foot office building and a 15,000 square foot high-speed metals recycling facility. The recycling facility’s purpose is to enable sustainable solutions in the metal recycling industry that reduce solid materials waste. It permits Greenfield to tap into an existing flow of steel scrap to which its strategic partners are highly connected, and it helps ensure additional steel scrap metal will be reprocessed rather than disposed of in landfills. Together, both companies employ more than 3,300 individuals worldwide and produce more than 300 million tools annually.

Community Impact

The project supports 348 direct jobs (302 permanent, 46 construction) with permanent jobs paying an average wage 121% greater than the Low-Income Community’s per capita income. In addition, employment benefits such as health insurance, dental and vision insurance, disability insurance, a 401k plan with company match, and on-site health care are provided.

Employees have access to opportunities for job training and advancement, including participation in the company’s U.S. Management Trainee Program and an educational reimbursement scholarship program for employees that secure a bachelor’s or master’s degree.

To encourage accessibility of jobs to LIC residents, the company has established two apprentice programs with Apprenticeship Carolina in conjunction with Tri-County Technical College. An apprenticeship is a time-tested method of employee development that combines supervised on-the-job learning and job-related education. Registered apprenticeship programs also enable employees to receive incremental wage increases as they demonstrate new competencies throughout the training program. Rick Cothran, dean of corporate and community education at Tri-County Technical College, said, “The apprenticeship program we have with Greenfield Industries allows us to provide quality education and training for their employees so they can focus time and resources on their expansion in Oconee County. It’s a great partnership.” Greenfield Industries is also establishing a youth apprenticeship program where area high school students will learn to work in a metal working manufacturing environment.

 

TOTAL PROJECT COST:

$11,731,685

 

NMTC ALLOCATION:

$10,000,00

 

FINANCING COMPLETE:

January 2015

 

PROJECT SPONSOR:

TDC Greenfield Properties, LLC

 

CDEs:

The Innovate Fund/
Bank of America

 

NMTC INVESTOR:

Bank of America Community Development Corporation

 

LEVERAGED LENDER:

Bank of America, N.A.

 

ADDRESS:

2501 Davis Creek Road
Seneca, SC

 

CENSUS TRACT:

45073030702

 

COMMUNITY OUTCOMES:

47,000 SF
348 Direct Jobs
182 Indirect/Induced Jobs

 

LOW-INCOME COMMUNITY:

Poverty Rate: 32.8%
Non-Metropolitan County
State/Local Economic Zone

 

NMTC Case Study for TDC Greenfield Industries