Quick Facts

Project Name
TDC Cutting Tools/Greenfield Industries
CDE
Greenville New Markets Opportunity II, LLC
  (GNMO II)
Total Development Cost
$11,731,685
GNMO II Allocation
$7,000,000
BANK OF AMERICA ALLOCATION
$3,000,000
Location
2501 Davis Creek Road
Seneca, SC 29678
Developer
TDC Greenfield Properties, LLC
Square Footage
47,000
Leveraged Lender
Bank of America, N.A.
NMTC Investor
Bank of America Community
Development Corporation
Permanent Jobs
302 Direct
161 Indirect/Induced
Construction Jobs
46 Direct
21 Indirect/Induced
Low-Income Community
Non-Metropolitan Census Tract
State Enterprise Zone
Poverty: 32.8%
Financing Complete
January 2015

TDC Cutting Tools/Greenfield Industries


Oconee County, South Carolina

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-sq.-ft. campus, including a 32,000-sq.-ft. office building and a 15,000-sq.-ft. 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.

“GNMO II funding was instrumental in this significant job creation project in Oconee County. We are excited to see TDC continue to grow in our community.”

– Richard Blackwell, Executive Director, Oconee Economic Alliance

Since 2014, taxadvantagegroup has co-managed its affiliated $38 million Greenville New Markets Opportunity II (GNMO II) NMTC fund with the Greenville Local Development Corporation. The fund mission is to serve and provide investment capital for projects that create quality jobs and/or enhance health and wellness outcomes in low-income communities across the 10-counties in Upstate South Carolina.

For more information contact:

Tammy C. Propst | 864.271.2737 | tpropst@taxadvantagegroup.com