SHERMAN - Sherman Economic Development Corporation (SEDCO) has announced that GlobiTech will invest $18 million in new production equipment and create 20 new jobs at the firm’s plant on FM 1417 in Progress Park.
GlobiTech originally planned an expansion project of capital investment of $9.6 million and ten new jobs in March.
Since that time, GlobiTech’s parent company decided to essentially double its investment. The existing performance agreement with SEDCO was amended to include the additional investment, jobs, and increased incentive grant amounts.
SEDCO is providing an incentive grant of $900,000 to assist the company in the project.
GlobiTech currently employs 174 employees.
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