FiberCore U.S. is a wholly owned subsidiary of FiberCore Inc. of Charlton, MA. FiberCore makes optical fiber and preform for telecommunication and data communications companies.
FiberCore is contributing one-third of the estimated $30 million project, the company says in a prepared statement. The remaining cost will be covered by a 15-year loan from the Retirement Systems of Alabama. The loan carries an 8% interest rate. The property, plant and equipment are being put up as collateral for the loan.
The city of Auburn is donating the property, at a value of about $1.1 million. FiberCore U.S. also is eligible to receive tax breaks, credits and other incentives from the city and state over the next 20 years worth an estimated $10 million.
FiberCore's other manufacturing facilities are in Jena, Germany and Campinas, Brazil.
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