$20 M FiberCore funding launches American plant
FiberCore Inc. will launch in the American market with a $20 million financing boost for its proposed Auburn, Ala., manufacturing plant. The deal was sweetened by a $1.1 million piece of donated property from the city, and $10 million in tax abatements, credits and other incentives.
FiberCore will contribute $10 million of the $30 million plant costs, with the rest supplied via a 15-year loan from The Retirement Systems of Alabama.
The resulting company, FiberCore U.S., will be a wholly owned subsidiary of FiberCore, and will produce multimode fiber for data communications markets, "where applications are internal to a facilitiy, rather than single-mode fiber that is used for the long-haul markets," says President and CEO Dr. Mohd A. Aslami, in a statement.
The company expects to finish construction about 15 months from its groundbreaking sometime in 2002, Aslami says, and will be up and running in 2004.