FIRST ON 3: Invista to cut jobs

Bad news tonight for some employees and contractors at Invista’s Wilmington plant. The company announced today it will cut 50 jobs.

In 2007 New Hanover County Commissioners approved a $3 million incentive package for Invista contingent on the company investing $200 million in the plant and creating 50 new jobs, but the deal never went through.

The incentive plan was to be paid over six years, but a company spokesperson said in 2008 Invista executives realized they could not hold up their end of the deal because of tough market conditions. As a result New Hanover County never paid the incentive money, and Invista never created the jobs.

Instead, Invista is now cutting 50 jobs. The company, which produces polyester fibers, resin and other polymers is also stopping production of one of its chemicals.

County Commissioner Bill Caster was on the board three years ago when it approved the incentive package. He says it’s disappointing to see the lay-offs.

“We don’t like 50 people to leave no matter what the deal is, because those are 50 citizens paying taxes and spending money here,” Caster said. “So that’s a shame. Invista’s a great company and has done a lot for the area, so we certainly don’t like that.”

In a statement Invista said it’s a tough decision, but it is key to the success of the company.

Caster said it’s sad to see these jobs go, especially in such a tough economy. He says a big motivator in approving incentive packages is to create jobs for our community.