Sept. 5, 2019
The incentives are a part of a program run by the Castle Rock EDC designed to help retain local businesses, as well as assist new companies interested in relocating to Castle Rock.
In June 2018, Master Magnetics, Inc. relocated to a 99,000 sq. ft. facility in Castle Rock, consolidating 85,000 sq. ft. across seven buildings and two locations in Castle Rock and Elbert, Colo.
“We spent a lot of time looking into this program and working with the Castle Rock EDC on the application last year,” Chief Operating Officer Jennifer Brown said. “Master Magnetics was founded in Castle Rock 43 years ago, and we wanted to keep the business here while setting ourselves up for future growth.”
Castle Rock EDC Vice President Marcus Notheisen explained that the incentive program is intended to help retain jobs while also attracting new businesses to Castle Rock. About 80 percent of Castle Rock’s workforce collects a paycheck outside the community.
“We’re a growing community right now,” Notheisen said. “With programs like this, when we have an opportunity to work with a primary employer to retain and encourage job growth in the community, we jump all over it.”
As one of the largest private employers in Castle Rock, Master Magnetics currently employees 90 people, many of whom live locally. The 2018 move brought 19 employees to Castle Rock from the Elbert County facility. Additionally, the company plans to continue expanding its workforce, adding up to 15 additional jobs as a part of the EDC incentives program.
“Consolidating our two Colorado locations has helped us increase our customer service and inventory levels, while also setting us up for future growth,” Brown said.
The funds received will go toward retention and expansion of the current workforce, as well as securing the additional capital equipment Master Magnetics needs in order to grow capacity and serve customers at the highest levels.
Established in Castle Rock in 1976, Master Magnetics has become the industry leader with more than 20 million magnets in stock. The company provides magnetic devices and materials in four major channels of business: Industrial magnetic devices, flexible magnetic sheeting, strip and point of purchase magnets, packaged magnets for resale and raw magnetic material.
Magnetic products are marketed under The Magnet Source® brand, a registered trademark of Master Magnetics that represents exceptional quality, expertise and customer service.
For additional information about the Castle Rock Economic Development Council, please visit castlerockedc.org.