(The Center Square) – Prysmian, manufacturer of fiber and glass, has received a $1 million performance-based grant from the One North Carolina Fund for its $1 billion expansion in Catawba County.

With net profit in the first half of 2026 of $681.8 million (584 euros), at a $1.3 billion annual pace, the Milan-headquartered company has an American market share of more than 24% in wire and cable manufacturing. Expected at the Claremont facility are 385 new jobs and vertical integration of a new glass production facility, along with upgrades to existing buildings to double capacity for fiber-optic manufacturing.

Light through total internal reflection is pivotal to high-speed internet, global telecommunications and data transmission across long distances with minimal signal loss.

In a statement from the governor’s office, Prysmian North America CEO Andrea Pirondini said, “This investment demonstrates our commitment to supporting the growth of the U.S. demand for advanced digital solutions. We are one of just three U.S. manufacturers of fiber and optical cables, and now we are committing more than a billion dollars to new innovative solutions and transformational capacity growth.”

First-term Democratic Gov. Josh Stein, in a release, pointed out that the $60,870 average annual salary for the new positions exceeds Catawba County’s norm of $56,937. Average wage comparisons are questioned by economists because salaries of a few corporate leaders can skew the average higher, while it would not have the same impact on the median wage.

The One North Carolina Fund does not give money up front; rather, companies must meet job creation and capital investment targets to qualify for payment. Many do not. Prysmian’s target is an investment of $665 million.

Prysmian North America is headquartered in Highland Heights, Ky. Nexans is a distant second to Prysmian in world market share.