7-11-06 - A Sherman industry that has struggled to make ends meet has now been given a release from their financial repayment to the Sherman Economic Development Corporation. SEDCO officials say due to recent economic success by the semiconductor manufacturer, Globitech has met many of their prior financial commitments.
Since coming to Sherman they have failed to pay taxes, gone into default, and even had to repay some of their incentives. But yesterday Globitech officially completed a turnaround from delinquent company to a Sherman success story.
Back in 2001 the semiconductor material company received $2.5 million and 25 acres of land as part of a SEDCO incentive package. Unfortunately, that was the same time the market took its biggest plunge ever.
Globitech struggled out of the gate to pay taxes, and after going into default had to sign a compromise settlement agreement in 2003 with SEDCO to return $600,000 of their incentives over the next 10 years.
But that agreement was torn up yesterday after SEDCO acknowledged the tremendous amount of growth Globitech has seen in 2006.
Growing by 30 percent and expecting to double their output over the next 18 months was a big time bounce back that took Globitech from the verge of pulling the plug all the way to one of Sherman's brightest prospects.
John Boswell, SEDCO President, said, “They lived up to the agreement, original agreement for jobs and investment. Jobs are here, investment is here, happy to release them from that and have them in good standing with SEDCO.”
Globitech is back in good standing and actually exceeding expectations. They are employing twice as many workers than they originally contracted for. SEDCO says yesterday’s news will have as positive an impact as any new business that may come to town.
Globitech broke ground on a new facility in China just last month.