ASHEBORO — A Sri Lanka-based apparel and textile manufacturing company plans to acquire the manufacturing assets of the Acme-McCrary Corp. in Asheboro.

MAS Capital plans to spend nearly $20 million to create new manufacturing capacity, offices and an innovation center at Acme-McCrary’s Pritchard Street plant, and to create at least 133 new jobs with an average wage of $30,637, while retaining current jobs in Asheboro.

“This is an exciting economic development project,” Bonnie Renfro, president of the Randolph Economic Development Corp., said at a joint meeting of the Randolph County Board of Commissioners and the Asheboro City Council on Monday night.

Following a public hearing, commissioners and council members each approved $150,000 to assist with costs of the expansion — for a $300,000 total incentive package. The money would be paid in no less than four annual installments contingent of the company meeting the job creation and investment requirements.

Based on the proposed taxable capital investment, the project is expected to generate new tax revenues of more than $300,000 each for the county and the city over four years.

MAS Capital employs 84,000 people in 48 manufacturing facilities in 15 countries. The private company is “one of the world’s largest design to delivery solution providers in apparel and textile manufacturing,” Renfro said.

The company produces sportswear, intimate wear and swimwear, and has strategic partnerships with brands such as Nike, lululemon, Victoria’s Secret, Polo Ralph Lauren, L Brands, Columbia and PVH.

MAS has a design office in New York, but does not have a manufacturing facility in the western hemisphere.

Brothers-in-law D.B. McCrary and T.H. Redding — partners in a farm machinery store — purchased Acme Hosiery Mills in 1909. The factory, which made coarse cotton stockings, was housed in a two-story brick building at the intersection of North and Salisbury streets. It was on the verge of bankruptcy.

Today, Acme-McCrary is the largest private label producer of hosiery in the United States — and the third largest in the world, behind Hanes Brand and Kayser Roth. Its core products include ladies sheer hosiery, tights, seamless apparel, trouser socks and children’s tights.

The company employs 277 people in Randolph County and 138 in Chatham County. Acme-McCrary also operates a facility in Honduras, which was established in 2010.

MAS will form a new subsidiary company, MAS US Holdings Inc., to acquire, expand and operate the business. The focus of the acquisition and expansion will be clothing manufacturing, product design and development, and warehousing. They will operate in Acme-McCrary’s locations in Asheboro, Siler City and Honduras, but the economic incentives will only be used for the expansion in Asheboro.

Sapona Manufacturing in Cedar Falls, a related company that manufactures yarn, is not part of the project. Sapona has 240 employees and will continue to operate as a separate company.

Also, the Acme-McCrary Corp. will keep its downtown Asheboro real estate assets and the primary manufacturing building on Pritchard Street.

“This is a great project for Asheboro — to retain those jobs, to connect with a global corporation,” said Asheboro City Manager John Ogburn. “Asheboro has a special relation with the McCrary family and we see no reason why, with the new folks at MAS, that can’t continue.”