But the recession has a bright side:

Noël recently took advantage of depressed real estate prices to buy nearly 50 acres of land next to the manufacturing operations and headquarters offices of Nomaco, Nomacorc and other plastics companies he controls.

Since he started a small venture to produce pipe insulation 30 years ago, his companies have expanded to make mattress foam, pool toys, plastic wine corks and other products.

Now Noël's vision for the next two decades is to continue adding new products and spinning off new companies. And he wants to build a corporate campus in the Zebulon industrial park to hold it all by adding amenities such as a cafeteria, fitness facility, day-care center and medical facility.

"Eventually, there could be twice the number of employees we have today," Noël said. "Then you can support those types of services. This is a very long-term idea and vision."

The privately held Noël Group's companies collectively employ more than workers 1,100 worldwide, including 450 in Zebulon.

The totals are down slightly this year, but the local figure still puts it among the biggest employers in eastern Wake County.

Over the years, Noël continued buying land in Zebulon, and owned 35 acres before the latest real-estate deal.

An investment group led by Noël recently paid $700,000 for 48 acres with a tax value of more than $2 million, according to Wake County records.

"There was a reasonable opportunity to buy this land," Noël said.

He hired CE Group in Cary to develop a master plan for a campus, but doesn't have a firm timetable and hasn't shared details with Zebulon officials.

"You have a company with a strong, proven track record that's been good to the community and is now interested in expanding," said Mayor Robert Matheny. "What more could you ask for?"

Noël's business model is to have a small holding company with a broad range of companies that operate under it. He breaks off new ventures as the business evolves so that each one focuses on a specific market.

In May for example, Nomaco, which makes foam for mattresses and other home furnishings, spun out Construction Foam Products, which sells foam seals for windows and doors.

"In that way, we broaden our core," and spread out the risk, Noël said.

"It's very likely that we will find more opportunities in the future to do these kinds of things. That's why this additional land will be very helpful."

Still, the Noël Group's overall business is down this year, as core markets such as bedding and construction have retracted, he said.

Even the wine business isn't recession-proof. Nomacorc expects to produce 2 billion plastic wine corks this year, about the same as in 2008.

"In a normal economy, we would have had a 10-15 percent increase," Noël said.

And while he keeps looking out two decades or more, Noël knows there could be more economic pain in the short term.

"I see some encouraging signs, but it's going to be a long healing process," Noël said.

Staff writer Jack Hagel contributed to this report.