en.Wedoany.com Reported - BorgWarner has announced a $100 million investment to expand its operations in Henderson County, North Carolina, which is expected to create 378 new jobs. North Carolina Governor Josh Stein stated in the announcement that the funds will be used for the company's vertically integrated operations.
Last October, BorgWarner announced an investment of nearly $75 million to build an advanced manufacturing facility in Hendersonville. This expansion will add 140,000 square feet to the company's existing campus.
The new positions will include technical staff, logistics personnel, and production line employees. While salaries will vary by position, the average annual wage will be $67,047, which is higher than the Henderson County average of $54,118.
The expansion project is supported in part by a Job Development Investment Grant (JDIG) approved earlier that day by the state's Economic Investment Committee. Over the 12-year term of the grant, the project is estimated to contribute $1 billion to the state economy. Based on a formula that accounts for tax revenues generated by the new jobs and capital investment, the JDIG agreement authorizes BorgWarner to receive up to $3,685,500 in reimbursements over 12 years. According to the governor, state payments are made only after the company meets its incremental job creation and investment targets. The project is projected to yield an 88% return on public investment, meaning for every $1 in potential cost, the state gains $1.88 in revenue.
Because BorgWarner chose to locate in Henderson County, which is classified as a Tier 2 county under the state's economic tier system, the JDIG agreement also requires transferring up to $409,500 into the state's Industrial Development Fund – Utility Account. This account helps rural communities finance infrastructure upgrades.
BorgWarner is a supplier to major global original equipment manufacturers (OEMs), employing approximately 37,500 people across 81 facilities worldwide.
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