Caterpillar has completed site selection for its $426 million manufacturing plant and selected Winston-Salem, North Carolina for the project that will employ up to 510 people, the Winston-Salem Journal reports.

"They are not a stranger to North Carolina," Governor Bev Perdue said of Caterpillar at a press conference this afternoon at Forsyth Technical Community College. "They have a thousand employees here."

Caterpillar chose Winston-Salem over Montgomery, Alabama and Spartanburg, South Carolina. An incentives package of $23.5 million helped the company settle on Winston-Salem.

The company will make components for heavy-duty mining trucks at the new facility.