Denver Global Products, Inc., a subsidiary of China-based Chongqing RATO Power Company Ltd., will invest $30.2 million to establish its manufacturing, distribution and research and development facilities in Denver, North Carolina, with estimates of creating 450 jobs over the next four years.
RATO manufactures and distributes thermo-power products and general-purpose engines for all-terrain vehicles, motorcycles, water pumps and generators. The new Denver Global campus in Lincoln County will accommodate the company's administrative sales, manufacturing, distribution, and research and development operations.
Denver Global, located at 405 North Pilot Knob Road in Denver, North Carolina, northwest of Charlotte, concentrates on innovating solutions for consumer products. The manufacturing facility will produce DGP developed products as well as RATO products. Incorporated in North Carolina in 2010, Denver Global was acquired by China-based Chongqing RATO Power in January. The company currently employs 27 people at its Lincoln County location.
"Denver Global greatly appreciates all the support the company has received from Gov. Perdue, the State of North Carolina and Lincoln County. Many of us live in Lincoln County, we started our company in Lincoln County and we are all pleased with the opportunity to continue to grow our business from our base here," stated Denver Global Products CEO, Roger Leon.
Gov. Bev Perdue said the project was made possible, in part, by a state Job Development Investment Grant. The state Economic Investment Committee awarded a Job Development Investment Grant to Denver Global Products. Under terms of the JDIG, the company is eligible to receive a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the ten years in which the company meets annual performance targets. If Denver Global meets the targets called for under the agreement, the JDIG could yield $2.7 million in maximum benefits for the company.
"North Carolina continues to be a top choice for companies looking to establish advanced manufacturing as well as research and development facilities," Gov. Perdue said. "This proves how important our investment in education and infrastructure is, and that it's resulting in good jobs for North Carolinians."
The Governor's Office said other partners that assisted with this project include: the N.C. Department of Commerce, N.C. Community Colleges, Lincoln County, Lincoln Economic Development Association and the N.C. Rural Economic Development Center.