United Technologies Corporation, a manufacturer of high-technology products, will invest $4 million to bring its divisional headquarters to Charlotte, North Carolina, creating 325 jobs over the next five years.
United Technologies provides products and services to the global aerospace and building systems industries, including military and commercial helicopters, aircraft engines and aerospace systems, heating, refrigeration and air conditioning systems, fire and security systems, and elevators and escalators.
Gov Bev Perdue said the project was made possible, in part, by state grants from the Job Development Investment Grant and the One North Carolina Fund award. "Creating jobs is my top priority," said Perdue. "We do that by attracting new companies to North Carolina and by helping companies that already call North Carolina home to expand. We know we have the skilled workforce and first rate business climate that United Technologies needs to thrive and grow in North Carolina."
As an incentive to facilitate this expansion, the company has been awarded a grant of up to $2.5 million from the state's One North Carolina Fund. One North Carolina Fund grants require a local match, and this grant is contingent upon approval of local incentives.
In addition, the state Economic Investment Committee voted today to award a Job Development Investment Grant to United Technologies. Under the terms of JDIG, the company is eligible to receive a grant equal to 75 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the 12 years in which the company meets annual performance targets. If United Technologies meets the targets called for under the agreement and sustains them for 12 years, the JDIG could yield as much as $16.5 million in maximum benefit for the company.
In addition, up to $5.5 million could be added to the state's Utility Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded in the state's more economically prosperous counties such as Mecklenburg, 25 percent of the grant is allocated to the Utility Fund to encourage economic development in less prosperous counties.
The company is in the process of acquiring Goodrich Corporation, a global aerospace manufacturer with corporate headquarters in Charlotte. After the completion of the acquisition, which is still subject to regulatory approval, the headquarters for United Technologies' UTC Aerospace Systems business will be in Charlotte.
"UTC is extremely pleased to be expanding its footprint in North Carolina with the leadership team for its Aerospace Systems business," said Alain M. Bellemare, President and Chief Operating Officer of UTC Propulsion and Aerospace Systems. "With the continued growth of global air travel, Charlotte will serve as a strategic centerpoint for our operations as we position the company to meet this demand."