YG-1 America, Inc. plans to locate its advanced manufacturing center in Charlotte, North Carolina, creating 53 jobs and investing approximately $13.8 million over the next three years in Mecklenburg County.
“We chose Charlotte because of its optimistic growth and bright future business outlook both domestically and internationally,” said H.K. Song, Chairman/President of YG-1 Co. “This makes Charlotte an ideal location for recruiting, retaining and discovering needed talent in our highly competitive sector. We appreciate the assistance of Governor McCrory and the Department of Commerce and look forward to commencing operations in Charlotte.”
"My administration continues to aggressively recruit and expand international businesses like YG-1 America throughout North Carolina,” said Governor Pat McCrory. "Today's job announcement shows that by working together and effectively leveraging our state's talent and resources, North Carolina will continue to be a leader in manufacturing."
YG-1 America, Inc. is a subsidiary of YG-1 Co., Ltd., which is among the fastest growing companies in the advanced tool manufacturing industry, according to the North Carolina Department of Commerce. It produces numerous instruments including drills, taps, end mills, spade drills and rotary tooling.
“Jobs are the key to thriving communities,” N.C. Commerce Secretary Sharon Decker said. “We thank YG-1 America for this key investment in Mecklenburg County, and look forward to working closely with them for years to come.”
The project was made possible in part by a performance-based grant from the One North Carolina Fund of up to $135,000. The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. These grants also require and are contingent upon local matches.
Other partners that helped with this project include: the North Carolina Department of Commerce, Mecklenburg County, the City of Charlotte and Duke Energy.