Expansion of Baldor Electric to Create 166 Jobs in North Carolina
Based in Ft. Smith, Arkansas, Baldor is the North American leader in industrial electric motors. Officials said the project is needed to accommodate a growing demand for the company's wind-powered technology.
Michael Chrisawn, president of the Cleveland County Chamber of Commerce said the expansion represents a $17 million investment-and has the potential for additional growth.
A $400,000 grant from the One North Carolina Fund is helping Baldor finance the project. Cleveland County Manager Eddie Bailes said Baldor would receive ad valorem taxes totaling about $62,000 a year for 10 years under a proposed industrial incentive grant .
Currently the firm employs about 6,800 people in North America.
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