JELD-WEN Plans Training Center-Headquarters In Charlotte, North Carolina
Founded in 1960, the company designs, produces, and distributes an extensive range of energy-efficient doors, windows, and related products for use in residential and commercial buildings.
“JELD-WEN is investing in Charlotte because this vibrant city has so much to offer in the way of talent and amenities,” said Mark A. Beck, President/CEO of JELD-WEN. “We appreciate the support provided through the state Job Development Investment Grant as well as local Charlotte Mecklenburg support and we look forward to strengthening our connection with this great community.”
As an incentive, JELD-WEN’s expansion in Charlotte will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Under the terms of the company’s JDIG, the company is eligible to receive up to $2.4 million in total reimbursements.
Payments will occur in annual installments over 12 years pending verification by NC Commerce and NC Revenue that the company has met incremental job creation and investment targets. JDIGs reimburse new and expanding companies a portion of the newly created tax-base with the goal of increasing the overall tax benefit to the State of North Carolina. The state reimbursement is contingent upon local participation from Mecklenburg County and the City of Charlotte.
By law, JDIG projects must result in a net revenue inflow to the state treasury over the life of the award. In the case of JDIG-supported projects in Tier 3 counties such as Mecklenburg, 25 percent of the award is directed to the state’s Industrial Development Fund – Utility Account to help finance economic infrastructure in less populated Tier 1 and Tier 2 counties. JELD-WEN’s expanded operations could provide as much as $813,750 in new funds for the Utility Account. For additional information on county tier designations, click here.
“North Carolina’s outstanding business climate continues to attract new jobs and investment from global companies looking to sharpen their competitive edge,” said Governor Pat McCrory. “This expansion by JELD-WEN speaks highly of our state’s great workforce and to the company’s confidence that it can recruit top executive-level talent here from around the world.”
“Global companies need global connectivity, and North Carolina offers convenient access to both domestic and international markets,” North Carolina Commerce Secretary John E. Skvarla, III. “Charlotte’s excellent air service, for example, puts JELD-WEN’s leadership team within easy reach of its operations around the world.”
Numerous organizations joined North Carolina Commerce and the Economic Development Partnership of North Carolina in supporting JELD-WEN’s expansion. They include the North Carolina General Assembly, North Carolina Community College System, Mecklenburg County, the City of Charlotte and the Charlotte Chamber of Commerce.
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