Linamar Corporation, Invests $75 Million To Expand Its Ashville, North Carolina Manufacturing Facility, Creating 250 Jobs
The project was made possible, in part, by a North Carolina Job Development Investment Grant. To meet the targets established in this performance-based grant, the company plans to create 250 jobs over five years, Gov. Bev Perdue's office said.
"There's no better proof of the strength of North Carolina's business climate than one of our newest companies already expanding," the Governor added. "Our investments in education and infrastructure are paying off with an educated, skilled workforce that is attracting new jobs."
Last June, Linamar announced plans to locate its manufacturing facility in Asheville on Hendersonville Road and hire 363 workers. New in full operation, the plant produces items such as engine blocks and axle components for the heavy duty industry.
"We have had a great experience in our first year in Asheville," said Nick Adams, President of Linamar's Industrial, Commercial and Energy Group. "The tremendous support provided by the city, Buncombe County and the state of North Carolina has been instrumental in our decision to expand our business here. As we said last June, we wanted to become part of the community and continue to grow here. We're thrilled to be making this happen."
Ontario, Canada-based, Linamar Corporation is a designer and manufacturer of precision metallic components and systems for the automotive, energy and mobile industrial markets. It is a leading supplier of engine, transmission and driveline, modules and systems and mobile aerial work platforms.
As an incentive, the state Economic Investment Committee awarded Linamar a Job Development Investment Grant. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant.
Under the 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 nine years in which the company meets annual performance targets. If Linamar meets the targets called for under the agreement, the JDIG could yield $2.6 million in maximum benefits for the company.
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