Linamar's New Precision Machining Facility in NC to Create 363 Jobs
The manufacturer plans to create 363 jobs over four years beginning in 2012. The overall average for the new jobs is $39,931 a year (not including benefits). If the market performs as expected, company officials say the project could create up to 400 jobs and an additional $45 million in capital investment by 2020.
Headquartered in Guelph, Ontario, Canada, Linamar Corporation is a world-class designer and diversified manufacturer of precision metallic components and systems for the automotive, energy and mobile industrial markets.
The company will receive numerous performance-based incentives, including a $200,000 grant from the state's One North Carolina Fund. Linamar must meet job creation and investment targets to receive payments; the grant requires a local match, and is contingent upon approval of local incentives.
The state Economic Investment Committee awarded Linamar a Job Development Investment Grant, which is 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 job targets are met, the grant could yield $2.5 million in maximum benefits for the company.)
In addition, up to $840,000 could be added to the state's Industrial Development Fund for infrastructure improvements in economically distressed counties.
Other community partners that helped land the project include the NC Department of Commerce, NC Community Colleges, City of Asheville, Buncombe County, Asheville Area Chamber of Commerce, the Economic Development Coalition for Asheville-Buncombe County,and Progress Energy.
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