Canada-Based Linamar Corporation Invests $40 Million To Expand In Wilson, North Carolina
Linamar Corporation will be taking over the operations of Carolina Forge Company in Wilson County. This operation includes forging and light machining of automotive components. Carolina Forge employed 145 in Wilson and those jobs will be retained by Linamar Corporation. An affiliated company, Linamar, North Carolina, currently employs 169 workers in Buncombe County.
“We are excited about the completion of this acquisition bolstering our presence in North Carolina and establishing us firmly in the forging business in North America,” said Linamar CEO Linda Hasenfratz. “We have had a great experience so far in North Carolina with a great skilled and motivated employee base and lots of opportunity in the region. We look forward to welcoming CFC into our family and continuing to grow our business here in North Carolina.”
Based in Guelph, Ontario, Linamar Corporation is a world-class designer and manufacturer of components and systems for the automotive industry, energy and mobile industrial markets. It is a leading supplier of engine, transmission, driveline and mobile aerial work programs.
“The automotive industry is one of the key sectors in our economic development strategy,” Governor Pat McCrory said. "By expanding this manufacturing facility in Wilson, Linamar Corporation is making an important step in continuing to grow that industry here in North Carolina, especially in the eastern part of our state.”
“This move by Linamar Corporation not only adds much needed jobs to eastern North Carolina, but also preserves the existing jobs from Carolina Forge Company,” Commerce Secretary Sharon Decker said. “The $40 million investment the company is making here will eventually mean $4 million in net state revenue.”
Under the terms of the company’s JDIG award, Linamar Corporation is eligible to receive up to twelve annual grants equal to 46 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over twelve years, the JDIG award could yield aggregate benefits to Linamar Corporation of more than $993,000 upon the creation of 125 jobs.
The project was also made possible in part by a performance-based grant from the One North Carolina Fund of up to $100,000. 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.
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