Expansion of Baldor Electric to Create 166 Jobs in North Carolina
01/03/2012
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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