(The Center Square) – With help from the promise of a $3.6 million state grant, a global automotive industrial technology company headquartered in Michigan has announced plans for a $100 million plant expansion in western North Carolina’s Henderson County.
BorgWarner Inc., operator of 81 plants worldwide employing 37,500 people, says the expansion will create 378 jobs. It plans to add 140,000-square-feet to its Hendersonville site.
Company and state leaders say the jobs will pay an average of $67,047 annually and pointed out the average salary in Henderson County of $54,118.
Economists question the effectiveness of financial incentives to businesses to expand or come to a new state. Context is encouraged when wages are introduced because a few corporate leaders at a site can skew the average higher while the median wage would not have the same ratio.
“BorgWarner is proud to continue to invest in the state of North Carolina to bring new technologies to market and provide jobs to local residents, president and CEO Joseph F. Fadool said in a statement. “We appreciate the grant and continued support from the state of North Carolina to expand our manufacturing footprint here in the United States.”
The company makes a variety of automobile components ranging from transmissions to electric drive motors. It focuses on fuel-efficient and cleaner technologies, including components for electric cars.
“When companies like BorgWarner deepen their roots in rural North Carolina, they signal to the rest of the world that success and opportunity are awaiting them here,” said Commerce Secretary Lee Lilley. “Advanced manufacturers are important to our growing supply chain, and we are committed to making sure the largest manufacturing workforce in the Southeast is also highly skilled and resilient for the jobs of today and tomorrow.”
First-term Democratic Gov. Josh Stein’s release said the state economy will grow by $1 billion through the 12-year term of the grant.
“This decision to reinvest in our state underscores the advantages of investing in western North Carolina,” Stein said in a statement. “Thanks to our manufacturing economy and our world-class workforce, North Carolina remains the best place to do business.”
