(The Center Square) – More than $2 million in grants have been approved for a freight shipping company plannning a $13.7 million expansion in North Carolina.
RXO Inc. plans to employ an additional 216 people at the Charlotte facility and produce a minimum average salary of $89,000, it says. The company has a global logistics network, connecting shippers with independent carriers.
“RXO is thrilled to renew our commitment to Charlotte and expand our operations here,” RXO CEO Drew Wilkerson said in a statement. “North Carolina’s strategic location, robust infrastructure, and skilled talent pool make it a vital hub for the transportation industry, and we’re proud to be a part of its continued growth.”
The North Carolina Economic Investment Committee on Tuesday approved a $1.6 million Job Development Investment Grant for the expansion project. The grant will be distributed over 12 years.
“State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets,” the state said in a release.
The state says its investment of public dollars will produce a 131% return by generating more tax revenue.
“For every dollar of potential cost, the state receives $2.31 in state revenue,” the state said in a release.
“It’s great to see another North Carolina company decide that our state remains the perfect location to grow and thrive,” Gov. Roy Cooper said in a statement. “RXO’s decision demonstrates the strength and competitive advantages of North Carolina’s infrastructure, business climate, and highly skilled workforce.”
The agreement with RXO includes $545,500 from the state’s Industrial Development Fund.
“New jobs and new investment are on the way to Charlotte, and I couldn’t be more excited,” said state Sen. Rachel Hunt, D-Mecklenburg, the lieutenant governor-elect. “RXO has been a great partner in our community, and we’re thrilled they’ve chosen to expand here in Mecklenburg County.”
