NN, Inc. will move its headquarters to North Carolina, creating 200 jobs over five years, Governor Roy Cooper announced today. The global diversified industrial company will invest $10 million to open its headquarters in Mecklenburg County and bring executive management and other core functions to North Carolina.
“We’re bringing good-paying jobs to our state and adding another big name to our growing roster of companies headquartered in North Carolina,” said Governor Cooper. “Our state’s industry expertise in manufacturing and technology as well as our focus on education and training make North Carolina the perfect place for companies to be.”
Founded in 1980, NN (Nasdaq: NNBR) combines advanced engineering and production capabilities with in-depth materials science to design and manufacture high-precision components and assemblies across the world. The company provides customers with raw material sourcing, inventory management, engineers and customer service from project conception to final product. NN has 33 manufacturing plants in North America, Europe, South America and China and serves five primary sectors: aerospace and defense, automotive, electrical, industrial technology and medical.
“NN is a leader in providing critical and innovative engineered solutions and manufacturing products that do more for their customers,” said North Carolina Commerce Secretary Anthony M. Copeland. “That kind of drive for better outcomes and smarter production will be right at home in North Carolina.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) were instrumental in supporting the company’s expansion decision.
Positions at the new site will include executive management, engineering, marketing, strategic planning, IT, finance, legal, human resources and related support positions. Salaries for the new jobs will vary by position with an average payroll impact of $27,983,600. The average annual wage in Mecklenburg County is $62,741.
Richard Holder, President and CEO of NN commented, “Relocating our headquarters to Charlotte, a national transportation hub with global accessibility, aligns closely with our strategy of building a diversified industrial business by being closer to our customers and ensuring greater collaboration between our business units. As a company focused on technology and innovation, NN will benefit from Charlotte’s enhanced infrastructure, as well as its growing talent pool and robust business climate.”
The North Carolina project will be facilitated in part by a JDIG, approved by the state’s Economic Investment Committee earlier today. Over the 12-year term of this grant, the project will help the state’s economy grow by an estimated $511 million. Using a formula that considers the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,766,000, spread over 12 years. State reimbursements only occur following performance verification by N.C. Commerce and N.C. Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments.
Because NN chose to locate in Mecklenburg County, the company’s JDIG agreement also calls for moving as much as $922,000 into the state’s Industrial Development Fund – Utility Account to fuel growth in rural areas. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Mecklenburg, the new tax revenue generated through JDIG grants helps communities across the state. More information on the state’s economic tier designations is available here.
“Over the past 35 years NN has established a tremendous track record of providing innovative solutions to a variety of industries,” said Representative Scott Stone. “I look forward to NN joining a long list of publicly-traded companies which recently chose Charlotte as a headquarters location. I am proud that their company’s leadership team have chosen North Carolina and Mecklenburg County as its new home.”
“These 200 well-paying jobs are a welcome addition to our growing economy in Mecklenburg County,” said Senator Dan Bishop. “I know NN will find success here in the Charlotte area.”
In addition to North Carolina Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the N.C. General Assembly, the North Carolina Community College System, the City of Charlotte, Mecklenburg County, the Charlotte Chamber and the Charlotte Regional Partnership.