Bosch will add 400 new jobs in Lincoln County for its power tools business, Governor Roy Cooper announced today. The company says it will invest $130 million to expand its power tools accessory manufacturing site in the City of Lincolnton.
“It is great news that Bosch has selected to expand its North American manufacturing operations right here in Lincolnton,” said Governor Cooper. “Our state's strong rural communities and talented workforce continue to attract businesses and provide opportunities for growth.”
Bosch is a leading global supplier of technology and services. Its operations are divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. Its Power Tools division sits within the Consumer Goods business sector and in North America the Bosch Power Tools portfolio features power tools, rotary and oscillating tools, measuring tools, and accessories. The Lincolnton expansion will support manufacturing of power tool accessories for products including saws, drills, and routers in a new 325,000-square-foot building for manufacturing, logistics, and warehouse operations.
“We aim to provide local-for-local solutions to support our businesses and the expansion for Power Tools in Lincolnton is further evidence of our commitment to develop local manufacturing here in the region,” said Mike Mansuetti, president of Bosch in North America.
“When pioneers like Bosch expand in North Carolina, it validates our position as the best place for business,” said N.C. Commerce Secretary Machelle Baker Sanders. “As more companies invest in our state, it confirms the importance of the First in Talent Plan which prioritizes North Carolinians and their preparation for the highly skilled career opportunities made available by such innovative manufacturers.”
The North Carolina Department of Commerce led the state’s efforts to support the company’s expansion in North Carolina. While salaries for the new positions will vary, the average annual salary for the new positions is $53,204, exceeding Lincoln County’s average wage of $49,332. The project’s payroll impact could fuel more than $21.4 million into the community each year.
Bosch’s expansion will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by more than $1 billion. Using a formula that takes into account $109 million of the company’s investment as well as the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,724,750 spread 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. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Bosch chose to expand in Lincoln County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $908,250 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities across the state finance necessary infrastructure upgrades to attract future business.
“We are thrilled to welcome these 400 new jobs to Lincoln County,” said N.C. Senator W. Ted Alexander. “Bosch has been a fantastic corporate citizen for the last 60 years and a great workforce development partner. We stand ready to support them for this next phase of growth.”
“This multimillion expansion speaks volumes about Bosch’s confidence in our economy and our people,” said N.C. Representative Jason Saine. “We appreciate the diligent economic development professionals and our local and state officials that helped this project come to fruition.”
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Department of Transportation, North Carolina Community College System, Lincoln Economic Development Association, Lincoln County, City of Lincolnton, and Rutherford Electric Membership Corporation.
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