LINCOLN COUNTY, N.C. — Bosch, a leading supplier of technology and services, plans to spend $130 million to expand its power tools accessory manufacturing site to Lincolnton, bringing 400 new jobs to the area.
"We are delighted that Bosch has chosen to expand its North American manufacturing operations right here in Lincolnton," Governor Cooper said. "Our state's strong rural communities and talented workforce continue to attract businesses and provide opportunities for growth." Gov. Cooper continued.
The expansion in Lincolnton will support the manufacturing of power tool accessories, including saws, drills, and routers, in a new 325,000-square-foot building dedicated to 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." President of Bosch in North America, Mike Mansuetti said.
The project is expected to have a positive economic impact on the Lincolnton community. While salaries for the new positions will vary, the average annual salary for the new jobs is projected to be $53,204, surpassing Lincoln County's average wage of $49,332.
This increase in payroll is estimated to bring over $21.4 million into the community annually.
To facilitate the expansion, Bosch will receive support from the state in the form of a Job Development Investment Grant (JDIG). The Economic Investment Committee of North Carolina approved the grant, which will provide potential reimbursements to the company of up to $2,724,750 spread over 12 years. The grant is contingent upon Bosch meeting its job creation and investment targets.
As a result of choosing to expand in Lincoln County, which falls under Tier 3 in the state's economic tier system, Bosch's JDIG agreement includes moving $908,250 into the state's Industrial Development Fund - Utility Account. This fund assists rural communities across the state in financing necessary infrastructure upgrades to attract future business.
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"This multimillion-dollar expansion speaks volumes about Bosch's confidence in our economy and our people. We appreciate the diligent economic development professionals and our local and state officials who helped bring this project to fruition." N.C. Representative Jason Saine said.
The Bosch expansion is expected to grow North Carolina's economy over the 12-year term of the JDIG grant, with an estimated economic growth exceeding $1 billion.
“When pioneers like Bosch expand in North Carolina, it validates our position as the best place for business,” N.C. Commerce Secretary, Machelle Baker Sanders said. “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.” Sanders continued.
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