Governor Perdue Announces $23.3 Million Investment and 120 Jobs with Eaton
February 21, 2011
RALEIGH, N.C. - Gov. Bev Perdue announced today that Eaton Corporation, a diversified industrial manufacturer will expand its Roxboro facility in Person Country to meet the needs of its global automotive customers. The company plans to create 120 jobs over the next four years and will invest $23.3 million to build leading edge engine valvetrain components that will reduce emissions and help improve a vehicles overall performance, fuel economy and safety.
The project was made possible in part by state grants from the Job Development Investment Grant program and One North Carolina Fund.
Eaton has deep roots in North Carolina and has been a long-time employer in Person County. We are delighted they have chosen to create new jobs there, said Gov. Perdue. The company's focus on sustainable transportation and helping to improve the fuel economy of cars and trucks fits comfortably with my focus on bringing green business to North Carolina.
Celebrating its 100th anniversary in 2011, Eaton Corporation is a diversified power management company with 2010 sales of $13.7 billion. Eaton has more than 70,000 employees in 150 countries, with 3,400 of those employees in 12 locations throughout North Carolina. Eaton has operated the facility in Roxboro since 1965. Over the years the facility has manufactured a variety of components for the automotive industry including tire valves and various engine components. Today, the facility is focused on manufacturing components for the next generation of cylinder deactivation and variable valvetrain systems that can help improve a vehicle's fuel economy and reduce emissions.
While individual wages for the 120 jobs will vary by job function, the overall average for the new jobs will be $35,875 a year, not including benefits. The Person County average annual wage is $32,136.
This is an exciting day for us because we are always looking for opportunities to grow and add jobs with new technologies, said Jake Hooks, president of Eaton Automotive North America. The State's support of this project is an excellent example of how government and industry can collaborate toward making greener, cleaner and more fuel-efficient vehicles.
This is important news for a rural community with high unemployment. Our top-notch workforce is attractive to companies that are looking to invest in and expand their operations in our state, said Rep. Winkie Wilkins of Roxboro. I hope that all involved understand the importance, in rural communities, of being able to bring together tools like the One North Carolina Fund, the Rural Center, and Golden LEAF in projects of this nature.
During these challenging economic times, I welcome this effort to expand business and bring jobs to Person County, said Sen. Ellie Kinnaird.
To help facilitate this expansion, the company has been awarded a $100,000 grant from the state's One North Carolina Fund. This fund provides cash grants to attract business projects deemed by the governor to be vital to a healthy and growing state economy. No money is paid up front and companies must meet job creation and investment targets to receive payments. One North Carolina Fund grants also require a local match, and this grant is contingent upon approval of local incentives.
Also, the stateEconomic Investment Committee today voted to award a Job Development Investment Grant to Eaton. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant.
Under the terms of the JDIG, the company is eligible to receive a grant equal to 60 percentof the state personal income withholding taxes derived from the creation of new jobs for each of the 10 years in which the company meets annual performance targets. If Eaton meets the targets called for under the agreement, the JDIG could yield $958,000 in maximum benefits for the company.
Other partners that assisted with this project include: the N.C. Department of Commerce, N.C. Community Colleges, City of Roxboro, Person County, Golden LEAF Foundation, N.C. Rural Economic Development Center, Person County Economic Development Center and Progress Energy.
Through Gov. Perdue's JobsNOW initiative, the state continues to work aggressively to create well-paying jobs, train and retrain its workforce, and lay the foundation for a strong and sustainable economic future.
For more information about Eaton, including job opportunities, visit www.eaton.com.