BorgWarner to Create 378 Jobs with $100 Million Investment in Henderson County
Henderson County is set to witness a significant economic boost as BorgWarner Inc., a leader in sustainable mobility solutions, plans to expand its operations. Announced by Governor Josh Stein, the expansion will bring 378 new jobs and a $100 million investment to Hendersonville. This move will enhance the company’s manufacturing capabilities by integrating vertically to produce essential components crucial for its growth.
Governor Josh Stein expressed his approval, stating, “We congratulate BorgWarner on its new expansion in Henderson County. This decision to reinvest in our state underscores the advantages of investing in western North Carolina.” He emphasized the state’s manufacturing economy and skilled workforce as key factors in attracting such investments.
With a legacy spanning over a century, BorgWarner has been at the forefront of mobility solutions, serving major global automotive Original Equipment Manufacturers (OEMs). The expansion will add 140,000 square feet to its existing site in Hendersonville, facilitating the production of products that will propel the company’s business forward.
According to Joseph F. Fadool, President and CEO of BorgWarner Inc., “BorgWarner is proud to continue to invest in the state of North Carolina to bring new technologies to market and provide jobs to local residents.” He acknowledged the support and grant from North Carolina, which aids in expanding their U.S. manufacturing footprint.
N.C. Commerce Secretary Lee Lilley highlighted the significance of the expansion: “When companies like BorgWarner deepen their roots in rural North Carolina, they signal to the rest of the world that success and opportunity are awaiting them here.” He noted the importance of advanced manufacturers in the growing supply chain, emphasizing the commitment to maintaining a highly skilled workforce.
The new jobs, which include roles for technicians, logistics personnel, and production staff, will offer an average annual salary of $67,047, surpassing the Henderson County average of $54,118. This development could lead to an annual payroll impact of over $25.3 million for the region.
This expansion is supported by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over a 12-year term, the project is expected to boost the state’s economy by $1 billion. The JDIG agreement allows BorgWarner to potentially receive reimbursements of up to $3,685,500, contingent upon meeting job creation and investment targets verified annually by the departments of Commerce and Revenue.
The projected return on investment for public funds stands at 88%, meaning the state anticipates $1.88 in revenue for every dollar spent. JDIG projects typically result in a positive net tax revenue for the state, even after the grant reimbursements.
By selecting Henderson County, classified as Tier 2 under the state’s economic tier system, BorgWarner’s JDIG arrangement includes moving up to $409,500 into the state’s Industrial Development Fund – Utility Account. This fund assists rural communities statewide in upgrading infrastructure to attract future businesses.
Senator Timothy D. Moffitt welcomed the development, stating, “This expansion is a strong vote of confidence for our region, and we appreciate the innovation and economic competitiveness that this company adds to our community.”
Representative Jake Johnson added, “This additional $100 million investment is more than money. It’s a commitment to the people of Henderson County.” He expressed gratitude for the collaboration that facilitated BorgWarner’s growth.
Key partners in this project include the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, the North Carolina General Assembly, and various local and regional organizations. These collaborations aim to support and enhance the economic landscape of Henderson County.
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