Gov. Bev Perdue today announced that Yale Industrial Products Inc., a leading designer, manufacturer and marketer of material-handling products, will expand operations in Wadesboro. The company plans to invest $3 million and create 65 jobs during the next three years. The announcement was made possible in part by a $116,300 grant from the One North Carolina Fund.
“North Carolina remains a strong, diverse industrial manufacturing region,” Perdue said. “Our state is attractive to companies looking for opportunities provided by our skilled workforce, business-friendly climate and tremendous quality of life.”
Yale Industrial Products Inc. is a wholly owned subsidiary of Columbus McKinnon Corp. of New York (NASDAQ: CMCO), which makes powered and manual hoists, trolleys, cranes and other material-handling equipment for diverse applications worldwide. Columbus McKinnon also owns Duff-Norton, a separate manufacturing facility in Charlotte.
Columbus McKinnon currently has four hoist manufacturing facilities in the United States: Michigan, Ohio, Virginia and Wadesboro. The Wadesboro plant presently employs 136 workers. The company plans to consolidate its Michigan operation into its existing plants in other states, including the Wadesboro facility, which will add a line of wire rope hoists.
It is estimated that the 65 new jobs will pay an average annual wage of $37,031, not including benefits. That is significantly higher than the Anson County average annual wage of $28,288.
Under conditions of the grant, Yale will be required to replace 16 jobs lost in a recent layoff and create 49 new jobs to reach the grant’s total of 65 new jobs during the next three years.
“We considered the safety, quality, efficiency, productivity and customer-oriented culture of the workforce at our Wadesboro operation,” said Gene Buer, Columbus McKinnon vice president. “Combining those factors, along with a strong leadership team and experience in building wire rope hoists, we have all the right ingredients for success in today’s demanding business environment. In making our decision, we were also very impressed with the level of support we received from the City of Wadesboro, Anson County and the state of North Carolina.”
The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. These grants also require and are contingent upon local matches.
“North Carolina continues to be a great state for businesses to locate and expand, and we welcome these new jobs to the region,” said Sen. Bill Purcell.
“During these tough economic times we must continue to make the investments that will bring jobs to North Carolina,” said Rep. Pryor Gibson.
North Carolina continues to have a top ranked business climate. Through Gov. Perdue’s JobsNOW initiative, the state will work aggressively to create jobs, train and retrain our workforce, and lay the foundation for a strong and sustainable economic future.
Through use of the One NC Fund, more than 40,000 jobs and $7 billion in investment have been created since 2001. Other project partners include: the N.C. Department of Commerce, Anson County and the Town of Wadesboro.
For more information about Yale Industrial Products and Columbus McKinnon, please visit www.cmworks.com.
As new employment positions are identified at Yale’s Wadesboro facility, they will be posted at the N.C. Employment Security Commission/JobLink Center, 116 W. Wade St., Wadesboro. Applicants must apply at the center. For more information about the center, please visit www.centralinaworks.com/Website/JobLinks/Anson/index.asp.