Gov. Bev Perdue today announced that Baldor Electric Co., an international supplier of industrial electric motors, mechanical power transmission products, drives and generators, will expand its Kings Mountain operations. The company plans to invest more than $12.2 million and create 114 jobs during the next three years. The announcement was made possible in part by a $157,000 grant from the One North Carolina Fund.
“North Carolina’s manufacturing sector remains strong and diverse,” Gov. Perdue said. “Our state is attractive to growing companies because of our highly skilled workforce, business-friendly climate and tremendous quality of life.”
Baldor Electric Co., headquartered in Arkansas, operates 26 manufacturing facilities in the United States, Canada, England, Mexico and China and provides products to more than 70 countries. Three of the company’s plants are in North Carolina, in Kings Mountain, Marion and Weaverville, employing a combined workforce of nearly 700 people.
Baldor is consolidating operations from South Carolina and moving those manufacturing processes to facilities in other states, including the Kings Mountain plant which currently employs more than 500 workers. The 114 new jobs added over the next three years will pay an average wage of $38,329, not including benefits, which is higher than the Cleveland County average of $31,720.
“We appreciate receiving the One NC Fund grant from the state of North Carolina. With the state’s support, we will be able to further invest in our plants in North Carolina, build products that are shipped to customers around the world and provide good jobs for the communities in which we work,” said Bill Ramsbey, company vice president-operations.
This project follows another One NC Fund project announcement in May, which included a three-year investment of $3.1 million and 25 jobs in McDowell County.
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.
Through use of the One NC Fund, more than 35,000 jobs and $6.5 billion in investment have been created since 2001. Other project partners include: the N.C. Department of Commerce, N.C. Department of Revenue, Cleveland County Economic Development Partnership, Cleveland Community College, Isothermal Planning and Development Commission and Gardner-Webb University.
For more information about Baldor Electric Co., including employment opportunities, visit: www.baldor.com.