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 Marion operations. The company plans to invest $3.1 million and create 25 jobs during the next three years. The announcement was made possible in part by a $75,000 grant from the One North Carolina Fund.
“North Carolina continues to support a strong manufacturing sector offering new job opportunities,” Gov. Perdue said. “Our state is attractive to growing companies like Baldor that know the value of our top business climate and skilled workforce.”
Baldor Electric Co., headquartered in Arkansas, operates 26 manufacturing facilities in the United States, Canada, England, Mexico and China and provides products to 70 countries. Three of the company’s plants are in North Carolina, in Marion, Kings Mountain and Weaverville, employing a combined workforce of nearly 700 people.
Baldor is consolidating operations by moving a large mounted roller-bearing line from Indiana to its Marion plant, adding 25 positions to the nearly 100 employees already at the facility.
The 25 new jobs will pay an average annual wage of $34,282, not including benefits. That is higher than the McDowell County average annual wage of $27,976.
“We appreciate the opportunity the One North Carolina Fund has given us to expand production at our facility in Marion,” said Bill Ramsbey, vice president-operations. “Building our products efficiently in the United States and exporting them around the world has long been a strategy at Baldor. We have enjoyed working with the state of North Carolina and McDowell County to fulfill this strategy for the past 13 years.”
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’s tremendous workforce continues to allow companies to expand and to create new jobs in our state,” said Sen. Joe Sam Queen.
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, N.C. Community Colleges and McDowell County.
For more information about Baldor Electric Co., including employment opportunities, go to: www.baldor.com.