Gov. Bev Perdue today announced that LS Tractor USA LLC, a distributor of high-end compact tractors and implements, will establish its U.S. headquarters and a distribution and manufacturing facility in Nash County. The company plans to invest nearly $14 million and create 134 new jobs during the next five years that will pay an average annual wage of $41,500, not including benefits.
“North Carolina is a leader in heavy equipment manufacturing and service, thanks to our skilled workforce and business-friendly policies,” Gov. Perdue said. “Our state continues to attract global companies looking for a strong commercial climate, an unparalleled quality of life and opportunities to provide the good jobs our citizens have come to expect.”
LS Tractor USA is a wholly owned subsidiary of LS Mtron Ltd., a heavy equipment manufacturer based in South Korea. LS Tractor will open a Rocky Mount facility that initially will import LS brand tractors from South Korea and distribute them nationwide. The company then plans to expand in Nash County and begin manufacturing and distributing tractor implements.
“We are very proud to announce that we have selected North Carolina as the location of our U.S. headquarters. After looking at other states, we were very impressed with the educated and skilled workforce that North Carolina offers, particularly in Nash County,” said Jae-Yong Sim, interim CEO of LS Tractor USA. “Our decision to locate in North Carolina also was based on the dynamic business climate that this state offers.”
The state’s Economic Investment Committee met today and voted unanimously to award a Job Development Investment Grant to LS Tractor to facilitate this expansion.
For each of the grant’s nine years in which the company meets the required performance targets, the state will provide a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs. If the company creates the jobs called for under the agreement and sustains them for nine years, the agreement could yield as much as $995,000 in maximum benefits for LS Tractor and up to $175,000 to the Industrial Development Fund for infrastructure improvements in economically distressed counties. When a Job Development Investment Grant is awarded to one of the state’s more economically prosperous counties such as Nash, 15 percent of the grant award is allocated to the Industrial Development Fund to encourage economic development in less prosperous counties.
“North Carolina’s tremendous workforce continues to attract businesses to our state from around the world. This investment brings needed jobs and we welcome LS Tractor to Nash County,” said Sen. A.B. Swindell.
“During these tough economic times, it’s important to make critical investments that bring new businesses and jobs to Nash County and to North Carolina. We’re excited that Nash County will be the U.S. headquarters for LS Tractor,” said Rep. Angela Bryant.
Job Development Investment Grants 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. Since the first grant was awarded in 2003, the program has been responsible for creating commitments for more than 30,000 jobs and $5 billion in investment in North Carolina.
Other partners who assisted with this announcement include: the N.C. Department of Commerce, N.C. Community Colleges, N.C. Department of Revenue, N.C. Rural Center, Nash County and Carolinas Gateway Partnership.
For more information about the line of compact tractors to be distributed by LS Tractor USA, visit the Web site of the company’s Korean affiliate at http://lstractor.com/index.asp. For additional information about LS Tractor USA LLC, including employment opportunities with the company, contact: Mr. Kim Chang Hoon at pockim@lsmtron.com.