Gov. Bev Perdue today announced that Baldor Electric Company, a global marketer, designer and manufacturer of industrial electric motors, mechanical transmission products, drives and generators, will expand its facility in McDowell County. Baldor Electric plans to create 41 new jobs and invest $17.7 million during the next three years in Marion. The project was made possible in part by a $123,000 grant from the One North Carolina Fund.
“Creating jobs remains my top priority, and one of the best ways to do that is to promote expansion by companies that already call North Carolina home,” Gov. Bev Perdue said. “Our skilled workforce, job training programs and excellent business climate are known worldwide, making North Carolina an ideal location for global manufacturers like Baldor.”
Baldor, headquartered in Arkansas, is a member of the ABB Group. They supply over 10,000 customers in more than 160 industries worldwide. Baldor currently has more than 750 employees at North Carolina facilities in Marion, Weaverville, and Kings Mountain. The company will be expanding its roller bearing manufacturing capacity in its Marion facility to support global growth.
“The state of North Carolina and the One North Carolina Fund has been supportive of our strategy of building products efficiently in the U.S. for sale on a global basis,” said Ron Tucker, Baldor’s CEO and President. “As a member of the ABB group, we now have many global opportunities to grow our business. We can best support this growth with dedicated employees who take excellent care of our customers. We are proud to have employees like this in our North Carolina facilities.”
Salaries will vary by job function, but the average annual wage for the new jobs will be $35,322, plus benefits. The McDowell County average annual wage is $29,224.
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 have a top-ranked business climate. Through Gov. Perdue’s JobsNOW initiative, the state works aggressively to create jobs, train and retrain its workforce, and lay the foundation for a strong and sustainable economic future.
Through use of the One NC Fund, more than 50,000 jobs and $9 billion in investment have been created since 2001. Other partners that helped with this project include: the N.C. Department of Commerce, N.C. Community Colleges, McDowell County, and McDowell Economic Development Association, Inc.
For more information about Baldor Electric, including job opportunities, go to www.baldor.com.