Gov. Bev Perdue today announced that Hitachi Metals North Carolina, Ltd., a leading manufacturer of ferrite magnets, will expand operations at its China Grove plant. The project will create 65 full-time jobs and the company expects to invest approximately $60 million in the plant over the next four years. The project was made possible in part by a $153,700 grant from the One North Carolina Fund.
“My top priority is creating jobs, and when we met with Hitachi officials in Asia a few weeks ago, we emphasized the many benefits of expanding in North Carolina,” Gov. Perdue said. “Our state’s top-ranked business climate, skilled workforce and job training programs make a great fit for global manufacturers like Hitachi.”
Hitachi Metals North Carolina, a subsidiary of Hitachi Metals, currently employs 65 people at its China Grove facility. The company’s ferrite magnet manufacturing base will produce neodymium magnets engineered primarily for use in hybrid and electric vehicles. The new plant will support the company’s efforts to expand its magnet supply capacity to meet an increase in global demand.
Salaries will vary by job function, but the average annual wage for the new jobs will be $43,108 not including benefits. The Rowan County average annual wage is $36,036.
“Hitachi Metals is pleased to be locating a new rare earth magnet facility in China Grove. The Governor’s visit to Japan and the One North Carolina Fund incentives were helpful in making the decision to locate in North Carolina. We look forward to our continued good working relationship with the State of North Carolina, Rowan County and the Town of China Grove,” said Mikio Yasuoka, Hitachi Metals, Neomax Company President.
Gov. Perdue met with company leaders from Hitachi Metals during her recent economic development mission to Asia. While there, Gov. Perdue and Commerce Department officials encouraged business prospects to invest in North Carolina and to buy North Carolina products and services. The goal of the mission was to grow high-potential sectors in North Carolina including energy, advanced manufacturing, automotive, aerospace, life sciences, pharmaceuticals and information technology.
Over the last ten years, international investment and job creation has accounted for about 15 percent of all investment and jobs in North Carolina, amounting to more than $9 billion in investments and 40,000 jobs. Japan is North Carolina’s fourth largest trading partner, exporting more than $1.7 billion worth of products and services.
The One North Carolina 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, laying the foundation for a strong and sustainable economic future.
Through the use of the One North Carolina Fund, more than 55,000 jobs and $11 billion in investments have been created since 2001. Other partners that helped with this project include: the N.C. Department of Commerce, N.C. Community Colleges, Rowan County, the Town of China Grove and RowanWorks Economic Development.