Advance Auto Parts shifting HQ to Raleigh
Posted November 28, 2018 10:48 a.m. EST
Updated November 28, 2018 11:39 a.m. EST
Raleigh, N.C. — Advance Auto Parts Inc. (NYSE: AAP) will designate Raleigh as its corporate headquarters and expand operations in Wake County by adding up to 435 new jobs over five years, officials said Tuesday.
The move comes five years after Advance Auto bought Raleigh-based General Parts International, which operated Carquest auto parts stores, for $2 billion. Advance already employs more than 700 people in Raleigh and more than 2,900 in North Carolina.
"This is a great day for Advance Auto Parts and the beginning of an exciting new chapter in our company’s history here in North Carolina," President and Chief Executive Tom Greco said in a statement. "Our industry and our company are in the midst of a major technology and business transformation. We are making considerable progress in these efforts. Following a thorough review of options, North Carolina’s deep bench of information technology and software development talent was a key driver of our decision."
The majority of the new jobs will be focused on technology, data analytics and e-commerce, officials said. The annual payroll impact will be more than $46 million, they said.
Advance Auto, which is now based in Roanoke, Va., has qualified for a Job Development Investment Grant of up to $9.4 million over 12 years. JDIGs reimburse companies a portion of the state withholding taxes for new employees if they meet annual hiring and investment targets.
State lawmakers on Tuesday introduced legislation to provide more generous JDIG grants in an effort to attract more high-paying executive jobs associated with corporate headquarters. Gov. Roy Cooper said any such changes wouldn't apply to Advance Auto, however.
Advance Auto operates nearly 5,000 stores in the U.S., Canada, Puerto Rico and the Virgin Islands. The company also serves more than 1,200 independently owned Carquest stores.