Automotive supplier to expand in Wilson
Posted September 26, 2014 11:01 a.m. EDT
Wilson, N.C. — A Canadian company that produces engines, transmissions and other automotive components plans to buy a Wilson plant and expand its operations, officials said Friday.
Linamar Corp. expects to invest $40 million in the Carolina Forge Co. plant, creating 125 jobs in the next five years, officials said. About 145 people already work at the plant.
“We are excited about the completion of this acquisition bolstering our presence in North Carolina and establishing us firmly in the forging business in North America,” Linamar Chief Executive Linda Hasenfratz said in a statement. “We have had a great experience so far in North Carolina with a great skilled and motivated employee base and lots of opportunity in the region. We look forward to welcoming CFC into our family and continuing to grow our business here in North Carolina.”
An affiliated company, Linamar NC, employs 169 workers in Buncombe County.
The state awarded Linamar with a Job Development Investment Grant that could provide up to $993,000 in rebates of employee withholding taxes over the next 12 years. The company must meet hiring targets each year to obtain the award.
Linamar also received a grant of up to $100,000 from the One North Carolina Fund, which provides financial assistance to attract business projects that will stimulate economic activity. Companies receive no upfront money and must meet hiring and investment targets to obtain the funds.