Business

Durham City Council approves funds for EMC

Posted October 20, 2009 6:39 a.m. EDT
Updated October 20, 2009 7:12 a.m. EDT

— The Durham City Council on Monday approved incentives to help EMC Corp. (NYSE: EMC) establish a new research facility in Durham County.

The city could give the company up to $1 million.

Last week, county commissioners unanimously approved allocating funds to help EMC.

Commissioners are in favor of providing $1.2 million over a period of seven years for costs of the expansion. Of that amount, $200,000 would be reserved to pay for training expenses of employees who are Durham residents.

The storage technology giant will hire 397 people and invest $280 million in the research facility. The jobs will be created over five years.

The new jobs will pay an average salary of $74,325, plus benefits.

EMC already operates one of its major manufacturing facilities in Apex and has a research and development operation in Research Triangle Park.