SPX to expand Charlotte headquarters
Posted November 15, 2010 11:39 a.m. EST
Updated November 15, 2010 12:19 p.m. EST
Charlotte, N.C. — SPX Corp., which produces engineered components and technology for a range of industries, will spend $70 million to build a new global headquarters in Charlotte, officials announced Monday.
The project, which is expected to begin in 2012, when SPX's current lease expires, will create 180 jobs, officials said.
“SPX is proud to call North Carolina home, and we remain committed to growing our global manufacturing business so we can continue to make a valued contribution to the economy of this great state and have a lasting, positive impact on the communities in which so many of our employees work and live,” SPX Chairman, President and Chief Executive Christopher J. Kearney said in a statement.
The company, which has nearly $5 billion in annual revenue and operations in more than 35 countries, serves customers in three core markets: global energy infrastructure, process equipment that primarily serves the food and beverage industry and diagnostic tools for vehicle servicing and repair.
SPX currently employs 821 people in six North Carolina locations, including 252 at its headquarters. The average annual salary for the new jobs is expected to be $82,917, plus benefits, which is higher than Mecklenburg County's average of $48,776.
The company has qualified for a $350,000 grant from the One North Carolina Fund, which provides cash grants to attract business projects. No money is paid upfront, and companies must meet job and investment targets to receive payments.
The state Economic Investment Committee also voted Monday to award SPX a Job Development Investment Grant. Under the terms of the JDIG, the company can receive a grant equal to 70 percent of the state withholding taxes on the new jobs for each of the 11 years in which the company meets annual performance targets. If SPX meets all of its targets, it would receive $4.15 million from the JDIG.