Metalworking firm to open HQ near Charlotte

A company that distributes metalworking and industrial products plans to establish a headquarters operation in Davidson, creating 400 jobs by the end of 2017.

MSC Industrial Direct Co. Inc. (NYSE: MSM) will invest more than $31 million in the operation, which will serve as co-headquarters with the company's current base in Melville, N.Y.

“This co-location strategy will support and prepare for MSC’s strong future growth trajectory,” Chief Executive David Sandler said in a statement. “After conducting a national search, the Charlotte area provided the most compelling opportunity to strategically and cost-effectively grow our business."

The average salary of the new jobs is projected at more than $79,000, plus benefits.

In business since 1941, MSC is a direct marketer and distributor of more than 600,000 metalworking and industrial products and operates through a network of customer fulfillment centers and branch offices located throughout the U.S. The company now employs 64 people in North Carolina at branch offices located in Asheville, Camp LeJeune, Charlotte, Greensboro and Raleigh.

MSC was awarded a $1.05 million grant from the One North Carolina Fund, which providing financial assistance to attract business projects to the state. The grant is contingent upon approval of local incentives.

The state Economic Investment Committee also voted Wednesday to award MSC a Job Development Investment Grant. Under the terms of JDIG, the company is eligible to receive 70 percent of the state withholding taxes from the new jobs for each of the 12 years in which it meets annual performance targets. It could yield up to $11.7 million for the company.