In a Boost to Local Economy, BorgWarner Expands in Henderson County
RALEIGH, N.C.
BorgWarner Inc. (NYSE: BWA), a prominent name in sustainable mobility solutions, is set to create 378 new jobs with a significant expansion in Henderson County. The company announced a $100 million investment aimed at enhancing its operations in Hendersonville.
“We congratulate BorgWarner on its new expansion in Henderson County,” Governor Josh Stein stated, highlighting the benefits of investing in western North Carolina thanks to its robust manufacturing economy and skilled workforce.
BorgWarner has been at the forefront of mobility solutions for over a century, serving global automotive Original Equipment Manufacturers (OEMs). The company plans to add 140,000 square feet to its existing Hendersonville facility, further driving its business growth.
“BorgWarner is proud to continue to invest in the state of North Carolina to bring new technologies to market and provide jobs to local residents,” said Joseph F. Fadool, President and CEO of BorgWarner Inc. Acknowledging state support, he added, “We appreciate the grant and continued support from the state of North Carolina to expand our manufacturing footprint here in the United States.”
The roles at the expanded facility will encompass technicians, logistics, and production staff. The average salary of these positions is projected at $67,047, surpassing the current average salary in Henderson County, which stands at $54,118. The annual payroll impact is expected to exceed $25.3 million.
A Job Development Investment Grant (JDIG) supports the expansion, approved by North Carolina’s Economic Investment Committee. The initiative is anticipated to boost the state’s economy by $1 billion over 12 years, with BorgWarner eligible for up to $3,685,500 in reimbursements based on performance metrics.
According to the JDIG agreement, the return on investment for public funds is projected at 88%, ensuring positive net tax revenue for North Carolina even after the grant payments.
Given the designation of Henderson County as a Tier 2 area in the state’s economic tier system, BorgWarner’s agreement also necessitates transferring up to $409,500 to the state’s Industrial Development Fund – Utility Account. This fund aids rural communities in financing necessary infrastructure improvements to attract businesses.
“We welcome these additional jobs to Henderson County,” commented Senator Timothy D. Moffitt, emphasizing the positive economic impact on the region.
“This additional $100 million investment is more than money. It’s a commitment to the people of Henderson County,” echoed Representative Jake Johnson, expressing gratitude for the collaborative efforts that facilitated BorgWarner’s growth.
Crucial partners in this project include the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, the North Carolina General Assembly, along with local entities like Blue Ridge Community College and Duke Energy.
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