SPX Corp. will spend $70 million to build global headquarters in Mecklenburg County, generating 180 jobs in Charlotte over the next five years.
Under the plan, the Ballantyne-based Fortune 500 company, which provides products and services for various industries — food and beverage, transportation, automotive and power generation, among others — will build the facility in Ballantyne Corporate Park in 2012 after its lease expires at 13515 Ballantyne Corporate Place.
The state awarded $350,000 from its One North Carolina Fund to fund the project, which is expected to begin in 2012.
Gov. Bev Perdue lauded the announcement today.
“Congratulations to SPX on this terrific step forward, both for the company and our continuing efforts to create jobs in North Carolina, she said.” “This expansion of a Fortune 500 company is further proof that our top-ranked business climate is bringing new companies to North Carolina and helping old friends grow and thrive.”
Salaries for the 180 jobs will vary by job function, with the average expected to be $82,917, not including benefits, compared with the annual average wage in Mecklenburg County of $48,776, according to the governor’s office.
SPX President Christopher Kearney said the company is committed to growing its global manufacturing business.
Also today, the state’s Economic Investment Committee voted to award a Job Development Investment Grant to SPX. The grants are awarded to new and expanding businesses and industrial projects whose benefits exceed costs to the state. Also, the grants are given if projects would not be undertaken in North Carolina otherwise.
Under the terms of the JDIG, SPX is eligible to receive a grant equal to 70 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the 11 years in which the company meets annual performance targets.
If SPX meets the targets in the agreement, the JDIG could yield $4.15 million in maximum benefits for the company.
SPX has approximately 15,000 employees in more than 35 countries worldwide.