Altec Industries to Locate in Yancey County
Date Posted: 12/22/2004
For further info contact:
Lauren Mims, 919-733-5612
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Gov. Mike Easley announced today that Altec Industries, Inc. is locating a manufacturing facility in Burnsville, creating up to 300 new jobs over the next five years and investing at least $7.5 million in machinery, equipment and facility renovations. Altec Industries, Inc. is the 22nd recipient of the state's Job Development Investment Grant (JDIG) award and is the third JDIG recipient to locate in a Tier 1 county.
“Altec’s decision to locate in North Carolina is a tremendous win for the company, the community and the state,” said Easley. “Altec chose North Carolina because of our excellent workforce, our strong, continuing support of education and our business-friendly climate.”
Altec is the world’s leading manufacturer of aerial lifts, truck mounted cranes and specialty products for the electric utility, telecommunications and construction industries. The company is headquartered in Birmingham, AL and has manufacturing, sales, service and final assembly operations throughout the United States and Canada, including a manufacturing facility in Creedmoor that employs more than 200 people.
Altec plans to start construction on their new facility in Burnsville early in 2005, and will begin hiring for the new positions this summer. These new positions will have an average annual salary of $21,700 with full benefits.
“Our new plant in Burnsville will provide us with additional manufacturing capacity to better service our customer base and allow us to expand our utility product line,” said Jon Styslinger, Senior Vice President of Manufacturing for Altec. “The facility has an outstanding geographic location with easy access to a large segment of our customers. It also has an excellent transportation system and is located in an area known for employees with a solid work ethic. This is a perfect fit for our company.”
The N.C. Department of Commerce, the N.C. Community College System, the N.C. Department of Transportation, the Employment Security Commission of N.C., Yancey County, the N.C. Rural Center, and Advantage West worked significantly on the development of this project.
Under the terms of the agreement authorized unanimously by the state Economic Investment Committee, an 11-year Job Development Investment Grant will be established. Over the life of the grant, the N.C. Department of Commerce estimates the project will:
Generate a cumulative gross state product value of about $240 million.
Produce a positive cumulative net state revenue impact of $2.9 million.
For each year in which the company meets the required performance targets, the state will provide a grant equal to 65 percent of the state personal income withholding taxes derived from the creation of new jobs. If the company creates the jobs called for under the agreement and sustains them for 11 years, the agreement could yield $1.9 million in maximum benefits to the company.
The Job Development Investment Grant initiative, proposed by Easley in 2002, awards up to 25 grants annually to strategically important new and expanding businesses and industrial projects. These grants are only awarded to projects whose benefits exceed their costs to the state and which would not be undertaken in North Carolina without the grant. Cumulative annual grant amounts are capped at $15 million.
Since 2003, JDIG is responsible for bringing $1.36 billion in investment and 9,009 jobs to our state.
For information about Altec or employment opportunities, visit www.altec.com
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"As a life-long resident of western North Carolina I can’t imagine a more beautiful or diverse place to live and work."
D. Samuel Neill
Attorney-At-Law & AdvantageWest Board Member
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