Hitachi Metals to Double its China Grove Employment
According to the North Carolina Governorâ€™s office, Hitachi Metals will invest approximately $60 million in a ferrite magnet manufacturing plant in China Grove, creating 65 full-time jobs over the next four years and doubling employment at the site.
Hitachi will add a new production unit to meet an increase in global demand for magnets. The neodymium magnets that will be fabricated are engineered primarily for use in hybrid and electric vehicles.
Although salaries will vary by function, the average annual wage for the new jobs will be $43,108, not including benefits.
Hitachi will receive tax incentives from Rowan County and a $153,700 grant from the One North Carolina Fund. And according to Rowan Countyâ€™s incentive agreement, each year for five years starting in 2013, Hitachi will get 75 percent of the tax revenue generated by the project.
However, Robert Van Geons, director of RowanWorks Economic Development, said the county offered the grant based on Hitachiâ€™s original summer proposal of 148 jobs and $71.6 million investment.
â€śOur incentives are performance-based,â€ť he said. â€śIf they create more than 65 jobs, they come closer to getting more of the incentives. If they donâ€™t, the grant will be reduced accordingly.â€ť
Van Geons added that the project is planned to grow in phases, so the announcement might not include future expansion.
Gov. Perdue met with company leaders from Hitachi Metals during her recent economic development mission to Asia.
â€śMy top priority is creating jobs, and when we met with Hitachi officials in Asia a few weeks ago, we emphasized the many benefits of expanding in North Carolina,â€ť Perdue said in a press release. â€śOur stateâ€™s top-ranked business climate, skilled workforce and job training programs make a great fit for global manufacturers like Hitachi.â€ť
Mikio Yasuoka, president of Hitachi Metals Neomax Company said Gov. Perdueâ€™s October visit to Japan and the One North Carolina fund grant â€śwere helpful in making the decision to locate in North Carolina. We look forward to our continued good working relationship with the state of North Carolina, Rowan County and the town of China Grove.â€ť