HENDERSONVILLE, N.C. (828newsNOW) — BorgWarner Inc., a global automotive technology company, will invest nearly $75 million to build a manufacturing facility in Hendersonville, creating 193 jobs, Gov. Josh Stein announced Tuesday.
The Auburn Hills, Michigan-based company says the 220,000-square-foot site will produce a new industrial product and mark BorgWarner’s second facility in North Carolina, adding to its portfolio of 84 manufacturing and technical centers worldwide.
“I am pleased that BorgWarner will deepen its roots in Western North Carolina,” Stein said in a news release. “This decision reaffirms our ranking as the best state to do business, highlights our thriving automotive industry, and invests in our manufacturing economy in Western North Carolina at a time when it’s sorely needed.”
BorgWarner supplies technologies and systems to nearly every major automotive manufacturer globally and has been a leader in mobility innovation for more than 130 years. Joseph F. Fadool, BorgWarner’s president and CEO, said the company is proud to bring jobs and new technology to the region.
The average annual salary for the new positions is projected at $78,628, compared with Henderson County’s current average wage of $51,565, potentially generating more than $15 million in local payroll annually.
The expansion will be supported by a Job Development Investment Grant approved by the state’s Economic Investment Committee. The 12-year grant could reimburse the company up to $1.79 million, contingent on meeting job creation and investment targets, while generating an estimated $583 million in economic growth for the state. The project’s projected return on investment is 74 percent, meaning the state would receive $1.74 in revenue for every dollar of potential cost.
Because Henderson County is classified as a Tier 3 economic area, BorgWarner’s JDIG agreement also allocates $595,500 to the state’s Industrial Development Fund — Utility Account, which helps finance infrastructure in rural communities to attract future businesses.
“BorgWarner could have chosen anywhere in the world for this new product line, but they chose to reinvest in North Carolina,” state Commerce Secretary Lee Lilley said in the release.
State and local officials praised the project as a boost for the region. “We are delighted to welcome BorgWarner back to Hendersonville,” said Sen. Timothy D. Moffitt. “This company has been a strong corporate member of our community, and we look forward to partnering with them again.”
Rep. Jake Johnson added, “This is outstanding news for the region and the entire state. We’re grateful to the economic development professionals and state and local officials that support our economic recovery with much-needed wins like this.”
Key partners in the project include the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, the state legislature, Blue Ridge Community College, Duke Energy, Henderson County, the Henderson County Partnership for Economic Development, and the City of Hendersonville.