A new plant is opening in Nash County, and it is expected to bring more than 134 jobs.
LS Tractor makes high-end compact tractors and implements. Officials say it will open its U.S. headquarters and a distribution and manufacturing facility in Rocky Mount. It's estimated the South Korean company will invest nearly $14 million over the next five years.
The average annual wage at the plant will be $41,500, not including benefits.
“North Carolina is a leader in heavy equipment manufacturing and service, thanks to our skilled workforce and business-friendly policies,” Gov. Perdue said. “Our state continues to attract global companies looking for a strong commercial climate, an unparalleled quality of life and opportunities to provide the good jobs our citizens have come to expect.”
People interested in the company or employment opportunities are asked to e-mail Kim Chang Hoon at firstname.lastname@example.org.
“We are very proud to announce that we have selected North Carolina as the location of our U.S. headquarters. After looking at other states, we were very impressed with the educated and skilled workforce that North Carolina offers, particularly in Nash County,” said Jae-Yong Sim, interim CEO of LS Tractor USA. “Our decision to locate in North Carolina also was based on the dynamic business climate that this state offers.”
Wednesday, North Carolina’s Economic Investment Committee approved a job development investment grant to LS Tractor.
According to officials, "for each of the grant’s nine years in which the company meets the required performance targets, the state will provide a grant equal to 60 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 nine years, the agreement could yield as much as $995,000 in maximum benefits for LS Tractor and up to $175,000 to the Industrial Development Fund for infrastructure improvements in economically distressed counties. When a Job Development Investment Grant is awarded to one of the state’s more economically prosperous counties such as Nash, 15 percent of the grant award is allocated to the Industrial Development Fund to encourage economic development in less prosperous counties."