State incentivizes Bosch expansion in Lincoln Co.
June 2, 2023 at 8:26 a.m.
Power-tool manufacturer Bosch will invest $130 million and add 400 jobs to its operations in Lincolnton, the company announced Thursday.
Bosch will build a 325,000-square-foot building for the expansion, which will support the manufacturing of power tool accessories for products including saws, drills, and routers, and logistics and warehouse operations. About 550 people currently work at the plant.
“We aim to provide local-for-local solutions to support our businesses and the expansion for power tools in Lincolnton is further evidence of our commitment to develop local manufacturing here in the region,” Mike Mansuetti, president of Bosch in North America, said in a statement released by the state.
Salaries for the new positions will vary, but the average annual salary for the new positions is $53,204, exceeding Lincoln County’s average wage of $49,332. The project’s payroll impact could fuel more than $21.4 million into the community each year.
German-based Bosch is a global supplier of technology and services. Its operations are divided into four business sectors: mobility solutions, industrial technology, consumer goods, and energy and building technology. Its power tools division is part of its consumer goods business sector and in North America the Bosch Power Tools portfolio features power tools, rotary and oscillating tools, measuring tools, and accessories.
Bosch will receive a $2.7 million Job Development Investment Grant from the state spread out over 12 years if the company meets job creation and investment targets. Over the course of the grant’s 12-year term, the project is estimated to grow the state’s economy by more than $1 billion.
The state will also spend $908,250 to help with infrastructure upgrades.
Lincoln County’s unemployment rate in April was 2.7%, compared to the state unemployment rate of 3.4%.