Governor Bev Perdue announced today that Baldor Electric Company will expand its Weaverville plant (70 Reems Creek Road), adding 32 jobs over the next 3 years. Here’s the press release from her office:

State Grant Helps Baldor Electric Co. Expand in Weaverville

Gov. Bev Perdue today announced that Baldor Electric Co., an international supplier of industrial electric motors, mechanical power transmission products, drives and generators, will expand its Weaverville operations.  The company plans to invest more than $4.8 million and create 32 jobs during the next three years.  The announcement was made possible in part by a $64,000 grant from the One North Carolina Fund.

“North Carolina remains attractive to thriving companies like this one,” Gov. Perdue said.  “Our top-ranked business climate and knowledge-based workforce help keep our manufacturing sector strong and diverse, providing the good jobs our citizens have come to expect.”

Baldor Electric Co., headquartered in Arkansas, operates 26 manufacturing facilities in the U.S., Canada, England, Mexico and China, and provides products to more than 70 countries. Three of the company’s plants are in North Carolina, in Weaverville, Kings Mountain and Marion, employing a combined workforce of nearly 700 people.

Baldor is consolidating its Sleevoil hydrodynamic bearing line in Indiana and moving those operations to its Weaverville plant, which currently employs 128 workers.  The 32 new jobs added over the next three years will pay an average wage of $42,209, not including benefits, which is higher than the Buncombe County average of $32,968.

“The One NC Fund grant will help us invest further in the products we build and the jobs we provide in Buncombe County.  We are proud to be part of the Weaverville community, and we look forward to many more years together,” said Bill Ramsbey, vice president-operations.

This project follows two other recent One NC Fund announcements for Baldor facilities in Western North Carolina.  In June, Gov. Perdue announced 114 new jobs and an investment of $12.2 million in Cleveland County.  In May, the governor announced 25 new jobs and an investment of $3.1 million in McDowell County.

The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state.  Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds.  These grants also require and are contingent upon local matches.

Through use of the One NC Fund, more than 40,000 jobs and $7 billion in investment have been created since 2001. Other project partners include: the N.C. Department of Commerce, N.C. Community Colleges and Buncombe County.

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