NC: German Co. Tristone Flowtech to Invest $23M, Hire 302 in Iredell County
4 Jan, 2018
Tristone Flowtech USA Inc., a subsidiary of a German supplier of fluid applications in the area of motor and battery cooling as well as air charge and air intake systems for the automotive industry will locate its first manufacturing facility in the United States in Iredell County, North Carolina, creating 302 jobs, Governor Roy Cooper announced. The company will invest $23.6 million in Mooresville.
“North Carolina is home to a thriving group of manufacturers that supply critical parts to the automotive industry,” said Governor Cooper. “Tristone Flowtech’s decision to locate its first U.S. plant in Iredell County demonstrates North Carolina’s appeal to this important international industry.”
Tristone Flowtech USA is a subsidiary of Tristone Flowtech Group, headquartered in Frankfurt, Germany. The company is a full-system provider of engine and battery cooling systems as well as air charge and air intake applications for the automotive industry with a present global footprint of ten production plants in Europe, China, India and Mexico. With the U.S. automotive industry growing rapidly, the company has been seeking a North American location in order to better serve its customer base of U.S.-based Original Equipment Manufacturers (OEMs).
“The coming production facility in Mooresville will support our growth strategy in the United States with the startup of new businesses already nominated by major US based automotive OEM’s,” said Guenter Froelich CEO and president of Tristone Flowtech Group. “We are very pleased with the cooperation with the State of North Carolina and Iredell County on this project, and look forward to being part of the community in Mooresville.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s expansion.
“The motor vehicle and parts manufacturing industry contributed $3.875 billion to North Carolina’s economy in 2016,” said North Carolina Commerce Secretary Anthony M. Copeland. “Governor Cooper and I are committed to this industry and we’re pleased to welcome Tristone Flowtech to the family of companies that call North Carolina home.”
Tristone Flowtech will hire people for a variety of job functions at the new site, including managers, production workers and team assemblers. The total payroll impact from the new positions will be $10.4 million annually.
Tristone Flowtech’s expansion in Iredell County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $281 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,008,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
“International companies like Tristone Flowtech recognize the advantages North Carolina can offer,” said N.C. Senator David Curtis. “Everyone in Mooresville and Iredell County welcomes this global company to our community.”
“North Carolina is one of the top spots in the United States for companies serving the auto industry,” said N.C. Representative John Fraley. “We’re proud Tristone Flowtech chose Iredell County for their first manufacturing facility in our country.”
Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Duke Energy, the Town of Mooresville, Iredell County, the South Iredell Community Development Corporation, and the Mooresville South Iredell Economic Development Corporation.