NC: Albemarle Corp. to Invest $10.5M, Expand, Add 200 Jobs in Charlotte
17 Aug, 2017
Albemarle Corporation, a global specialty chemicals company, will add 200 jobs in North Carolina, Governor Cooper announced. In Cleveland County, the company will add 170 new jobs and invest $10.5 million over five years with a project facilitated in part by a Job Development Investment Grant (JDIG). The company also plans to continue to grow its corporate headquarters in Charlotte by adding 30 jobs and plans to increase its investment in Cleveland County to a total of $20 million.
“North Carolina continues to be a leader in the chemical science industry because of our world-class workforce,” said Governor Cooper. “Albemarle Corporation’s decision to expand in North Carolina bolsters this thriving industry in our state.”
Albemarle Corporation is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. Albemarle Corporation products power critical industries, from energy and communications, to transportation and electronics. The company currently has approximately 150 employees at its Kings Mountain operations center and approximately 130 employees at its Charlotte corporate headquarters.
“Albemarle Corporation is a global leader and has made the right decision to expand in North Carolina,” said North Carolina Commerce Secretary Anthony M. Copeland. “I know Albemarle Corporation will continue to succeed with this expansion in Cleveland County.”
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.
Albemarle Corporation will add a variety of job functions in Cleveland County with this project, including operations and engineering services. Salaries for the 170 new Cleveland County positions will vary, with an average salary of $78,225, once all positions are filled. The average salary in Cleveland County is $36,576.
“Albemarle is pleased to build upon our recent corporate headquarters relocation to Charlotte and invest in expanding our footprint in Kings Mountain,” said Luke Kissam, Albemarle’s chairman, president and CEO. “The functions we are adding at Kings Mountain will enable us to grow key business functions that support current global operations and position Albemarle to pursue future growth opportunities. We appreciate the strong support of the state of North Carolina, City of Kings Mountain and Cleveland County for this project.”
Albemarle Corporation’s expansion in Cleveland County will be facilitated, in part, by a JDIG, approved by the state’s Economic Investment Committee earlier. Over the course of the five-year term of this grant, the project will grow the state’s economy by an estimated $390 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 $4.3 million, spread over 12 years. State payments only occur following performance verification by N.C. Commerce and N.C. 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.
Because Albemarle Corporation chose to expand its existing operations in Cleveland County, the company’s JDIG agreement also calls for moving as much as $479,300 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as Cleveland, the new tax revenue generated through JDIG grants helps communities across the state. More information on the state’s economic tier designations is available here.
“We welcome Albemarle Corporation's expansion here in Cleveland County," said Senator Warren Daniel. "These jobs and capital investment are a significant boost for our economy. Albemarle's success will yield great dividends for our workers and our community."
"I am excited to welcome Albemarle’s expansion in Cleveland County,” said House Speaker Tim Moore. “The North Carolina House is committed to providing an excellent business climate and economic investment tools that attract high-quality jobs like these to our local communities.”
“Our region’s skilled workforce and economic infrastructure continue to attract well-paying opportunities like the Albemarle expansion, which represents a more than $10 million investment and 200 new jobs,” said Rep. Kelly Hastings of Cleveland and Gaston counties.
Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Gardner-Webb University, the City of Kings Mountain, Cleveland County and the Cleveland County Economic Development Partnership.