NC: Sealed Air to Invest $58M, Hire 1,262 for New Charlotte HQ
24 Jul, 2014
Governor Pat McCrory and North Carolina Commerce Secretary Sharon Decker announced Sealed Air Corporation will establish its new global headquarters in Mecklenburg County. The company plans to create 1,262 jobs in Charlotte by the end of 2017.
“North Carolina’s business-friendly climate continues to attract corporate headquarters to the Charlotte region,” said Governor McCrory. “We welcome Sealed Air’s senior executive team, division and line managers and staff to the Queen City where they will find big city opportunity with a great quality of life.”
Sealed Air is a Fortune 500 company that generated revenue of approximately $7.7 billion in 2013. The company creates packaging and hygiene solutions for name brands such as Cryovac® food packaging solutions, Bubble Wrap® brand cushioning and Diversey™ cleaning and hygiene solutions.
“While Sealed Air’s global corporate headquarters is new to Charlotte, this company is not new to North Carolina,” said Secretary Decker. “The company has two production facilities; one in Richmond County, the other in Caldwell County, as well as sales offices throughout the state.”
Sealed Air will be relocating to Charlotte from its current headquarters in Elmwood Park, New Jersey; and all or part of its facilities in Saddle Brook, New Jersey; Danbury, Connecticut; Racine, Wisconsin; and Duncan and Greenville, South Carolina. The company will also relocate a few employees from other locations.
“We are confident Charlotte will provide a great environment for us to operate and grow our business moving forward,” said Jerome A. Peribere, president and CEO of Sealed Air. “This move will contribute to a stronger, one-company culture that will enable greater collaboration, efficiencies, and better use of our investments in people and new technologies.”
Salaries will vary by job function, but the average annual wage will be $119,482. The average annual wage in Mecklenburg County is $59,046.
"North Carolina’s consistent business-friendly rankings and our lower cost of doing business continue to attract companies like Sealed Air,” said NC House Speaker Thom Tillis. “It’s paying off as more companies like Sealed Air choose to bring jobs to our communities.”
"We are working hard to attract corporate headquarters projects across North Carolina,” said Representative Beverly Earle. “Sealed Air had many options, but they chose Charlotte and we welcome them to become a part of our great community.”
“Today’s announcement is a great show of support for the city of Charlotte and Mecklenburg County,” said Senator Joel Ford. “The company will quickly discover a qualified workforce as they look to hire.”
In addition to the 1,262 jobs, Sealed air will invest $58 million through a long term lease with a third party developer who will construct a new, state of the art facility for Sealed Air’s global headquarters.
The project was made possible in part by an award to Sealed Air from the state Job Development Investment Grant (JDIG) program, as voted by the state Economic Investment Committee. Receipt of the award is based on proof of job creation and other performance requirements. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state, and which would not be undertaken in North Carolina without the grant.
Under the terms of the company’s JDIG award, Sealed Air is eligible to receive up to twelve annual grants equal to 55 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over twelve years, the JDIG award could yield aggregate benefits to Sealed Air of more than $36.7 million upon the creation of 1,262 jobs.
An estimated $12.2 million in additional funds from the company’s JDIG award could be added to the state’s Utility Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded to a company whose site is located in the state’s more economically prosperous counties such as Mecklenburg, a percentage of the company’s grant is allocated to the Utility Fund to encourage economic development in less prosperous counties. For more information on the county tier designations, visit: http://www.nccommerce.com/research-publications/incentive-reports/county-tier-designations
The project was also made possible in part by a performance-based grant from the One North Carolina Fund of up to $2.5 million. 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.
Other partners who assisted with this announcement include: The N.C. Department of Commerce, Economic Development Partnership of North Carolina, NC Works, N.C. Community College System, Central Piedmont Community College, Mecklenburg County, City of Charlotte, Charlotte Chamber of Commerce, Charlotte Regional Partnership, and Duke Energy.
Sealed Air has approximately 25,000 employees who serve customers in 175 countries. For more information about Sealed Air, including job opportunities, visit http://www.sealedair.com