Bharat Forge's project brings more than $127 million in investment to Sanford
: Governor Roy Cooper announced today that Bharat Forge America, Inc. will build an aluminum forging plant to manufacture automobile components in Lee County, creating 304 jobs. The company will invest $127.3 million in Sanford.
"Global industrial manufacturer Bharat Forge is making its largest overseas investment in Sanford because our quality workers along with our other resources will help drive demand for their products,"
said Governor Cooper.
Bharat Forge and its subsidiary Bharat Forge Aluminum USA, Inc. are part of the Kalyani Group of companies, headquartered in Pune, India. The Kalyani Group is a $3 billion Indian conglomerate employing 10,000 people in its global workforce and engaged in a wide range of industries. Bharat Forge is backed by more than 50 years of experience in manufacturing safety components for the global automobile industry. The new facility in Sanford will be part of a larger manufacturing center that will bring as many as 460 jobs to Lee County.
Mr. Amit Kalyani, Deputy Managing Director, Bharat Forge Ltd, said "We are delighted to make our biggest overseas investment in North America, in the state of North Carolina, which offers excellent advantages and a strong talent pool. Importantly, this also brings us closer to our customers in North America. This investment will help us create a strong global manufacturing footprint as part of our aluminum strategy, spanning Europe, Asia and the United States."
The North Carolina Department of Commerce led the state's engagement and support for the company as it reached its decision to locate in North Carolina.
"This project confirms North Carolina's strength as one of the top destinations for foreign investment in the United States,"
said North Carolina Commerce Secretary Anthony M. Copeland. "Companies representing more than 40 countries have located operations here, thanks to the many business advantages offered by our state."
Bharat Forge's project will create a variety of job functions at the plant including craftspeople, machine operators, and technicians. While salaries will vary by position, the average wage will be $47,056. The current Lee County average wage is $41,567.
Bharat Forge Aluminum USA's project in Sanford will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today. Over the course of the 12-year terms of the grant, the project will add an estimated $787.1 million to North Carolina's economy. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement with Bharat Forge Aluminum USA, Inc. authorizes the potential reimbursement to the company of up to $3,543,300, 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.
The JDIG agreement also calls for moving as much as $393,700 into the state's Industrial Development Fund - Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
Bharat Forge America, Inc.'s site selection decision remains contingent on the final award of acceptable incentives from the local governments.
"We applaud this decision by a major international manufacturer that will bring jobs and new vitality to our community,"
said N.C. Senator Jim Burgin. "Everyone in our region will work hard to help Bharat Forge and its new plant find success in North Carolina."
"North Carolina is home to a vibrant network of companies that supply the automotive industry,"
said N.C. Representative John Sauls. "We welcome Bharat Forge to North Carolina and Lee County, which strengthens our footprint in this important industry for our state."
Partnering with N.C. Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina Community College System, the North Carolina Department of Transportation, the North Carolina Department of Environmental Quality, North Carolina State University, Duke Energy, the GoldenLEAF Foundation, Lee County, the City of Sanford, and the Sanford Area Growth Alliance.
- Contact: Ford Porter