Steffes, LLC, a steel fabrication company, will create 130 new jobs and invest $20.9 million to locate a new manufacturing facility in Cleveland County. The announcement was made at the LeGrand Center in Shelby Tuesday afternoon (Aug. 3rd).
“We are excited to welcome Steffes to North Carolina,” said Governor Roy Cooper. “We know that when companies are ready to expand, they choose our state because of our ready workforce, exceptional quality of life and robust infrastructure.”
Steffes is a family-owned equipment manufacturer, specializing in steel fabrication and electrical services for diverse industries. “This expansion is the realization of the company’s strategic vision,” said Todd Mayer, Co-President of Steffes, LLC. “The combination of customers and friends in this area combined with the workforce potential and community support made Shelby the best fit for us. We are excited to become part of the community and support innovation in the region.”
The North Carolina Department of Commerce led the state’s efforts to support Steffes’ decision to locate to North Carolina. The average annual salary for all new positions is $47,392, creating a potential annual payroll impact of more than $6.1 million per year. Cleveland County’s overall average annual wage is $40,466.
Steffes’ expansion will be facilitated in part by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of the grant, the project is estimated to grow the state’s economy by more than $244 million. Using a formula that takes into account the new tax revenues generated by the 130 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,421,000 spread over 12 years. Payments for all JDIGs 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 company. As a part of the incentive package, local governments will provide an additional $88,000 over the next several years in tax incentive grants.
“This is a great announcement for the entire state,” said Cleveland County state representative Tim Moore, Speaker of the NC House. “It takes diligent local and state leaders to recruit these types of investments to North Carolina and we’re eager to see these investments come to reality in Shelby.”
“Cleveland County is thrilled to have another manufacturer join our community,” said state senator Ted Alexander. “The people of Cleveland County are ready to accept these new opportunities and to support the company’s transition to our region. These are the types of jobs that are so necessary for a diverse economy and I am delighted that Steffes has chosen to come to our region. They will be outstanding corporate citizens. Thanks to all those who worked so hard to recruit this great business.”