RALEIGH (AP) — A subsidiary of one of the largest U.S. companies is getting a rich incentives package estimated at up to $27 million to add about 240 jobs at four North Carolina factories within five years.
GE Aviation, a division of General Electric Co., could get state tax breaks worth up to nearly $5 million if the company meets hiring and investment targets, Gov. Pat McCrory’s office said Tuesday.
That’s on top of county and city governments offering land, cash and tax breaks that local newspapers reported to total more than $22 million and state business recruiters estimated worth nearly $11 million.
GE Aviation plans a parts factory near its existing Asheville plant to produce jet engine components made of advanced ceramic materials. GE Aviation says ceramic matrix composite materials, known as CMC, are critical for its next-generation aircraft engines because their ultra-light weight can handle extremely high temperatures in jet turbines.
Asheville will be the company’s first factory involved in the mass production of CMC components, GE Aviation CEO David Joyce said in a prepared statement. The company’s decision to locate the plant in Asheville was announced last month pending the approval of state incentives.
The new factory also is expected to boost employment at GE Aviation’s existing plants in Durham, West Jefferson and Wilmington. GE Aviation now has more than 1,300 employees in North Carolina.
“The aviation industry is a critical target sector for North Carolina, one that is becoming increasingly important to sustainable job and investment growth for the state,” state Commerce Secretary Sharon Decker said.