Industrial company to invest nearly $21 Million in Shelby
Raleigh, N.C. – Steffes, LLC, a steel fabrication company, will create 130 new jobs in Cleveland County, Governor Roy Cooper announced today. The company will invest $20.9 million to locate a new manufacturing facility in the City of Shelby.
“We are excited to welcome Steffes to North Carolina,” said Governor 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. For more than 40 years, the company’s creative team of experienced engineers and manufacturing experts have delivered innovation and unmatched expertise to solve complex customer issues. Steffes’ deep experience in energy technology, product innovation and manufacturing excellence supports their customer success throughout the United States.
“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.”
“Manufacturers need a skilled and diverse workforce to support their strategic growth plans,” said N.C. Commerce Secretary Machelle Baker Sanders. “North Carolina has the largest manufacturing workforce in the Southeast and continues to provide growing companies with the talent and resources they need for their present and future success.”
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 earlier today. 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 given company.
Because Steffes is locating in Cleveland County, classified by the state’s economic tier system as Tier 1, the company’s JDIG agreement does not require a contribution into the state’s Industrial Development Fund – Utility Account.
“This is a great announcement for the entire state,” said N.C. Speaker of the House Tim Moore. “It takes diligent local and state leaders to recruit these types of investments to North Carolina and we’re eager to see to these investments come to reality in Shelby.”
“Cleveland County is thrilled to have another manufacturer join our community,” said N.C. 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.”
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, Cleveland Community College, Cleveland County, City of Shelby, Duke Energy and Cleveland County Economic Development Partnership.
