Bosch Power Tools, a leading global supplier of technology and services, has announced it will invest $130 million to expand its power tools manufacturing facility in Lincolnton, N. C., creating 400 new jobs in Lincoln County. The Lincolnton site, which has been in operation since 1960, produces a wide range of power tool accessories for products including saws, drills and routers.
“We aim to provide local-for-local solutions to support our businesses and the expansion for Power Tools in Lincolnton is further evidence of our commitment to develop local manufacturing here in the region,” said Mike Mansuetti, president of Bosch in North America.
The site expansion is expected to last 24 months and will add more than 325,000 square feet to the facility. The expansion includes space for new manufacturing as well as logistics and warehousing to support manufacturing.
“It is great news that Bosch has selected to expand its North American manufacturing operations right here in Lincolnton,” said North Carolina Governor Roy Cooper. “Our state’s strong rural communities and talented workforce continue to attract businesses and provide opportunities for growth.”
Bosch is a leading global supplier of technology and services. Its operations are divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. Its Power Tools division sits within the Consumer Goods business sector and in North America the Bosch Power Tools portfolio features power tools, rotary and oscillating tools, measuring tools, and accessories.
“Bosch’s decades-long history and success in North Carolina is another testament to our state’s top business climate in action,” said Christopher Chung, CEO of the Economic Development Partnership of North Carolina (EDPNC). “Whether a business is relocating or expanding as Bosch is, North Carolina’s world-class workforce and education systems support companies’ growth.”
Since early 2022, the EDPNC worked with the North Carolina Department of Commerce and local organizations on incentive comparisons and workforce training requirements, with the company choosing to expand at its current location. Bosch cites its current operations, access to a world-class workforce, proximity to critical infrastructures and local support as factors in its remaining in North Carolina.
The North Carolina Department of Commerce led the state’s efforts to support the
company’s expansion in North Carolina. Bosch’s 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 this grant, the project is estimated to grow the state’s economy by more than $1 billion. Using a formula that takes into account $109 million of the company’s investment as well as the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,724,750 spread over 12 years.
“We are thrilled to welcome these 400 new jobs to Lincoln County,” said N.C. Senator W. Ted Alexander. “Bosch has been a fantastic corporate citizen for the last 60 years and a great workforce development partner. We stand ready to support them for this next phase of growth.”