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Honeywell plans to move headquarters to Charlotte, NC, says sources

Charlotte is ready to stay at a Fortune 100 corporate headquarters that could bring 750 jobs that pay a $…

Charlotte is ready to stay at a Fortune 100 corporate headquarters that could bring 750 jobs that pay a $ 85,000 median salary to the city, under incentives approved by the General Assembly on Thursday.

The company is Honeywell, a major manufacturer of electronics, aviation and electronic equipment, according to four sources with direct knowledge of the deal.

Honeywell is based in Morris Plains, N.J. Talesman Scott Sayres said in a statement that Honeywell did not comment on “rumors or speculation.”

The deal is expected to be announced Friday. By the end of the Thursday, the Charlotte Regional Business Alliance, the North Carolina Department of Commerce, Charlotte City, Mecklenburg County and the Economic Development Partnership of North Carolina planned a “significant job announcement” in uptown Charlotte on Friday morning.

Honeywell is considering places in Ballantyne or SouthPark, according to Charlotte sources.

Information about the deal – without the company’s name attached – originally appeared in a disagreement between Republican legislators who are divided between reluctantly attracting companies with financial incentives and those opposed to the exercise.

Senate Bill 820 would allow the NC department of Commerce to offer companies up to $ 16,000 for each created job. Currently, the limit is $ 6,500 per job. The Senate unanimously approved the bill on Wednesday.

A Honeywell thermostat.

Honeywell

But it was a buzz saw of resistance from Republican rep. Jonathan Jordan, who said the bill turned out to be “empty in the air” this week.

“I just can not believe we increase this amount and spend more money to provide our corporate welfare programs and chronic capitalism,” Jordan said at a committee meeting.

Jordan said that the ongoing business announcement entails 750 jobs The average wage – which is higher than the median, for senior officials as CEO distorts the figure – would be $ 348,000.

Jordan fought over bill Bill Brawley, a republican from Matthews who was one of the proposition’s sponsors and revealed details of a project not previously published.

Honeywell Aerospace newest version of its IntuVue 3-D radar mounted in the cockpit of a 1952 Convair 580 in Dallas, TX, Wednesday, August 12, 2014.

Ron T. Ennis Star Telegram [19659021] Jordan said he understood that the project would be announced on Friday. Jordan also said he understood that a company board would announce a relocation to Charlotte if the bill passed.

After the meeting, Brawley would only say that the project would be announced soon. But he confirmed the job and salary that Jordan quoted in the meeting.

Brawley said in the committee that Charlotte had lost headquarters and other companies in recent years, and this legislation would attract an important company.


A Honeywell Bluetooth Speaker.

Honeywell.

“This is a chance to get back to the headquarters,” said Brawley.

Honeywell would add the list of Fortune 500 companies headquartered in the Charlotte region. It is currently on six companies: Bank of America (No. 24), Lowes Cos (40), Duke Energy (No 125), Nucor (No. 151), Sonic Automotive (No. 298) and Sealed Air (No. 456).

Sealed air, which makes Bubble Wrap, was the last Fortune 500 company to move to Charlotte, even from New Jersey.

The company announced in 2014 that it plans to move its headquarters from Elmwood Park, NJ, which provides 1,262 jobs. Snagging Honeywell can also help Charlotte reverse a trend where the number of Fortune 500 companies in the area has fallen for a decade. Nine companies made the list in 2007.

The decline is mainly due to acquisitions and spin-offs. Family Dollar was acquired and moved its headquarters out of Matthews, and local businesses like Belk and Harris Teeter have also been purchased by external companies.

The incentive program

The incentive bill went out in committee with a vote of 17-7, with seven republicans opposed before going to the whole parliament for voting.

Earlier this week, Jerry Tillman, a republican representing Moore and Randolph County and co-sponsored bill, said that one or two companies were considering adding 1,000 to 2,000 jobs in Wake and Mecklenburg County, and the bill was aimed at landing these companies .

N.C. The Department of Commerce refused to comment on the Charlotte project on Thursday. Earlier this day, the department issued a statement from secretary Tony Copeland.

“We worked with Legislative Leadership to develop the SB 820 and support its transition,” said Copeland. “This is a much needed change to one of our economic development and recruitment tools that has not been updated since 2003. This update allows the state to be more competitive and relevant in our global recruitment effort. It will create more jobs and build North Carolina tax rate. “

The increased incentives come from the government program Job Development Investment Grant, known as JDIG. It bases its awards to companies on a percentage of its personal income tax from holdings for legitimate services. Companies must create a minimum number of full-time positions for a minimum time frame to get quality.

The state claims that it gives more revenue from JDIG projects than it spends in contributions.

House Democrats set up in support of the bill that passed the entire house 78-23 and now goes to the governor.

Portillo: 704-358-5041


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