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Honeywell plans to move world HQ out of N.J.

Just over three years after getting a $ 40 million tax credit to stay in New Jersey, the Industrial conglomerate…

Just over three years after getting a $ 40 million tax credit to stay in New Jersey, the Industrial conglomerate Honeywell International Inc. is now leaving the Garden State to move to North Carolina, a source familiar with the deal said Thursday. [19659002] The move is expected to result in 700 to 800 jobs after North Carolina expanded tax breaks for high-paying jobs, according to an economic development official familiar with discussions between state officials and the company. A second person present during discussions about the incentives needed to lure Honeywell to North Carolina said expanded tax breaks approved by the state legislature Thursday were designed to attract the company.

They spoke on condition of anonymity, citing confidentiality in business recruitment. 1

9659002] Honeywell spokeswoman Victoria Ann Streitfeld declined to comment.

Lawmakers hurried through legislation this week that more than doubles the per-capita annual cap on tax breaks to $ 16,000 in a move to attract corporations that move high-paying jobs to North Carolina . State Rep. Bill Brawley, a Republican who represents suburban Charlotte, said he had been involved in bringing a corporation’s headquarters and 750 jobs to Charlotte.

Honeywell, based in Morris Plains, New Jersey, makes core systems for military aircraft, space satellites and automated office buildings. Its extensive product line also includes fishing line, chemicals used in the oil industry, and a process that turns vegetable oils into diesel fuel.

Honeywell bought the property in 2013 from Johnson & Johnson but there was “nothing inside” and the building had to be completely remodeled, Rob Ferris, Honeywell’s vice president of external communications at the time said.

The company’s relocation decision was largely based on the recognition that, in order to incorporate the interconnected, digitally driven features of the business future, Honeywell needed to be located in places appealing to attract a millennial workforce, the economic development official said.

Honeywell is No. 77 on the Fortune 500 list of the largest U.S.-based companies. Charlotte is already home to Bank of America, No. 24 on the Fortune list, and Duke Energy, No. 125 ..

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