DENVER, N.C.-- Gov. Bev Perdue announced today that Denver Global Products, Inc., a subsidiary of Chongqing RATO Power Company Ltd., will establish its manufacturing, distribution and R & D facilities in Lincoln County.? The project was made possible in part by a Job Development Investment Grant. To meet the targets established in this performance-based grant, the company plans to create 450 jobs over four years and make a capital investment of $30.2 million in Lincoln County.
?North Carolina continues to be a top choice for companies looking to establish advanced manufacturing as well as research and development facilities,? Gov. Perdue said.? ?This proves how important our investment in education and infrastructure is, and that it?s resulting in good jobs for North Carolinians.?
Denver Global concentrates on innovating solutions for consumer products. The manufacturing facility will produce DGP developed products as well as RATO products. Incorporated in North Carolina in 2010, Denver Global was acquired by Chongqing RATO Power in January. The company currently employs 27 people at its Lincoln County location.
Based in Chongqing, China, RATO manufactures and distributes thermo-power products and general-purpose engines for all-terrain vehicles, motorcycles, water pumps and generators. The new Denver Global campus in Lincoln County will accommodate the company?s administrative sales, manufacturing, distribution, and research and development operations.
?Denver Global greatly appreciates all the support the company has received from Gov. Perdue, the State of North Carolina and Lincoln County. Many of us live in Lincoln County, we started our company in Lincoln County and we are all pleased with the opportunity to continue to grow our business from our base here,? stated Denver Global Products CEO, Roger Leon.
While individual wages for the 450 jobs will vary by job function, the average annual payroll for the new jobs will be more than $13.4 million.
?This is a huge announcement and shows manufacturing is alive and well in Lincoln County,? said Rep. Jason Saine. ?Denver Global Products will be a great addition to our community and I know they will thrive here with our skilled workforce.?
The state Economic Investment Committee today voted to award a Job Development Investment Grant to Denver Global Products. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant.
Under the terms of the JDIG, the company is eligible to receive a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the ten years in which the company meets annual performance targets. If Denver Global meets the targets called for under the agreement, the JDIG could yield $2.7 million in maximum benefits for the company.
In addition, up to $916,000 could be added to the state?s Utility Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded in the state?s more economically prosperous counties such as Lincoln, 25 percent of the grant is allocated to the Utility Fund to encourage economic development in less prosperous counties.
Other partners that assisted with this project include: the N.C. Department of Commerce, N.C. Community Colleges, Lincoln County, Lincoln Economic Development Association and the N.C. Rural Economic Development Center.
Through Gov. Perdue?s JobsNOW initiative, the state continues to work aggressively to create well-paying jobs, train and retrain its workforce, and lay the foundation for a strong and sustainable economic future.
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