|Caterpillar (USA) Cash grant into Clayton (North Carolina) USA|
Incentive Amount: $1.64 million USD
Details: The state Economic Investment Committee awarded a Job Development Investment Grant (JDIG) to Caterpillar. Under the terms of the JDIG, the company is eligible to receive a grant equal to 65% of the state personal income withholding taxes derived from the creation of new jobs for each of the nine years in which the company meets annual performance targets. If Caterpillar meets the targets called for under the agreement and sustains them for nine years, the JDIG could yield $1.644m in maximum benefits for the company. In addition, up to $548,000 could be added to the state’s Utility Fund for infrastructure improvements in economically distressed counties.
Caterpillar, a maker of construction and mining equipment, diesel and natural gas engines, and industrial gas turbines, will invest $33m to expand its existing operations in Clayton, North Carolina. Upon completion, the Clayton facility will be the world source for several models of small wheel loaders produced by Caterpillar. In addition, engineering and design work for the company's Building Construction Products (BCP) products will take place at a new engineering and test facility near Caterpillar’s Clayton manufacturing facility. The company plans to create 199 jobs over the next five years with an average salary of $41,466, plus benefits.