Swiss industrial equipment maker ABB plans to add more than 400 jobs in Orange County after receiving an incentive package worth a total of $7.6 million.
ABB, whose North American headquarters is in Cary, plans to consolidate its distribution and manufacturing hub in Mebane, about 46 miles west of Raleigh, with the incentives.
The state will be awarding $5.5 million of the $7.6 million package, with Orange County giving $953,108 and the City of Mebane giving $1.1 million.
Of the $5.5 million coming from the state, $4.3 million is a Jobs Development Investment Grant (JDIG). Every year over a 12 year period, ABB will be checked to see if it created the agreed upon number of new jobs.
Supporters of JDIG argue that the incentives pay for themselves, because the program pays companies based on a percentage of the new tax revenue their jobs generate; no money is paid until the company meets job and investment requirements.
As part of a $40 million investment into Mebane, ABB will expand its facility there, currently 400,000 square feet, by 200,000 square feet.