Title
Resolution Authorizing an Economic Development Incentive Grant to Tyco Electronics Corporation, not to exceed $430,302.00 for New Capital Investment in Machinery and Equipment and New Jobs
Body
Department: Executive
Council District: 5
Public Hearing: 1/19/2016
Advertising Date/By: 11/25/2015
Contact 1 and Phone: Jim Westmoreland 373-2002
Contact 1 and Phone: Kathi Dubel 373-4579
PURPOSE:
The City of Greensboro has been requested to consider an economic development incentive grant of up to $430,302.00 to TE Connectivity Ltd., through its subsidiary Tyco Electronics Corporation ("the company") for the expansion and localization of manufacturing operations, grow their strategic workforce apprenticeship program, and create a digital factory which would connect equipment to the internet/cloud, in Greensboro. The grant is for the purposes of making capital investment in new machinery and equipment purchases.
BACKGROUND:
TE Connectivity, located at 719 Pegg Road in Greensboro, is evaluating location options to expand and localize manufacturing operations, grow their strategic workforce apprenticeship program, and create a digital factory which would connect equipment to the internet/cloud. The growth would take place here or at an international division of the company. International locations being considered include Mexico, Brazil, South Korea, China and India.
The company is a global supplier of electronic connectivity solutions to a wide range of industries including Transportation, Consumer, Industrial and Network Systems. The Greensboro facilities supply components to all of the major Automotive OEM's including exports of over 35% of production. The company has 950 full time employees and 90 contract/temporary employees.
The company is expecting to invest at least $40,000,000.00 and create 193 new jobs with an average wage of at least $49,352.00 per year with benefits, by December 31, 2020. The expansion w...
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