NN Inc., an advanced manufacturer of high-precision metal and plastic components for the medical, aerospace and automotive industries, is moving its headquarters from Johnson City, Tennessee, to North Carolina, creating 200 jobs in Charlotte over the next five years. The global diversified industrial company will invest $10 million in its new headquarters.
“Relocating our headquarters to Charlotte, a national transportation hub with global accessibility, aligns closely with our strategy of building a diversified industrial business by being closer to our customers and ensuring greater collaboration between our business units,” said Richard Holder, president and chief executive officer of NN. “As a company focused on technology and innovation, NN will benefit from Charlotte’s enhanced infrastructure, as well as its growing talent pool and robust business climate.”
Founded in 1980 and publicly traded on NASDAQ, NN combines advanced engineering and production capabilities with in-depth materials science to design and manufacture high-precision components and assemblies across the world. NN has 33 manufacturing plants in North America, Europe, South America and China and serves five primary sectors: aerospace and defense, automotive, electrical, industrial technology and medical. The company provides customers with raw material sourcing, inventory management, engineers and customer service from project conception to final product.
“We’re bringing good-paying jobs to our state and adding another big name to our growing roster of companies headquartered in North Carolina,” said North Carolina Gov. Roy Cooper. “Our state’s industry expertise in manufacturing and technology as well as our focus on education and training make North Carolina the perfect place for companies to be.”
Positions at the new headquarters, located at the Waverly development in south Charlotte, will include executive management, engineering, marketing, strategic planning, IT, finance, legal, human resources and related support positions. Salaries will vary by position, but will average $130,000.
The project, expected to grow the state’s economy grow by $511 million, will be supported by a state Job Development Investment Grant of up to $2.766 million spread over 12 years. JDIG payments are contingent on the company meeting annual job creation and investment targets.
Because NN chose to locate in Mecklenburg County, the company’s JDIG agreement also calls for moving as much as $922,000 into the state’s Industrial Development Fund – Utility Account to fuel growth in rural areas. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
“Over the past 35 years, NN has established a tremendous track record of providing innovative solutions to a variety of industries,” said state Rep. Scott Stone. “I look forward to NN joining a long list of publicly traded companies which recently chose Charlotte as a headquarters location.”
Business Recruitment Manager Ellen Tai of the Economic Development Partnership of North Carolina supported this project, in partnership with the state Department of Commerce, state General Assembly, the North Carolina Community College System, the city of Charlotte, Mecklenburg County, the Charlotte Chamber and the Charlotte Regional Partnership.