Albemarle Corporation (NYSE: ALB), the global specialty chemicals company headquartered in Charlotte, will expand and create at least 200 jobs in Mecklenburg County. The company will establish an advanced materials research and development facility with a minimum project investment of $180 million.
“North Carolina’s innovation economy continues to surge thanks to Albemarle Corporation building its research and development operations in Mecklenburg County,” said Governor Cooper. “Albemarle’s cutting edge work will help bring the next generation of clean energy technology to life and create great jobs in North Carolina’s clean energy economy.”
Albemarle Corporation engages in the development, manufacture, and marketing of chemicals for a variety of markets, including energy, electronics, transportation, construction, pharmaceuticals, and agriculture, among others. The company pursues a sustainable approach to managing its diverse global footprint of resources and works with its customers to create value-added and performance-based solutions to enable a safer and more sustainable future. The company’s project in Mecklenburg County will create a facility to develop advanced materials research, process improvement approaches, and innovations to bring to market the next generation of products in the lithium and battery markets.
“Albemarle appreciates the support from the State of North Carolina and the City of Charlotte for this exciting project,” said Kent Masters, Albemarle CEO. “The Albemarle Technology Park is an important piece of our journey to develop advanced energy storage technologies that power our future.”
Although wages for the new jobs will vary depending on position, the average salary will be around $94,000, which is above the current average wage in Mecklenburg County of $75,907. The state and local area will enjoy an additional impact of more than $19 million each year from the new payroll.
“North Carolina’s momentum in electric vehicles, battery production, and related industries is truly remarkable,” said Commerce Secretary Machelle Baker Sanders. “It’s a pleasure to see this latest vote of confidence in our state from a world-class company like Albemarle.”
Albemarle Corporation’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of 12 years, the project is estimated to grow the state’s economy by $644.5 million. Using a formula that takes into account the new tax revenues generated by 205 new jobs, the agreement authorizes the potential reimbursement to the company of up to $1,239,000, spread over 12 years. Payments for all JDIGs only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Albemarle chose a site in Mecklenburg County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $413,000 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities across the state finance necessary infrastructure upgrades to attract future business.
“Albemarle’s announcement today is another feather in the Charlotte region’s leadership cap,” said N.C. Senator Mujtaba Mohammed. “We’re proud that our valued corporate citizen is expanding here, bringing new jobs, new investment, and new prosperity and opportunity to our community.”
“Economic development projects take a lot of work and preparation behind the scenes before we see a great news day like today,” said N.C. Representative Carla Cunningham. “I thank all of the people and organizations who worked tirelessly to support Albemarle Corporation throughout its site selection process, and we’ll continue to work hard to support the company in this next phase of its growth.”
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of N.C., other key partners on this project were the North Carolina General Assembly, the North Carolina Community College System, Mecklenburg County, the City of Charlotte, University City Partners and the Charlotte Regional Business Alliance.