A German company that makes products used in the auto industry plans to locate its first U.S. manufacturing facility in Shelby.
KSM Castings NC plans to hire 189 people by the end of 2018. It will build a 110,000 square foot production facility and invest more than $45 million in the Cleveland County operations, according to press release from the N.C. Department of Commerce.
If it meets hiring and investment goals, the company could receive as much as $705,000 from the state's One North Carolina Fund, and as much as $2.86 million in Job Development Investment Grants.
KSM Castings, which has its headquarters in Hildesheim, Germany, produces light metal casting products, including chassis, power train and body applications for the auto industry. The Shelby facility will make transmission, engine and steering parts.
In a statement, Dr. Frank Boshoff, CEO of KSM, said the company decided to build in North Carolina to expand its business with existing and new customers in this country.
The average salary for the new positions is expected to be $42,810, plus benefits. The average annual wage in Cleveland County is $32,760, according to the press release.
Under the JDIG agreement, KSM is eligible to receive up to 12 annual grants equal to 65 percent of the state personal income tax withholding from the eligible new jobs.