Linamar, a Canadian manufacturer of auto parts and other industrial components, plans to open a new plant in Asheville and create 363 jobs over the next four years.
State officials approved a state incentives package this evening worth $2.5 million if the company meets hiring and investment goals.
The company is also receiving $10 million in incentives from the city of Asheville and Buncombe County.
The incentives include $7 million for the purchase of a building and $3 million in cash grants.
Gov. Beverly Perdue and Secretary of State Keith Crisco are both scheduled to appear at The Grove Park Inn in Asheville this evening to announce the project.
The new jobs are expected to pay $39,931, above the Buncombe County average of $33,800.
Linamar, which is publicly traded and based in Ontario, also considered sites in South Carolina.
The company makes engines and transmissions as well as components used in the energy industry and for a host of other industrial uses.
The Asheville plant is expected to make engines and other parts for large trucks.
The company is creating a new North Carolina company that will be a Linamar subsidiary.