Lord Corp. plans to expand its Cary headquarters and add 117 jobs during the next five years.

State officials this morning approved giving the company a grant worth as much as $1.3 million if it meets hiring and investment goals. Cary also will provide $50,000.

Lord Corp. CEO Rick McNeel announced expansion plans in March, and said he would seek incentives to help foot the bill. The company also considered sites in Ohio and Pennsylvania, which allowed it to qualify for North Carolina financial aid.

The new jobs will average annual salaries of $81,487. Lord Corp. already employs 329 people in Cary and more than 2,600 worldwide.

Gov. Bev Perdue's office put out a release this evening say she will appear in Cary Tuesday morning for a jobs announcement.

The location of the announcement, 111 Lord Dr., is the global headquarters for Lord Corp., a private company that makes adhesives and other products that control noise and vibrations in vehicles and heavy equipment.

Lord Corp. CEO Rick McNeel said in March that the company was expanding and would seek economic incentives from Cary and the state.

"It's the right thing to do for our shareholders," McNeel said at the time.

McNeel couldn't be reached for comment this evening.

Earlier this year, Lord's Board of Directors approved adding a 51,000-square-foot office building.

The company employs about 350 people in Cary. Although McNeel cut about 8 percent of Lord Corp.'s global work force in 2009, the company has resumed expanding.

The state's Economic Investment Committee, which approves incentives grants, is scheduled to meet at 9 a.m. Tuesday in Raleigh.

Lord Corp. is running out of room on its Cary campus.

The board of the private company recently approved adding a new 51,000 square-foot office building. But executives first plan to discuss with Cary and state officials about potential incentives to help foot the bill.

"It's the right thing to do for our shareholders," CEO Rick McNeel said.

But he declined to comment on specifics, or whether incentives are a key factor in Lord Corp.'s decision to expand in Cary or somewhere else.

Richard McNeel, who joined Lord Corp. as CEO in 2002, has also taken over the chairman spot at the Cary-based company.

Since taking a hit during the recession, the company has seen a rebound in demand for its adhesives, coatings and other products that help control noise and vibration in vehicles, heavy equipment, airplanes and more. Last year, sales rose to $720 million.

The privately held company announced today that its board elected McNeel as chairman, replacing Sheldon Buckler, who has held the job since 2000. Bucker will remain on the board.

A Cary company founded before the Great Depression "took a big hit" during the latest global recession.

Lord Corp. makes adhesives, coatings and other products that help other manufacturers control noise and vibration in vehicles, heavy equipment, airplanes and more.

Monthly sales peaked at $70 million in June 2008, and then fell to $43 million in February 2009, CEO Rick McNeel said during a break at the N.C. CEO Forum in downtown Raleigh on Tuesday.

Sales to customers such as Caterpillar, Deere and Harley-Davidson "just went plunk," he said. Sales have since rebounded, but "we're still not where we were," added McNeel, who joined Lord as CEO in December 2002.