LS Tractor, which announced in April 2009 that it would open a distribution and manufacturing facility in Nash County, has terminated its incentives grant with the state.
N.C. Commerce Department official approved the termination during a meeting this afternoon.
The company's incentives deal with the state called for it to create 134 new jobs over five years and invest nearly $14 million. It was eligible to receive as much as $995,000 if it met hiring and investment goals.
But the company has informed the state that it doesn't expect to meet those goals. LS Tractor currently has 23 employees and has received $14,511 from the state.
It will get to keep that money as it partially met the requirement of the first year of its grant by creating 20 out of a required 22 jobs.
LS Tractor USA is a subsidiary of LS Mtron LTd., a South Korean heavy equipment manufacturer.
The Nash County facility, which is the company's U.S. headquarters, makes high-end compact tractors and accessories for the machines.