Tristone Flowtech USA Plans Mooresville, North Carolina, Manufacturing Plant
5 January 2018
Tristone Flowtech USA Inc., a subsidiary of a German supplier of fluid applications in the area of motor and battery cooling as well as air charge and air intake systems for the automotive industry will invest $23.6 million to locate its first manufacturing facility in the United States in Mooresville, North Carolina. The company plans to create 302 jobs in Iredell County.
A subsidiary of Tristone Flowtech Group, the company is a full-system provider of engine and battery cooling systems as well as air charge and air intake applications for the automotive industry with a present global footprint of ten production plants in Europe, China, India and Mexico. With the U.S. automotive industry growing rapidly, the company has been seeking a North American location in order to better serve its customer base of U.S.-based Original Equipment Manufacturers (OEMs).
“The coming production facility in Mooresville will support our growth strategy in the United States with the startup of new businesses already nominated by major U.S. based automotive OEM’s,” said Guenter Froelich CEO & President of Tristone Flowtech Group. “We are very pleased with the cooperation with the State of North Carolina and Iredell County on this project, and look forward to being part of the community in Mooresville.”
Tristone Flowtech’s expansion in Iredell County 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 the 12-year term of this grant, the project will grow the state’s economy by an estimated $281 million.
Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,008,000, spread over 12 years. State payments 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.
“The motor vehicle and parts manufacturing industry contributed $3.875 billion to North Carolina’s economy in 2016,” said North Carolina Commerce Secretary Anthony M. Copeland. “Governor Cooper and I are committed to this industry and we’re pleased to welcome Tristone Flowtech to the family of companies that call North Carolina home.” “North Carolina is home to a thriving group of manufacturers that supply critical parts to the automotive industry,” said Governor Roy Cooper. “Tristone Flowtech’s decision to locate its first U.S. plant in Iredell County demonstrates North Carolina’s appeal to this important international industry.”