Honeywell plans to move head office to Charlotte, NC, sources said

Charlotte is about to move to a Fortune 100 headquarters, which could create 750 paid jobs at $ 85,000 in median wages, as part of incentives approved by the General Assembly on Thursday.

Honeywell is a leading manufacturer of electronics, aerospace and electronics, according to four sources with direct knowledge of the transaction.

Honeywell is based in Morris Plains, New Jersey. Spokesman Scott Sayres said in a statement that Honeywell was not commenting on "rumors or speculations".

The agreement should be announced Friday. On Thursday night, the Charlotte Regional Business Alliance, the North Carolina Department of Commerce, the City of Charlotte and Mecklenburg County, and the North Carolina Economic Development Partnership have scheduled an "announcement of 39 "Significant Employment" in downtown Charlotte.

Honeywell is considering sites in Ballantyne or SouthPark, according to Charlotte sources.

Information about the deal – without the name of the company – was revealed during a disagreement between Republican lawmakers divided between companies reluctantly attracting financial incentives and opponents.

Senate Bill 820 would allow the BC Department of Commerce to offer businesses up to $ 16,000 for each job created. Currently, the limit is $ 6,500 per job. The Senate approved the bill unanimously Wednesday.

But Republican Representative Jonathan Jordan said the bill appeared "out of nowhere" this week.

"I just can not believe we are increasing that amount and looking for more money to give to our corporate social assistance programs and our crony capitalism," said Jordan at a meeting of the committee.

Jordan said that the imminent announcement of the company involves the creation of 750 jobs. The average salary – which is above the median, because both high-earners and CEOs distort the figure – would be $ 348,000.

Jordan fought the bill with Rep. Bill Brawley, a Matthews Republican who was one of the co-authors of the bill, and unveiled the details of a project that had not been made public before.

Jordan said he understood that the project would be announced Friday. Jordan also said he understands that the board of directors of a company will announce a move to Charlotte if the bill is passed.

After the meeting, Brawley would have only said that the project would be announced soon. But he confirmed the number of jobs and salaries Jordan had quoted at the meeting.

During the committee, Brawley said that Charlotte had lost its head office and other businesses in recent years, and that this legislation would attract a major company.

"It's a chance to get back into the headquarters game," Brawley said.

Honeywell would add to the list of Fortune 500 companies headquartered in the Charlotte area. This group is currently composed of six companies: Bank of America (No. 24), Lowe's Cos. (No. 40), Duke Energy (No. 125), Nucor (No. 151), Sonic Automotive (No. 298) and Sealed. Air (No. 456).

Sealed Air, which manufactures Bubble Wrap, was the last Fortune 500 company to set up in Charlotte, also in New Jersey.

In 2014, the company announced plans to move its head office in Elmwood Park, New Jersey, generating 1,262 jobs. Honeywell snagging could also help Charlotte to reverse the trend which makes the number of Fortune 500 companies in the region is down for a decade. Nine companies were on the list in 2007.

The decrease is mainly due to acquisitions and spin-offs. Family Dollar has been acquired and is moving its headquarters from Matthews, and local businesses such as Belk and Harris Teeter have also been purchased by outside companies.

Increasing Incentive Program

The bill on incentives was voted by 17 votes to 7, with the support of seven Republicans, before being submitted to Parliament as a whole.

Earlier in the week, Senator Jerry Tillman, a Republican who represents Moore and Randolph counties and co-sponsored the bill, said that one or two companies were considering adding 1,000 to 2,000 jobs in Wake and Mecklenburg counties and the bill was designed to create jobs. these companies.

The Commerce Department of British Columbia declined to comment on Charlotte's plan on Thursday. Earlier in the day, the ministry released a statement by Secretary Tony Copeland.

"We have worked with the legislative authorities to develop the SB 820 and support its adoption," said Copeland. "This is a very necessary change in one of our economic development and recruitment tools that has not been updated since 2003. This update will allow the state to be more competitive and more relevant. in our global recruitment efforts. This will create more jobs and strengthen North Carolina's tax base. "

The increase in incentives comes from the government's JDIG investment subsidy program. It assigns companies a percentage of their personal income tax deductions for eligible positions. Companies must create a minimum number of full-time positions for a minimum period to ensure quality.

The state says it derives more revenue from JDIG projects than it spends in grants.

Democrats in the House voted in favor of the bill, which was passed in House Plenary by 78-23 and now goes to the governor.

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