June 1, 2023 at 1:38 p.m.

Bosch to Expand in Lincolnton

Bosch to Expand in Lincolnton
Bosch to Expand in Lincolnton

Wayne Howard- | Comments: 0 | Leave a comment

Expansion is nothing new for Robert Bosch Tool Corporation. They've expanded their Lincoln County operations multiple times over the years. In 2006, a three million dollar expansion brought 50 new jobs to Lincoln County. In 2017, a $13 million dollar investment added another 50.

Now comes the big one! On Thursday (June 1st) Bosch announced it will invest $130 million to expand its power tools accessory manufacturing site in Lincolnton, adding 400 new jobs.

Bosch is a leading global supplier of technology and services. Its operations are divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. Its Power Tools division sits within the Consumer Goods business sector and in North America the Bosch Power Tools portfolio features power tools, rotary and oscillating tools, measuring tools, and accessories. The Lincolnton expansion will support manufacturing of power tool accessories for products including saws, drills, and routers in a new 325,000-square-foot building for manufacturing, logistics, and warehouse operations.

“We aim to provide local-for-local solutions to support our businesses and the expansion for Power Tools in Lincolnton is further evidence of our commitment to develop local manufacturing here in the region,” said Mike Mansuetti, president of Bosch North America.

Bosch’s expansion will be facilitated in part by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier Thursday.
Because Bosch chose to expand in Lincoln County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $908,250 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps communities across the state finance necessary infrastructure upgrades to attract future business.

Over the course of the 12-year term of the grant, the project is estimated to grow the state’s economy by more than $1 billion. Using a formula that takes into account $109 million of the company’s investment as well as the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,724,750 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.

“We are thrilled to welcome these 400 new jobs to Lincoln County,” said Senator Ted Alexander. “Bosch has been a fantastic corporate citizen for the last 60 years and a great workforce development partner. We stand ready to support them for this next phase of growth.”

State representative Jason Saine added: “This multimillion expansion speaks volumes about Bosch’s confidence in our economy and our people. We appreciate the diligent economic development professionals and our local and state officials helped secuew this project.”

Key partners in developing the project included the Lincoln Economic Development Association, Lincoln County government, City of Lincolnton, and Rutherford Electric Membership Corporation, as well as the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, the North Carolina General Assembly, North Carolina Department of Transportation, and North Carolina Community College System.

The expansion will be completed by adding to the existing Bosch facilities on Indian Creek Road. Officials from Bosch will be coming to Lincolnton later this month for a groundbreaking.

Lincolnton Mayor Ed Hatley said he is thrilled by the announcement, "Bosch has been an integral part of our community for many years and we look forward to many more years of success for their business and for Lincolnton and Lincoln County."



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