MAIDEN — A British-based company that manufactures parts for automakers plans to expand a North Carolina factory by nearly 230 jobs over five years.
A state committee that reviews big tax breaks Tuesday approved a deal that would send up to almost $4 million in state benefits to GKN Driveline in Newton if job-creation and other targets are reached. Local governments are expected to add nearly $3 million.
The company employs nearly 700 people at its Catawba County facility, which has been in operation for nearly three decades. The company says the new jobs will pay almost $40,000 a year, compared to the county average salary of just over $36,000.
GKN Driveline describes itself as a leading global supplier of automotive components that transmit power from a vehicle’s engine to the wheels in the most efficient way. Its customers include BMW, Chrysler, General Motors and Ford. The company has almost 60 locations in 22 countries worldwide, including other North Carolina sites in Sanford, Mebane and Timberlake, according to its web site.
The company’s plans to add floor space and production capacity means it will invest about $114 million. GKN Driveline also considered moving production to Ohio, Sweden, Japan or Brazil.