Baldor continues consolidation, expansion in North Carolina
by June 24, 2009 8:14 am 123 views
Fort Smith-based Baldor Electric Co. is consolidating operations and adding 114 jobs in North Carolina, according to this report from the Charlotte Business Journal.
Baldor recently announced a $3.1 million expansion is expected to create 25 jobs during the next three years at its Marion, N.C. facility, with the new jobs expected to post an average annual wage of $34,282. Baldor is moving a mounted roller-bearing line from Indiana to Marion. The Marion plant was acquired in early 2007 as part of the Reliance/Dodge acquisition and now employs 100 people, according to Tracy Long, Baldor’s vice president-investor relations.
Baldor began consolidating operations at numerous plants around the world following its$1.8 billion acquisition in late 2006-early 2007 of competitor Reliance/Dodge.
This latest move — supported by $157,000 in incentives from North Carolina — is a $12 million investment that will add an estimated 114 jobs at its Kings Mountain, N.C. plant that now employs about 500, according to the report.
Long recently told The City Wire that Baldor now employs around 700 in North Carolina.
Baldor, a maker, designer and marketer of electric motors, motor drives, power transmissions and generators, posted record sales in 2008 of $1.95 billion. The company employs between 7,500 and 8,000 in 28 plants in five countries and sales offices serving more than 80 countries. About 2,000 are employed in the Fort Smith area.
Shares of Baldor (NYSE: BEZ) closed Tuesday at $22.21, down 71 cents. During the past 52 weeks, the share price has ranged from a $39.90 high to a $10.21 low.