Raleigh, NC (STL.News) Nuvotronics, an advanced technology manufacturer of microelectronics components and subsystems, will create 150 jobs in Durham County, North Carolina Governor Roy Cooper announced today. The company will invest $50 million over five years to increase their manufacturing footprint and production capabilities in Durham to support projected growth in the business.
“The expansion of this innovative company signals once again about North Carolina’s resistance during the pandemic,” said Governor Cooper. “Our advanced manufacturing and technology workforce will help them meet their goals.”
Nuvotronics produces microfabricated radio frequency (RF) products. Nuvotronics develops accelerated innovation initiatives across the company’s technology portfolio with its award-winning PolyStrata® Technology, an innovative 3D microcoax architecture. Nuvotronics’ success drives the need for additional manufacturing capacity to meet the growing demands of its customers.
“This is an exciting time of growth for Nuvotronics,” said Martin Amen, vice president and general manager, Nuvotronics. “We have established and grown our advanced, innovative process through multiple research and development efforts here in the U.S. Our products truly revolutionize microelectronics solutions and our expansion is driven by the demand for smaller packages with better performance.”
“Innovation brings market-leading companies to North Carolina and supports their success at every stage of growth,” said Commerce Secretary Anthony M. Copeland. “Nuvotronics’ expansion in Durham highlights the assets that facilitate next-generation technologies and solutions, starting with our engaged colleges and universities.”
The North Carolina Department of Commerce led the state’s efforts to support Nuvotronics’ decision to expand its operations in North Carolina. The company’s 150 new jobs will include engineers, technicians, operators, managers, and administrative support staff. The average expected annual salary for all new positions is $72,867, creating a payroll impact of more than $10.9 million per year. Durham County’s overall average annual wage is $71,756.
Nuvotronics’ expansion 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 the grant, the project is estimated to grow the state’s economy by more than $299 million. Using a formula that takes into account the new tax revenues generated by the 150 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,173,750 spread over 12 years. Payments for all JDIGs 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.
Because Nuvotronics is expanding in Durham County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $391,250 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Durham, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. More information on the state’s economic tier designations is available here.
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, Durham County, City of Durham, and the Greater Durham Chamber of Commerce.