Press Release – Bosch to Invest $130M, Create Hundreds of Jobs with Lincolnton Expansion
FOR IMMEDIATE RELEASE:
704-732-1511 Ext. 2
502 E Main Street
Lincolnton, NC 28092
June 1, 2023, Lincoln County, NC –
The Lincoln Economic Development Association has announced a significant building and machinery expansion at the Robert Bosch Tool Corporation’s Lincolnton facility in North Carolina. This expansion represents the largest in the history of Lincoln County, with an estimated capital investment of $109,000,000. Not only is this a substantial investment, but it will also lead to the creation of 233 new jobs, which is excellent for the local workforce.
The project, known as Project Red Blade, was presented to the board of commissioners in June of the previous year to request local incentives. At that time, the projected qualifiable investment for the next three years was calculated at $92,000,000. Additionally, an incentive package of $4,375,096 was negotiated over an eight-year period.
Currently, Bosch has a headcount of 600 people. However, after the completion of this expansion in five years, the workforce will exceed 1,000 people and a total investment of $130,000,000 is expected. This substantial increase in employment and investment demonstrates the company’s commitment to growth and will significantly contribute to the local economy.
Bosch plans to construct a 325,000 square foot facility that will cater to the growing cutting tool division, serving industrial, professional, and do-it-yourself sectors in North America. This expansion indicates Bosch’s dedication to meeting the needs of its customers and expanding its operations.
Overall, this expansion project by Robert Bosch represents a significant milestone for Lincoln County and highlights the region’s economic growth. The substantial investment, job creation, and expanded facilities will contribute to the development of the local community and economy, benefiting both Bosch and the residents of the area.
Lincoln County Board of Commissioner’s chair, Carroll Mitchem, welcomes the investment, “The positive effects of this investment will extend beyond the direct benefits to Robert Bosch Tools. The increased economic activity will generate new opportunities for local suppliers, contractors, and service providers, creating a ripple effect throughout our community. We anticipate that this expansion will spur further growth, attracting additional investments and contributing to the overall prosperity of Lincoln County.”
Kim Phillips, Board Chair for Lincoln Economic Development Association celebrates the announcement. “Bosch has long been a valued and important partner in Lincoln County, known as much for their outstanding philanthropy and community support as their corporate performance. We are thrilled that they elected to grow and expand here and look forward to many more years of collaboration. Congratulations on your success!”
“Lincoln County is excited about Bosch’s decision to expand operations at the Indian Creek Industrial Park. Bosch has been a strong community partner and business affiliate with a positive impact on job creation locally and we welcome further investment within Lincoln County. This endeavor aligns perfectly with county goals to improve economic opportunities and we could not have a better employer setting the pace for Lincoln County, “said Davin Madden, County Manager.
“Bosch has been an integral partner of Lincoln County for many years. We are happy and excited for Bosch and Lincolnton/Lincoln County AND looking forward to many years of success and progress,” said Lincolnton Mayor, Ed Hatley.
Cliff Brumfield, Lincoln Economic Development Director states, “We are so excited about the future of Robert Bosch Tool Corp. in Lincoln County! Their long-standing commitment to our community and their people is exemplified in so many ways by this announcement, thank you Bosch for all you have done and continue to do for Lincolnton and Lincoln County.”
Lincoln Economic Development Association is a private, 501c(3) non-profit corporation charged with facilitating industrial, office, and commercial development in Lincolnton and Lincoln County. LEDA’s mission is to foster an economic environment that promotes an enhancement of the standard of living by creating more and better jobs for the citizens of Lincolnton and Lincoln County; an increased and diversified tax base to provide needed community services. The organization’s goals include retention and expansion of existing business; attraction of diversified base industries and improvement of the overall business climate within Lincolnton and Lincoln County.