Business

New corporate HQ coming to south Charlotte’s Waverly development

Johnson City, Tenn. manufacturer NN Inc. plans to move its headquarters to Charlotte’s Waverly development on Providence Road. The Waverly, seen here under construction, is a mixed-use development south of Interstate 485.
Johnson City, Tenn. manufacturer NN Inc. plans to move its headquarters to Charlotte’s Waverly development on Providence Road. The Waverly, seen here under construction, is a mixed-use development south of Interstate 485. dhinshaw@charlotteobserver.com

Charlotte is poised to land a new corporate headquarters, as Johnson City, Tenn.-based NN Inc. plans to move to the new Waverly development on Providence Road south of Interstate 485.

The company makes high-precision metal and plastic components for medical, aerospace and automotive markets, according to the city. There is no manufacturing coming to Charlotte at this time, the city said.

To land the headquarters, the city and county have tentatively agreed to give the company $288,166 in property tax rebates over five years. The state has also approved a Job Development Investment Grant of $3.7 million and up to $360,000 in community college training funds.

In return, the company said it would create 200 new jobs, with 175 to be hired locally, over five years. The average wage is $130,000 a year.

Headquartered in Johnson City, Tennessee, NN was founded in 1980 and is publicly traded on NASDAQ. The company is a leading manufacturer of high precision metal and plastic components for medical, aerospace, automotive and industrial end markets. The company operates 40 manufacturing plants in North America and globally. It is a publicly traded company.

NN plans to lease 50,000 square feet of office space at the new Waverly multi-use development located south at Providence Road and Ardrey Kell Road. The company will spend $10 million on the new headquarters.

The company said it has 5,400 employees worldwide in 40 manufacturing facilities in Europe, Asia, Brazil and the United States.

The City Council is scheduled to vote on incentives for the company Monday night.

In a news release, Richard Holder, the NN chief executive, cited Charlotte’s transportation network for the move.

“Relocating our headquarters to Charlotte, a national transportation hub with global accessibility, aligns closely with our strategy of building a diversified industrial business by being closer to our customers and ensuring greater collaboration between our business units,” he said in a news release from Gov. Roy Cooper’s office.

Steve Harrison: 704-358-5160, @Sharrison_Obs

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