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Daily News

BSH Incentive Package Approved
Aug 17, 2004
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An incentive package for BSH Home Appliances (New Bern, NC, U.S.) was approved by the Craven Craven County Board of Commissioners for U.S. $2.05 million.

The money comes in the form of grants over 8 years and is based on the number of jobs BSH creates and the capital investment it makes in its New Bern manufacturing operation. Under the agreement, the first grants totaling $255,000 for 2002 and 2003 come from regular ad valorem tax revenue beginning in December.

The agreement requires $115 million in capital investment in the county as well as the hiring of 1,041 employees above the number employed in 2002, according to Arey Grady, attorney for the Craven County Economic Development Commission. It also calls on a hiring and investment schedule the county can monitor.

Everything in the agreement was approved except the exact date of the agreement and the way to state the company's minimum wage per job slot, now set at $16.28 per hour including prorated benefits. Should performance lag projections, the agreement provides for incentives to be reduced accordingly.

BSH opened New Bern operations in 1997 to manufacture dishwashers, washers, dryers, cook tops, free-standing ranges and hoods. The dishwasher plant is currently producing about 1,170 dishwashers daily. The expansion phase announced in March promises as many as 400 more jobs, bringing to nearly 900 the number of people employed at BSH with as many as 1,400 by 2006.

The board also approved a budget amendment to pay it $9,841 for capital investment and $11,500 for jobs created in 2003. The figure was $1,759 less than originally planned because the company's capital investment was $6.675 rather than $7.2 million or 85 percent of the agreement stipulation. (New Bern Sun Journal)

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