State Approves $42M Incentive Package For Honeywell
Honeywell International will get state incentives of up to $42.5 million over 12 years in exchange for moving its headquarters from New Jersey to Charlotte next year.
The incentive package was approved Monday night by the state's Economic Investment Committee.
Honeywell also will get up to $46 million in city and county tax breaks, meaning incentives could total more than $88 million.
The industrial technology company announced the plan Friday, saying it would bring 750 jobs and invest $248 million dollars over the next five years.
All the incentives are contingent on meeting hiring and investment goals.
About 150 to 200 jobs will move from the current headquarters in Morris Plains, New Jersey. Another 100 will come from an existing division in Fort Mill, South Carolina. Most of the rest of the jobs would be filled locally. Salaries will range from entry-level positions paying 50,000 a year to executives making several hundred thousand dollars or more.
CEO Darius Adamczyk said Friday that Honeywell plans to lease temporary space uptown for the next year or so, while it searches for a permanent headquarters site.