Energy drink company Red Bull announced plans Tuesday to build a new manufacturing facility in partnership with can filling company Rauch at the former Philip Morris plant site near downtown Concord.
The new facility will take up about 2 million square feet at the facility, now named The Grounds at Concord. The site is about 3.5 miles east of the city's downtown.
According to a news release, the project will create an estimated 413 jobs and invest more than $740 million into the city of Concord by 2027. The average wage for the new jobs is expected to be $50,367 for 90 jobs with Red Bull and $50,387 for 323 jobs with Rauch.
North Carolina Gov. Roy Cooper praised the announcement at a news conference Tuesday.
"This effort has a projected impact of more than $1.8 billion over the next 12 years, and is the largest economic development announcement in Cabarrus County history," Cooper said.
The state is offering to reimburse Red Bull $1,008,000, and reimburse Rauch $3,057,000 for the project over the next 12 years if the companies meet hiring and economic investment goals.
“I’m sure many in our community remember the Philip Morris expansion announcement in 1991 that was touted as the largest economic development announcement in the history of North Carolina,” said Steve Morris, the Cabarrus Board Chairman, in a news release. “None of us could have imagined that we’d be here in 2021 talking about that same property being home to the largest economic development investment in the history of Cabarrus County. It’s a reflection on the resilience of this community.”
