Semiconductor manufacturer Pallidus said Tuesday that the company plans to relocate its corporate headquarters and manufacturing jobs to York County.
The company, currently based in Albany, New York, will invest $443 million to create 405 new jobs in South Carolina. A 300,000-square-foot building will house the company headquarters and manufacturing plant at 1786 and 1800 Overview Drive in Rock Hill.
“The decision to select Rock Hill, South Carolina for our next manufacturing facility was the result of extensive research to locate a community that aligned with our innovative and collaborative spirit, offered an exceptional quality of life for our employees and is easily supported from our research and development facility in New York,” Pallidus Vice President Global Facilities Jerry Knowles said in a statement.
Pallidus will receive tax credits for the new facility. A spokesperson from the South Carolina Department of Commerce said the state approved job development credits for the project. The credits are performance-based and the company must meet an investment requirement and job creation before the company can collect.
The amount of tax credits is based in part on the amount of payroll taxes Pallidus pays, and the company also received property tax breaks from York County. A state representative would not say how much the tax credits might be worth.
The company says its new facility will help ease the shortage of semiconductors, which are used in everything from solar panels to computer chips. Pallidus plans to begin local operations by the third quarter of 2023.
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