DEHN, Inc. will invest $38.6 million and create 195 jobs in Mooresville
RALEIGH, N.C.—International electrical engineering and manufacturing company DEHN Inc., has selected Iredell County as the location for its new United States headquarters operation, Governor Roy Cooper said in a release from the North Carolina Department of Commerce.
Dehn will invest $38.6 million into the project, which will bring production, research, and training capabilities to the headquarters site, in Mooresville. The investment is expected to create 195 jobs, according to the release.
“North Carolina’s global reputation as the best state for business continues to attract exceptional international companies like DEHN to places like Iredell County,” said Governor Cooper in the release. “The industries of the future know they will find talented workers and the worker training and support systems necessary for success when they select North Carolina as their next business location.”
DEHN, Inc. is the U.S. subsidiary of DEHN SE, a family-owned electrical engineering company based in Neumarkt, Germany. The company’s comprehensive product portfolio addresses major trends in its industry, from e-mobility and renewables to the protection of critical infrastructure. Dehn offers products and services for lightning and surge protection, as well as safety equipment. It holds more than 1,100 patents, according to the release.
The company’s project in Mooresville will establish a U.S. headquarters and production facility to manufacture components for a wide range of products. The R&D unit will develop new products for the U.S. market and explore research collaborations with universities in the United States, the release said.
“We are very proud to take this strategically important step for our company,” said Philipp Dehn, CEO of the DEHN group, in a statement. “Being 114 years in business, we now start to leverage our full potential on the U.S. market. I want to thank all representatives of North Carolina Department of Commerce for the always trustworthy and highly professional cooperation since the start of this special project. We are extremely excited regarding the further development of DEHN Inc. within the United States, bringing our outstanding knowledge and experience regarding lightning and surge protection to our customers.”
The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.
“North Carolina’s diverse and skilled talent continues to beat out the competition on the global stage,” said North Carolina Commerce Secretary Machelle Baker Sanders, in a statement. “We do not take for granted the importance of a strong, well-trained workforce—and expanding and strengthening our workforce to meet in-demand jobs, for today and in the future, remains our top priority.”
Although wages will vary depending on the position, the average salary for the new positions will be $66,120, higher than the current average wage in Iredell County of $63,674, according to the release.
Dehn’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $523 million. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,170,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets, the release said.
The project’s projected return on investment of public dollars is 169 percent, meaning for every dollar of potential cost, the state receives $2.69 in state revenue. The JDIG projects are reported to result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Dehn chose a site in Iredell County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $390,000 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Iredell, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state, according to the release.