Advance Auto Parts – Deal done to move HQ to Raleigh
Advance Auto Parts made it official Wednesday: As previously reported by Triangle Business Journal, the retailer is moving its headquarters from Roanoke, Virginia, to Raleigh, a move that means 435 new jobs over five years in the Triangle.
For upon | Additionally, it’s opening a marketing and digital technology “center of excellence.”
According to the N.C. Department of Commerce, the state competed against Virginia and India for the project.
Average wages will be more than $106,000.
The news, which includes a $5.4 million investment, marks a major win for the region, which has been lacking in Fortune 500 headquarters since the acquisitions of both Quintiles and The Pantry.
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At a specially-called Economic Investment Committee meeting Wednesday morning, officials disclosed details about the $12.5 million incentives offer (including a utility fund infusion for rural projects) that helped reel in the company’s investment.
The 9:30 a.m. meeting is to be immediately followed by a press conference with Gov. Roy Cooper at 9:50 at the North Carolina State Capitol.
Internally, the project was known by the code name “Project Hawkeye.”
Advance Auto Parts is already a major player in Raleigh, where local employees – including top execs such as CEO Tom Greco – work out of a cluster of office buildings off East Millbrook Road.
A look at Advance Auto Parts’ history in the Triangle
Advance Auto Parts may have just announced it’s moving its headquarters to Raleigh, but it’s already a major player in the region.
The company, which now has 729 employees in the state, entered the scene with its 2014 acquisition of locally-based General Parts International. That same year, Advance Auto Parts announced plans to invest $5 million into a 600-job corporate support center in Wake County.
Advance Auto Parts is the fourth firm to be the subject of an expansion announcement this month. Just Tuesday, tissue maker Cascade Inc. became the third, picking Scotland County over Quebec for a tissue manufacturing operation.
And lawmakers are pushing to get more similar announcements – having introduced a bill Tuesday that would raise the incentives cap from $6,500 per job to $16,000.
The article was originally published here.
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