~ Site attracts major jobs, investment and new industry sector to North Carolina ~
Greensboro, NC — After nearly a decade of building partnerships and readying the site for a major tenant, the Greensboro-Randolph Megasite Partners announced a transformative win for the region and state with Toyota’s plans to add 1,750 new jobs and invest $1.29 billion in a next-generation battery production facility on the site.
“The people of this region have long needed a big boost in economic opportunity that could only come from a project as transformational as the one that Toyota will bring to this megasite,” observed Jim Melvin, CEO of the Joseph M. Bryan Foundation. “And it’s only through intense cooperation among a loyal set of partners, along with the unwavering support from Governor Roy Cooper, State Senator Phil Berger and N.C. House Speaker Tim Moore that this announcement could have been made.”
This project has been especially noteworthy for the level of cooperation demonstrated among an array of organizations, including Randolph County, the City of Greensboro, the Joseph M. Bryan Foundation and the North Carolina Railroad Company, all of which have made major investments in the site’s completion. This partnership gave North Carolina the competitive advantage it needed to land the state’s first automotive battery plant.
“This is a great day for the good people of Randolph County and our partners in the greater region,” declared Darrell Frye, chairman of the Randolph County Commission. “We are all ready to get to work to make this announcement bear the fruit that we know it will for decades to come.”
A series of land acquisitions over several years made it possible for the Greensboro-Randolph Megasite Foundation and the Randolph County Economic Development Corporation to ultimately offer a 1,900-acre site. The North Carolina Railroad Company was integral to the site’s success, investing nearly $35 million to purchase more than 60 percent of the land required for the future home of the automotive battery production plant.
“This project is indicative of our knack for collaboration to support rail-related opportunities and our long-term commitment to the future growth and prosperity of the State of North Carolina,” said Carl M. Warren, president & CEO of the North Carolina Railroad Company. “The North Carolina Railroad Company was excited to play a unique role in the site assembly, infrastructure development and recruitment efforts that were ultimately a catalyst for landing this game-changing investment and employment opportunity for the region and state.”
Toyota Motor North America will establish Toyota Battery Manufacturing, North Carolina and build an automotive battery plant together with Toyota Tsusho, aiming to start production in 2025. The project includes an investment of $1.29 billion through 2031, which includes funds that will be used to develop land and build facilities, resulting in the creation of 1,750 new jobs in the region. The next-generation battery plant will be housed in new facilities planned for the Greensboro-Randolph Megasite, located in the Triad region in northern Randolph County near U.S. 421. The site will provide easy access to major interstates, an international airport, and first-rate rail and intermodal facilities.
“Toyota’s decision to build a facility at the Greensboro-Randolph Megasite validates the strength of this region’s labor force, infrastructure and our ability to build regional partnerships to get things done,” said Brent Christensen, president & CEO of the Greensboro Chamber of Commerce. “This is an exciting time for our region.”
The Greensboro-Randolph Megasite was selected over competitive locations in several other states due to its central location, abundant regional workforce and robust transportation infrastructure, among other factors. The decision amounts to a transformative job creation opportunity for North Carolina’s Triad region, given that the battery plant operation will increase the regional payroll by more than $100 million each year.
The State of North Carolina and Randolph County also played a critical role in recruiting this transformative project, investing over many years in the education, workforce training, transportation and business climate enhancements which are necessary to attract world-class companies. A package of performance-based state and local economic development incentives were also required to secure the project, worth a potential value to the company and its site of more than $435 million, paid over a 20-year period.
“We all look forward to welcoming the Toyota team to their new home and await with great anticipation for the day when this facility opens,” noted Kevin Franklin, president of the Randolph County Economic Development Corporation. “Now the important work of readying the region for this once-in-a-lifetime opportunity begins in earnest.”
About the Carolina Core
A 120+ mile stretch of central North Carolina from west of Winston-Salem to Fayetteville and encompassing Greensboro and High Point, the Carolina Core is a region of globally competitive assets – a talent pool of more than 2 million people, access to 30+ colleges and universities with 250,000 students, multiple airports, four megasites totaling 7,200 acres of certified land, urban research parks and more. Purpose and vision are at the Core, with public and private leadership highly engaged on a vision for the future and more innovative companies locating and expanding in the Carolina Core every day. Learn more at NCCarolinaCore.com.