Business

Meritor in line for incentives for $30M expansion

By Bill Moss, Published: July 10, 2015

The Henderson County Board of Commissioners will take up a proposal next week to grant $365,940 in economic incentives for a $30 million expansion that would preserve jobs at Meritor Heavy Vehicle Systems, a manufacturer of truck axles and braking systems in Fletcher.

Code named Project Wing, the economic incentives proposal from the Henderson County Partnership for Economic Development would provide the tax breaks in exchange for Meritor's investment of $30 million in equipment over four years and the retention of 95 percent of its workforce at an above-average salary. The incentives would last seven years, starting with $19,260 the first year. Based in Troy, Mich., the company has annual revenue of $3.6 billion and a profit margin of 9.42 percent.