The company plans to invest more than $4.8 million and create 32 jobs during the next three years, according to North Carolina Gov. Beverly Perdue’s office.

Baldor is consolidating its Sleevoil hydrodynamic bearing line in Indiana and moving those operations to its Weaverville plant, which currently employs 128 workers. The 32 new jobs added over the next three years will pay an average wage of $42,209, not including benefits, which is higher than the Buncombe County average of $32,968, according to the state.

Baldor Electric operates 26 manufacturing facilities in the United States, Canada, England, Mexico and China, and provides products to more than 70 countries. Three of the company’s plants are in North Carolina—in Weaverville, Kings Mountain and Marion—employing a combined workforce of nearly 700 people.

One North Carolina Fund Played a Role

The expansion was made possible in part by a $64,000 grant from the One North Carolina Fund.

“The One North Carolina Fund grant will help us invest further in the products we build and the jobs we provide in Buncombe County,” said Bill Ramsbey, Baldor vice president-operations. “We are proud to be part of the Weaverville community, and we look forward to many more years together.”

The project follows two other recent One North Carolina Fund announcements for Baldor facilities in western North Carolina: In June, Perdue announced 114 new jobs and an investment of $12.2 million in Cleveland County; in May, the governor announced 25 new jobs and an investment of $3.1 million in McDowell County.

The One North Carolina Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job-creation and investment performance standards to qualify for grant funds. The grants also require and are contingent upon local matches.

Through use of the fund, more than 40,000 jobs and $7 billion in investment have been created since 2001, according to the state.