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Altec doesn't go out on a limb in deal.

Published in: Business North Carolina
Date: 3/1/2005

Birmingham, Ala.-based Altec Industries, a maker of lifts, cranes and other equipment, will begin operations this summer in the former Outboard Marine Corp. plant in Burnsville. It expects to hire more than 300 workers within five years. OMC employed about 430 at the plant until it shut down in December 2000. Altec, whose equipment is used mainly on tree-trimming trucks, will pay an average of $21,700, less than the county manufacturing average of $24,180. Key to the deal was Yancey County's decision to buy the factory for $1.1 million and lease it to Altec for $1 a year for seven years. Altec then has an option to buy it for $1. The state will provide a Job Development Investment Grant worth up to $1.9 million over 11 years.

COPYRIGHT 2005 Business North Carolina

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