Fort Worth officials approved tax breaks for Harting Connectivity to build a $192.7 million manufacturing plant that could bring at least 700 jobs to the city.
The Fort Worth City Council voted Tuesday to offer Harting a 10-year tax abatement of up to 65% on of incremental city taxes on real and business personal property if the company locates its 700,000-square-foot manufacturing facility and U.S. headquarters at Carter Crossing, a large industrial park south of the city. City officials estimate the tax breaks are worth $6 million.
The firm would invest nearly $193 million in the new plant by the end of 2028, and at least 700 jobs would be created by 2034. The jobs would pay an average wage of $87,000. Harting would be subject to annual capital investment and job requirements. If the company fails to meet the benchmarks, it forgoes the incentive for the year, Fort Worth officials said.
Germany-based Harting manufactures custom cables, switches and connectors used to transmit data and power. Its products are used in data centers, robotics, rail and transportation, and renewable energy.
The company has not officially selected Fort Worth for the new development. Other east coast locations are being considered, according to the Fort Worth Report.
“Harting is evaluating multiple locations for a potential new manufacturing site as part of our continued investment in North America. This process reflects our long-term strategy to expand localized manufacturing and strengthen our ability to serve industrial customers across North and Latin America,” the company said in a statement.
Harting reported 1.1 billion euros in sales globally last fiscal year. The company reported 33% year-over-year growth in the Americas, and its U.S. headquarters is currently north of Chicago.
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This article originally published at Fort Worth tries to land $193M manufacturing facility with millions in tax breaks.