- Associated Press - Thursday, July 28, 2016

WINSTON-SALEM, N.C. (AP) - Caterpillar Inc. wants to renegotiate a deal to avoid refunding local tax breaks after failing to create a minimum number of jobs.

The Winston-Salem Journal reported Thursday (https://bit.ly/2a244gX ) that Caterpillar failed to meet job-creation goals for the past three years at its Winston-Salem axle-manufacturing plant.

Caterpillar wants Forsyth County to lower the number of jobs from nearly 200 to 50 that must be maintained and avoid returning some of the more than $5 million the company has collected.

County commissioners may consider the request next month. Caterpillar says it also wants amendments to its incentives deal with Winston-Salem.

The local deals and promised state tax rebates, credits and grants announced in 2010 were worth about $40 million. The parts plant for large mining machines was expected to employ about 500.


Information from: Winston-Salem Journal, https://www.journalnow.com

Sign up for Daily Newsletters

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide