Winston-Salem Business Inc. Caterpillar Press Release

For Immediate Release
July 30, 2010

Winston‐Salem, NC – Gov. Beverly Perdue announced at a press conference today at Forsyth Technical Community College that Caterpillar Inc. has chosen Winston‐Salem for a significant manufacturing operation. The announcement represents 392 full‐time jobs with an average salary of more than $36,000 per year plus benefits. The capital investment in a new building and equipment is expected to reach $426 million. An additional 100‐plus jobs are expected to be created by an on‐site contractor inside the new facility.

Caterpillar plans to construct an 850,000‐square‐foot facility on 100 acres at the corner of Union Cross Road and Temple School Road. The plant will primarily involve the production of Lower Power Train units for Caterpillar’s Large Mining Trucks.

“We are very excited that Caterpillar has chosen Winston‐Salem and Forsyth County for this operation,” said Winston‐Salem Business Inc. president Bob Leak, Jr. “We have been working with the company and their consultants for the past six months and applaud the efforts of everyone involved to make it a success today. This is undoubtedly one of the largest economic development announcements in the history of our community.”

Other local officials made the following statements regarding the announcement.

Winston‐Salem Mayor Allen Joines:

Winston‐Salem is honored to be selected by Caterpillar as the site of this new manufacturing facility. Caterpillar is a well respected, international company that will add much to the economic fabric of our community. The economic impact of over 500 jobs and $426 million of investment is very significant in the rebuilding of our economy, however equally important is the fact that this decision validates Winston‐Salem as a strong and attractive location for future economic development projects.”

Forsyth County Board of Commissioners Chair David Plyler:

Caterpillar’s decision to invest and create jobs in our community affirms my long‐time belief that Forsyth County is business friendly in every way. This is truly a ‘wow’ announcement.”

Forsyth Technical Community College president Dr. Gary Green:

As a partner with the entire Winston‐Salem community, Forsyth Tech is committed to ensuring that Caterpillar will have the highly skilled workforce it needs for success from day one. The College’s certified programs in industrial technologies have been a key community asset since the Caterpillar’s first visit to Winston‐Salem.”

The Spartanburg, S.C. development company Johnson Development Associates, Inc. made available the site of the future plant. Caterpillar was represented by CB Richard Ellis Consulting in Atlanta.

The announcement was made possible by a number of entities including Winston‐Salem Business Inc., the City of Winston‐Salem, Forsyth County, Forsyth Technical Community College, the Winston‐Salem Alliance, North Carolina Department of Commerce, the North Carolina Community College System and Duke Energy.

For information about Winston‐Salem Business Inc. visit www.wsbusinessinc.com

For information about Caterpillar Inc. visit www.cat.com

WinstonSalem Business Inc. is a private, nonprofit economic development corporation dedicated to the recruitment of new business to WinstonSalem and Forsyth County, North Carolina. Since its inception in 1987, WSBI has assisted in the creation of more than 13,000 new jobs and more than $1.4 billion in capital investment in WinstonSalem/Forsyth County.

WSBI CATERPILLAR PRESS RELEASE

Winston-Salem’s ISP Sports Acquired By IMG Worldwide

WXII Winston-Salem’s ISP Sports Acquired By IMG Worldwide Headquarters Will Remain In Winston-Salem

Click here to read more of this article from WXII12.

WINSTON-SALEM, N.C. —
ISP Sports, a college media rights management company based in Winston-Salem, announced Wednesday that it will be acquired by IMG Worldwide, a global sports, entertainment and media company.

Financial details of the acquisition were not made public, but ISP said the newly merged group, named IMG College, will be headquartered in Winston-Salem.

No ISP employees will be losing their jobs, the company said, but around 25 new employees will be hired locally.

Winston-Salem Alan Joines said the new positions would be knowledge-based, good paying jobs.

“We’ve been moving hard to move our economy to one based on knowledge industries, and certainly this type of industry at ISP represents and brings the best of both worlds to our community,” said Joines, who has championed the effort to transform the local business landscape away from companies inclined to relocate oversees.

“It will also be terrific for the college sports fan as this combination provides a great opportunity for us to provide more, better and higher quality programming, as well as expanding the base of customers,” IMG CEO Ted Forstmann said. IMG is headquartered in New York City.

ISP Sports, founded in 1992, provides marketing, licensing and media services to many of the country’s most well-known college sports programs, such as Wake Forest, Georgia, Duke, South Carolina, Georgia Tech, Elon and Virginia Tech.

“I am very proud of the team and business we have built over nearly 20 years at ISP,” ISP founder and CEO Ben Sutton Jr. said. “We are excited about the potential for future growth as part of the incredible company Ted Forstmann and his team at IMG have developed over the past five years.”

Sutton, who earned an undergraduate degree and law degree at Wake Forest University, developed the idea for ISP Sports during his nine-year tenure as sports marketing director at the WFU.

“They have grown with Wake Forest, as well as many universities across the country,” WFU athletics director Rob Wellman said. “And they service all of us exceptionally well. We believe that this move is even going to brighten our future in terms of our multimedia rights.”

Winston-Salem Ranks 4th in Nation for Cost-Effective Operation of Data Centers

A recent survey that ranks Winston-Salem fourth out of 45 metropolitan areas nationwide for cost-effective operation of data centers puts the city in prime position to capitalize on a booming industry.

With the world of secured data becoming progressively more digital, and with more corporations seeking cost-effective initiatives to build data security centers, Winston-Salem has a history of attracting such centers.  Corporations such as Lowe’s Cos., Data Chambers LLC, Wells Fargo, and other financial service institutions have located to Winston-Salem with building costs in excess of $150 million and employing more than one thousand.  The addition of these technology-sector jobs is tremendous for the city of Winston-Salem from a job-creation and business development standpoint.

John Boyd, Jr. of the Boyd Co. of Princeton, NJ who conducted the survey, spoke optimistically in an article in the Winston-Salem Journal about Winston-Salem continuing to increase its presence in this sector, saying, “You (Winston-Salem) also have available land, quality available work force, and an attractive higher-education system.”

Winston-Salem and Forsyth County are in a great position to grow this important sector in the near term.

Wexford and PTRP Agree to Downtown Project

WINSTON-SALEM JOURNAL: A downtown economic-development project that has been planned for three years — and hoped for over the course of more than 16 years — is finally moving forward…

Click here to read more of this article from the Winston-Salem Journal.

New Downtown Development Solidifies Winston-Salem’s Biotech Profile

In the next two weeks work will begin on an $87 million investment to renovate two old manufacturing buildings into 242,000 square feet of lab, research and office space in the Piedmont Triad Research Park. The joint venture between the PTRP and Wexford, Inc. will bring over 500 jobs to downtown Winston- Salem, 130 of which will be newly created positions over the next 5 years. The project is a tremendous example of the commitment of city, county and state governments and major private employers to invest in the economic development of our region. The buildings were donated by RJ Reynolds Tobacco Co. and the project will require $6.2 million in infrastructure upgrades that Winston-Salem and Forsyth County have agreed to split. In addition, Federal Historic and State Mill Rehabilitation tax credits will combine to cover approximately $26 million of the total investment. Wake Forest Baptist Medical Center has already pledged to occupy 85% of the new space. The balance of the space should be occupant-ready by early 2012. In keeping with the sustainability commitments of PTRP, Wexford has committed to attaining LEED certification for the new facility.

This project represents one of the largest economic development investments in recent history in Winston-Salem and only adds to the momentum we are seeing in the bioscience sector.