Dive Brief:
- Semiconductor component manufacturer Pallidus is relocating its headquarters and manufacturing operations from Albany, New York to South Carolina, according to a Feb. 7 press release.
- The company will invest $443 million to move to a 300,000-square-foot facility in Rock Hill, South Carolina.
- The move will create over 405 jobs, with production expected to begin by Q3 2023.
Dive Insight:
Pallidus is embarking on the move to South Carolina as it works to increase its manufacturing capacity and expand in the domestic semiconductor market. The company, which produces silicon carbide wafers used in semiconductors, seeks to push further into EV, mass transit, sustainable power transmission and telecommunications sectors, according to the release.
The company chose South Carolina as the new home of its manufacturing operations due to its ideal amenities for workers, Vice President Global Facilities Jerry Knowles said in a statement. It is also well-located to coordinate with Pallidus’ existing R&D center in New York.
“The decision to select Rock Hill, South Carolina for our next manufacturing facility was the result of extensive research to locate to a community that aligned with our innovative and collaborative spirit, offered an exceptional quality of life for our employees,” Knowles said.
As part of Pallidus’ relocation, South Carolina approved job development credits for the company. The credits will provide Pallidus with funds to offset the cost of the project.
“[Job development credits] are performance-based incentives, meaning a company must meet an investment requirement and a job creation requirement [before] the company is able to collect,” Kelly Coakley, director of marketing and communications of the South Carolina Department of Commerce, said in an email.
For Pallidus to be eligible for the funds, it must create an average of 10 new jobs a month, provide full-time employees with a benefits package and pay a minimum of 50% of an employee’s health plan premiums, according to the state Department of Commerce website.
Annual credit collection is generally capped at $3,250 per employee per year.
