Electronics manufacturer could bring 1,700 jobs to Fort Worth
The city of Fort Worth is considering a tax incentive deal for a Canadian electronics manufacturer looking to expand its North Texas footprint.
The city’s economic development department is proposing to offer Toronto-based Celestica an 80% tax break, spread out over 10 years, in exchange for job, property and equipment investment commitments.
The company makes custom electronic parts for defense, aerospace, health technology and artificial intelligence, according to a city council presentation.
The company plans to invest $1 billion to expand its business including new investments in manufacturing in the Metroplex, according to a fourth quarter earnings press release.
“We’re the rocket fuel behind the A.I. boom,” said Celestica vice president Alex Chang, speaking at the April 28 work session.
The company already has a lease for a facility at Alliance North Center 4 at 15301 N Beach St, but is considering a second location at Alliance Center North 6 at 15500 N. Beach St., city economic development coordinator Cherie Gordon told the city council at an April 28 work session.
In exchange for the tax break, the company would commit to investing $400 million in property upgrades, $476 million in new equipment, and at least 1,715 paying an average salary of $75,000.
Fort Worth is competing with other cities to land the new factory, so having the incentive in place would go a long way toward securing the project.
The incentive is expected to cost the city $41.7 million over 10-years, but net the city $10.4 million in new taxes, according to a city council presentation.
The Fort Worth city council will vote on the proposed agreement at its 6 p.m. meeting on May 12.
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