RALEIGH, N.C. — Advance Auto Parts Inc. is relocating its corporate headquarters to Raleigh and plans on adding up to 435 new jobs over five years in Wake County.
The North Carolina Department of Commerce and the Economic Development Partnership of North Carolina led the state’s support for the company’s selection. The state expects the project will grow the North Carolina’s economy by an estimated $1 billion
Advance Auto Parts’ began its operations in Virginia in 1932 as an automotive parts retailer and is currently headquartered in Roanoke, Virginia.
The company now has over 5,000 retail stores in the United States, Canada, Puerto Rico and the U.S. Virgin Islands and also serves more than 1,200 independently owned Carquest branded stores.
“Following a thorough review of options, North Carolina’s deep bench of information technology and software development talent was a key driver of our decision,” said CEO Tom Greco in a statement.
A majority of the jobs will be focused on technology, data analytics and e-commerce, among others. Once all positions are filled, the annual payroll impact will be more than $46 million.
“Advance is expanding its technology, data analytics and e-commerce capabilities in North Carolina because we have the talent, training opportunities, education system and industry expertise to make this venture a success,” said Gov. Roy Cooper.
Advance Auto Parts currently has more than 2,900 full-time employees in North Carolina, including over 700 based in its existing offices in Raleigh.
The company reported higher-than-expected sales and earnings in its most recent earnings report earlier this month.
Shares of the company closed at $178.95 Wednesday, down 27 cents from Tuesday’s close.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism