RALEIGH – Charlotte Pipe and Foundry Company now has 15 million more reasons to relocate its plant to Stanly County.

On Tuesday, the company received $15 million in incentives from the state’s Job Maintenance and Capital Development Fund to build in the town of Oakboro.

The first of five installments is expected to begin in 2021.

The exchange: a promise to invest $325 million and create 400 jobs with an average salary of around $91,000.

The Economic Investment Committee (EIC) said the project is expected to increase North Carolina’s gross domestic product by $1.6 billion and net state revenue by $38.4 million.

Founded in 1901, the firm melts scrap metal into pipe. It is headquartered in Charlotte, with its current facility occupying about 55 acres on South Clarkson Street. It also has seven plant locations across the United States.

Oakboro is about 45 minutes east of uptown Charlotte.