As Vertex Rail Technologies ramps up its new production site near the Port of Wilmington, its economic impact will be felt around the region.
Recruited by Wilmington Business Development, the Massachusetts-based company plans to create more than 1,300 jobs in what will total a $60 million capital investment. Positions, which will range from assemblers and welders to engineers and logistics analysts. Once fully operational, Vertex will ripple $1.1 billion in regional economic impact each year, according to estimates by the University of North Carolina Wilmington’s Cameron School of Business.
But the company’s plans in Greater Wilmington are about more than numbers. Vertex CEO Vertex Don Croteau says civic involvement and community leadership are at the heart of his company’s values. “We look forward to being good corporate citizens,” Croteau says. “We believe in taking care of our people and the communities where they live.” The private company is already demonstrating that commitment in its initial employee recruitment, with outreach to unemployed veterans and the economically at-risk through an innovative program known as Hometown Hires.
Croteauwas familiar with Wilmington through his previous work with GE at its sprawling campus there. Vertex declined financial incentives: the right ingredients already were in place – including the visible and valuable support of Wilmington Business Development (WBD), which directs economic development on behalf of local governments in Greater Wilmington.