Salcomp, the Finnish global leader in power supply manufacturing, has chosen Arlington to set up its U.S. headquarters, a move that’s expected to generate 660 new jobs with an average salary of around $122,000 for 156 of those positions. The company, established back in 1973, has expanded its footprint globally with production facilities and offices across several continents and a workforce exceeding 12,000 employees. They’re not just about power supplies anymore but also delve into wireless connectivity tech, precision parts, 5G RF components, and magnetic materials.
Setting its eyes on local talent, Salcomp aims to fill these roles predominantly with Arlington residents and graduates from the University of Texas at Arlington over a three to five-year period. This local focus is integral to a performance agreement struck with the Arlington Economic Development Corporation (EDC), which promises to partially offset the costs of its expansion project. However, they will have to meet certain criteria to fully qualify for any grant allocations.
The city’s strategy, according to the
City of Arlington’s announcement
, emphasizes nurturing existing businesses and encouraging their growth. “The best economic development always begins with existing business retention and expansion. Taking care of who’s here now,” Marty Wieder, executive director of the Arlington EDC, stated in what appears to be a clear endorsement of Salcomp’s decision.
To support increased demand, the Arlington facility is set to undergo renovations to accommodate three new production lines. It’s reported that the EDC will provide financial assistance not to exceed $1,876,622, which will cover 30% of the required infrastructural enhancements. The deal also includes a promise of a job hiring grant, which could reach up to $2,500 per hire, for locals and UTA alumni. Documents confirm Wieder’s enthusiasm for the plan as he reportedly said, as per the
City of Arlington
, “This agreement facilitates Salcomp’s continued product line growth, continued hiring to an even greater extent and it especially encourages those jobs to go to Arlington residents and UTA graduates. That’s a real ‘win to the nth power’ for Arlington.”
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