Hoffman & Hoffman, a distributor of commercial HVAC systems and products, will invest $40 million to expand its corporate headquarters and manufacturing operations in Greensboro, NC.

Hoffman & Hoffman (H&H), along with its subsidiaries, is an employee-owned company that has served the HVAC and building automation industries with building management systems since 1947. The North Carolina-based company provides commercial and industrial HVAC and filtration systems, building controls technology, commercial hydronic systems and aftermarket services in the southeastern United States and beyond, including operations in Europe.

This expansion will consolidate the corporate headquarters’ operations to one location and add more warehouse space.

According to a news release by the North Carolina Governor Josh Stein, the annual average salary for the new 131 positions at H&H is expected to be $72,176. The average wage in Guilford County is $60,195. These new jobs could create an annual payroll impact of more than $9.4 million for the region.

H&H’s expansion in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) that was approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $487 million. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,110,600, spread over 12 years. State payments occur only following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

“I’m excited to welcome Hoffman & Hoffman’s continued investment in the Triad. Manufacturers like this need a strong and stable business climate to be successful, and we’re committed to providing the partnerships that support this company’s next phase of growth,” said North Carolina Commerce Secretary Lee Lilley.