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WINSTON-SALEM -- Winston-Salem will host a new plant planned by heavy-equipment manufacturer Caterpillar Inc. that will employ more than 500 full-time and contract workers.

The earth-moving and agricultural equipment company said Friday it will build a factory that will employ about 390 full-time workers in five years. Caterpillar also expects to need another 120 contract workers at the plant.

State officials approved a package of tax rebates, credits and grants worth up to almost $17 million to Caterpillar if the company meets and keeps hiring goals for 11 years. Winston-Salem and Forsyth County offered another $23 million, making the total worth
about $40 million.

Sites in South Carolina and Alabama had been in consideration for the plant.

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