Full Service Law Firm Means Success for Automotive Client
Experience matters, but understanding a client’s business is critical when successfully negotiating one of the area’s largest international economic development impact projects.
Parker Poe’s fully integrated site selection and legal approach allowed ZF Transmission to acquire control of its preferred site for its new North American manufacturing facility quickly while minimizing costs. The seamless transaction moved from inception to operation at a record pace. In the process, Parker Poe designed an innovative business incentives mechanism to help ZF keep future costs low – and remain competitive in the automobile industry.
A small window of opportunity was all that was available to secure a place for this international automotive player in South Carolina. Every challenge Parker Poe attorneys faced provided an opportunity for success.
ZF needed to expand operations to keep up with increased demand for fuel efficient automatic transmissions.
Parker Poe attorneys worked with local leaders and other stakeholders to acquire a site within a short timeframe and secure funding mechanisms to ensure that the site could accommodate critical logistical and infrastructure requirements and be positioned for future expansion needs.
The fact that Parker Poe is a full service law firm is not lost on ZF Transmissions. With deep roots in the community and a clear understanding of the automotive industry, Parker Poe attorneys made sure that all of the company’s needs were addressed so the manufacturing giant understood Parker Poe is part of the ZF Team.
- State and local incentives were in place to reduce both short and long-term development operating costs
- The infrastructure and workforce was in place to guarantee the plant’s success once production started
- Initial investment costs were reduced with up-front cash grants and bond proceeds
- The projected tax burden over a 30-year period was significantly reduced
“ZF approached Parker Poe at a critical point in our U.S. site selection process. Parker Poe quickly helped us gain control of the site and negotiate state and local incentives, giving us the confidence we needed to move forward. The expansion was ultimately completed on time and within budget.”
- Ludger Reckmann, President and CEO, ZF Transmissions