Garmin, the countrys largest builder of heavenly body navigation devices, has turn the ultimate record association to select Cary as the site of the initial Triangle office.
The association has leased 14,000 block feet in Duke Realtys Regency Forest II building, nearby U.S. 1 and U.S.64.
Ted Gartner, a Garmin spokesman, pronounced the bureau will open Apr 1. He pronounced the association continues to sinecure and stays on lane to have about 40 engineers and alternative employees in the investigate center.
The Cary Town Council is scheduled to plead a $60,000 incentives understanding during the assembly this evening. Gartner did not contend either Garmin is looking incentives from the town.
In December, Deutsche Bank non-stop a Cary bureau that is approaching to occupy some-more than 300 record workers inside of five years. Cary locale leaders gave Deutsche Bank a $75,000 incentives package.
Garmin, formed in Olathe, Kan., reported Thursday a fourth-quarter distinction of $278 million, up 77 percent from the duration a year earlier.
Gross margins for the companys products increasing in the fourth quarter, but Garmin warned investors that margins are expected to decrease in 2010 as prices tumble and the association invests some-more in investigate and development.
Garmin is one of multiform record companies that has not long ago voiced plans to open offices in the Triangle to take value of the regions contentment of gifted record workers. Research in Motion, the Canadian builder of BlackBerry devices, has additionally voiced plans to come to the Triangle, but it has not selected a site.
The companies are anticipating to dip up a little of the hundreds of engineers who have been laid of by internal employers Nortel Networks and Sony Ericsson.
Garmin shares have scarcely doubled in the past year; they sealed Wednesday at $32.45, down $2.
Staff bard Sadia Latifi contributed to this report.
david.bracken or 919-829-4548
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