Xerox will build a new “Center of Excellence” in Cary worth more than $18 million and creating 600 jobs. The project is estimated to grow the state’s economy by $1.7 billion over the next 12 years.

The Cary Center of Excellence will be the fourth of its kind for the company in North America, joining Xerox’s three other centers located in Palo Alto; Webster, NY; and Toronto.

The new multifunctional center that will be focused on “accelerating our digital journey,” said Naresh Shanker, chief technology officer. “Being home to a host of tech companies and educational institutions, North Carolina was a logical choice for us,” he said.

The NC Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s decision.

Xerox’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee.

The agreement authorizes the potential reimbursement to the company of up to $12,324,750, spread over 12 years.

Because Xerox chose to locate in Wake County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $4,108,250 into the state’s Industrial Development Fund – Utility Account.

Cary is located in the heart of the Research Triangle and repeatedly ranks among the top places in the nation to begin or expand a business.