(RALEIGH) -- An engine, transmission and driveline components plant plans to locate in Buncombe County.  Linamar Corporation will create 363 jobs and invest $80 million in the Asheville facility over four years.

Gov. Perdue confirmed that the project was made possible in part by a $200,000 grant from One North Carolina Grant programs and another grant from the Job Development Investment Grant. The company must meet job creation and investments targets to receive the the incentives.

"We look forward to becoming a member of the Asheville community, and we thank Governor Perdue, Buncombe County and City of Asheville officials who worked hard to help us create a plan that makes this facility possible,” said Linamar CEO Linda Hasenfratz. “The Asheville facility will add capacity in our growing heavy duty and energy businesses, and give us manufacturing capabilities in an important region central to many of our customers."

The company will start hiring next year. Linamar indicated that if the market performs as expected, the project could actually realize as many as 400 jobs and an additional $45 million in capital investment by 2020.