LONDON - FEBRUARY 13: A can of Red Bull sits backstage whilst hairdressers work at London Fashion Week in the BFC tent on February 13, 2007 in London England (Photo by Getty Images for Red Bull)

Gov. Roy Cooper announced a multimillion dollar beverage distribution hub is coming to Cabarrus County, bringing 413 “new, good paying” jobs.

Cooper made the announcement just after noon at the Cabarrus Center on Union Street South in Concord. The old Philip Morris site will be used to repurpose the hub, with an investment of more than $740 million into the city of Concord by 2027.

This is the largest economic development announcement in Cabarrus County history. Red Bull and filing company Rauch North America will partner to build the new 2-million-square-foot site.

“Global manufacturers need a world-class workforce to support their expansion plans,” Cooper said. “In North Carolina, Red Bull and Rauch have chosen the largest manufacturing workforce in the Southeast and a resilient business climate with an excellent transportation infrastructure to support their long-term growth.”

The average salary for the new jobs will be $50,377, which is higher than the county’s annual wage.

Concord Mayor Bill Dusch says the Philip Morris property is perfect for the new Red Bull “beverage campus,” and he says there’s still room for more growth there.

This is Cooper’s second visit to the area in a week. He visited Charlotte on July 6 to meet with U.S. Health and Human Services Secretary Xavier Becerra. Together, they visited a vaccination site at the Charlotte Transit Center.