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Winston-Salem is the location of the corporate headquarters of the R.J. Reynolds Tobacco Corporation, Krispy Kreme Doughnuts, Inc., Branch Banking and Trust Company (BB&T), TW Garner Food Company (makers of Texas Pete), HanesBrands, Inc., and Lowes Foods Stores, Inc. The Wachovia Corporation was based in Winston-Salem until it merged with First Union Corporation in September 2001; the corporate headquarters of the combined company are now in Charlotte, North Carolina, United States. Although traditionally associated with the textile, furniture, and tobacco industries, Winston-Salem is attempting to attract new businesses in the nanotech, high-tech and biotech fields. Wake Forest University Baptist Medical Center is the largest employer in Winston-Salem. Blue Rhino, the nation's largest propane exchange company and a division of Ferrellgas, is also headquartered in Winston-Salem.
In December 2004, the city made a deal with the computer company Dell, Inc. to build a computer assembly plant nearby in southeastern Forsyth County. To attract Dell, the city had offered an incentive package that could reach almost $38 million dollars. The State offered additional incentives that could reach approximately $267 million. Despite the controversy about paying too much for Dell to come over, the construction of the plant was completed during the summer of 2005, and the plant expects the number of employees to increase to over 700. Economic studies have projected that by 2010, the region will obtain 1,500 Dell jobs and potentially as many as 6,000 indirect jobs.
Also, a portion of downtown Winston-Salem has been recently designated as the Piedmont Triad Research Park for biomedical and information technology research and development. Currently, the research park is undergoing an expansion, with hopes of jumpstarting the city's economy.
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