As the economy is slowly starting to recover and the job market is being revitalized, many companies are starting to hire new people again. One company is uprooting its location to a new state and will be hiring hundreds of new employees.

According to the Associated Press, Lake Forest, a luxury yacht company based in Illinois, announced that it will close its California plant and move to New Bern, North Carolina.

At the North Carolina plant, there are currently 280 workers employed at the facility. Additionally, Lake Forest plans on hiring 350 new employees over the next five years, according to the news source. The company could be eligible to receive $3.1 million in state tax refunds if it hires new workers and keeps them employed for at least 12 years.

The news source reports that many manufacturing workers and managers will be offered jobs during the early relocation period. The new jobs in New Bern are expected to make on average $31,425 a year plus benefits, according to the AP.

According to the Bureau of Labor Statistics, the manufacturing industry employed 11,670,000 people in June 2010.