The Carolina Industrial Products plant will close on April 14, and the plant will shut down.
The announcement comes after the state had been considering shutting down for months due to a growing labor shortage.
The company that owns the plant says that it has made an additional $2.4 billion in cost-saving investments.
The company said it will spend $1 billion to replace the entire plant and $1.3 billion to expand capacity.
The plant is owned by Caterpillar.