Update: On Friday, Honeywell confirmed it will move its headquarters from New Jersey and establish 750 jobs in Charlotte, North Carolina. The industrial conglomerate plans to relocate its base in Morris Plains, with about 150 to 200 senior managers as well as its Safety and Productivity Solutions business group headquarters moving to Charlotte. The company then expects to add positions in Charlotte, building to about 750 jobs within six years. About 1,000 employees will remain at six Honeywell locations in in New Jersey, including about 800 at the company’s Morris Plains offices, the company said in a prepared statement.

Just over three years after getting a $40 million tax credit to stay in New Jersey, the Industrial conglomerate Honeywell International Inc. is now leaving the Garden State to move to North Carolina, a source familiar with the deal said Thursday.

The move is expected to result in 700 to 800 jobs after North Carolina expanded tax breaks for high-paying jobs, according to an economic development official familiar with discussions between state officials and the company. A second person present during discussions over the incentives needed to lure Honeywell to North Carolina said expanded tax breaks approved by the state legislature Thursday were designed to attract the company.

They spoke on condition of anonymity, citing confidentiality in business recruitment.

Honeywell spokeswoman Victoria Ann Streitfeld declined to comment.

Lawmakers hurried through legislation this week that more than doubles the per-job annual cap on tax breaks to $16,000 in a move to attract corporations that move high-paying jobs to North Carolina. State Rep. Bill Brawley, a Republican who represents suburban Charlotte, said he has been involved in bringing a corporation's headquarters and 750 jobs to Charlotte. He declined to name the company.

"We expect there'll be an announcement soon," Brawley said Thursday.

Honeywell, based in Morris Plains, New Jersey, makes core systems for military aircraft, space satellites and automated office buildings. Its extensive product line also includes fishing line, chemicals used in the oil industry, and a process that turns vegetable oils into diesel fuel.

Honeywell purchased the property in 2013 from Johnson & Johnson but there was “nothing inside” and the building had to be completely remodeled, Rob Ferris, Honeywell’s vice president of external communications at the time said.

The company’s relocation decision was largely based on recognition that in order to incorporate the interconnected, digitally driven features of the business future, Honeywell needed to be located in places appealing to attracting a millennial workforce, the economic development official said.

Honeywell is No. 77 on the Fortune 500 list of the largest U.S.-based companies. Charlotte is already home to Bank of America, No. 24 on the Fortune list, and Duke Energy, No. 125..