Bassett Furniture Industries Invests $1.5 Million To Expand Its Henry County, Virginia, Manufacturing Facility
Area Development Online News Desk (12/18/2013)
Bassett Furniture Industries Inc., a manufacturer and marketer of high quality, mid-priced home furnishings, will invest $1.5 million to expand its operations in Henry County, Virginia. Over a three year period, the project will increase local manufacturing capacity and support operations to grow the company's custom casual dining business, creating 25 new jobs.
"Bassett Furniture Industries is an important employer and a great ambassador of Henry County and the surrounding region," said Jim Cheng, Virginia Secretary of Commerce and Trade. "We welcome the addition of 25 new jobs paying above the prevailing average wage and celebrate a homegrown company that continues to thrive in Virginia."
"This investment will expand our production capacities, provide improved service for our customers, and position the facility for future growth," said Robert H. Spilman, Jr., Bassett's president and chief executive officer. "This expansion underscores the importance of our local workforce and its ability to meet our customers' needs, and build upon our founders' legacy that began in 1902. Bassett Furniture is committed to this community and greatly values our partnership with local and state officials, who were instrumental in helping get the project underway. Bassett Furniture is Henry County born and bred and we owe a large part of our success to the superior workforce that you find right here in southwest Virginia."
With 90 company-and licensee-owned stores, Bassett Furniture Industries, Inc. leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. Bassett is also growing its traditional wholesale business with more than 500 accounts on the open market, across the United States and internationally.
Governor Bob McDonnell said, "Bassett Furniture Industries is a true Virginia success story, and we are glad the company has called the Commonwealth home since its founding in 1902. Bassett employs hundreds of Virginians and has grown its business to serve customers across the United States and internationally. With a successful history in Henry County dating back more than 100 years, it is fitting for Bassett to expand here and demonstrates its utmost confidence in the local community and workforce. This expansion will continue to allow Bassett to leverage its customization capabilities and innovation and maintain its lead in the furniture industry."
The Virginia Economic Development Partnership worked with the Martinsville-Henry County Economic Development Corporation to secure the project for Virginia. The Mid-Atlantic Broadband Communities Corporation also offered vital assistance. Governor McDonnell approved a $50,000 grant from the Governor's Opportunity Fund to assist Henry County with the project. Henry County will contribute $25,000 for site development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company's recruitment and training activities.