Kingspan Insulated Panels Invests $2.5 Million To Establish North American Headquarters In Deland, Florida
Area Development Online News Desk (06/27/2013)
Kingspan Insulated Panels, Inc., a British-based insulated metal panels manufacturing company, will make a $2.5 million investment to establish its North American Headquarters at the firm’s Deland, Florida facility. The expansion will result in 30 new jobs, the retention of 50 current positions during the next three years.
Kingspan LTD., a multinational business enterprise headquartered in the United Kingdom, is the parent company of Kingspan Insulated Panels, Inc. The company employs 132 individuals in DeLand, and more than 400 in North America. The company selected DeLand over Ontario due to year-round climate advantages and lower production costs, the Governor’s Office said.
“We are pleased to contribute positive momentum to the Central Florida economy,” said Fergal Murphy, Vice President of Sales, Kingspan Insulated Panels, Inc.
Gov. Rick Scott said, “Kingspan’s decision to establish their North American headquarters in DeLand is great news for Florida families. Industry-leading companies like Kingspan are the reason we worked so hard in the recent legislative session to improve the tax climate for manufacturing companies. We successfully eliminated taxes on manufacturing equipment and by removing burdensome rules and regulations, companies are able to use their resources to grow and create jobs. IT’S WORKING in Florida.”
“The manufacturing industry in Florida is growing thanks to our improved business climate,” said Secretary of Commerce and President and CEO of Enterprise Florida Gray Swoope. “In addition to removing unnecessary taxes on manufacturers, Florida’s strong workforce and top-ranked infrastructure make this the perfect state for manufacturers to locate and expand. We’re thrilled that Kingspan has chosen Florida as the home for its North American headquarters.
Kingspan Insulated Panels, Inc. has been approved for Qualified Targeted Industry incentives of up to $90,000 in performance-based tax refunds in return for creating new jobs at an average annual wage of $37,354 or more. The Volusia County Council contributed to this performance-based incentive by approving the required local financial support amount of 20 percent, or $18,000.
The project was made possible because of the partnerships at the state and local levels. Along with Enterprise Florida, Inc., the City of DeLand, Volusia County, Workforce Florida and the Center for Business Excellence worked with Kingspan Panels to make this move possible.