Canada-based Cascades Holdings U.S., Inc. will invest $58 million and create 66 new jobs over two years in Scotland County, North Carolina.
Jean Jobin, Cascades Tissue Group President & COO said, “Modernizing and adding equipment to the Wagram plant will help improve Cascades’ product offering by allowing to provide superior quality products, benefit from the latest technology to provide our customers with new, innovative products and creating additional capacity to meet future need of our customers. It is a strategic investment that will solidify our presence in Southeastern United States and strengthen our ability to offer nationwide coverage for our customers.”
Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions. The company employs 11,000 people across a network of over 90 facilities in North America and Europe. The company’s Tissue Group division, the fifth-largest tissue producer in North America, manufacturers, converts and markets a wide variety of paper products, such as hand towels, bathroom and facial tissue, and napkins. Cascades also has facilities in Richmond and Lenoir counties.
Cascades’ expansion in Scotland County will be facilitated, in part, by a Job Development Investment Grant approved by the state’s Economic Investment Committee earlier today. Over the course of the 6-year term of this grant, the project will grow the state’s economy by an estimated $143 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $468,000, spread over 6 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
“International manufacturers like Cascades are thriving in North Carolina,” said Governor Roy Cooper. “Our state’s global reputation attracts new investments and jobs because companies know North Carolina’s skilled industrial workers will help them succeed here. These new jobs are an extra welcome boost for an area working to recover from Hurricane Florence.”
“North Carolina continues to win the confidence of manufacturers,” said North Carolina Commerce Secretary Anthony M. Copeland. “It’s particularly gratifying to see a company that’s already here choose to expand, based on our business environment and their own positive experience of doing business in North Carolina.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. led the state’s support for the company’s expansion. Partnering with the North Carolina Department of Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Scotland County, and the Scotland County Economic Development Corporation.