Hubbard Peanut Company, Inc. will invest $1.6 million to establish a new operation in Franklin, Virginia.
While located in the City, the property is part of an innovative revenue-sharing agreement between the City of Franklin and Southampton County, ensuring the project will bring important new tax revenue to both localities. The new location will provide space for new processing capabilities, warehousing and logistics, and create an enhanced marketplace for Hubbard Peanut Company products and other Virginia specialties.
“As Hubbard Peanut Company, Inc. celebrates 65 years of history in Virginia, we are excited to position ourselves for continued growth and sustainability in the community that has supported our family business for so many years,” said Lynne Rabil, President & CEO of Hubbard Peanut Company. “The next generation of Hubbard family members to operate in Southampton County and the City of Franklin stands on a firm foundation of methodical and judicious growth coupled with the spirit of volunteerism and community stewardship modeled by our parents. It has been a great pleasure to work with City Manager Amanda Jarratt, the City of Franklin, and Southampton County, and the Commonwealth’s AFID program to bring our long awaited expansion to fruition.”
According to state officials, the company will increase their purchase of Virginia-grown peanuts by a third, and lead to additional investments in their Sedley facility.
The Virginia Department of Agriculture and Consumer Services worked with the City of Franklin and Franklin Southampton Economic Development, Inc. to secure this project for the Commonwealth. Governor Northam approved a $40,000 grant from the Governor’s Agriculture and Forestry Industries Development (AFID) fund for the project, which the City of Franklin will match with local funds. The company is also eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. This is the first Governor’s economic development announcement in the City of Franklin since 2003.
“Our administration is focused on creating jobs and stimulating economic development across the Commonwealth, particularly in our agriculture sector, Virginia’s largest private industry,” said Governor Ralph Northam. “We are proud to support quality, family-owned businesses like Hubbard Peanut Company that are growing opportunity and helping to revitalize our rural communities. With this new venture and their commitment to using Virginia-grown peanuts, the company will ensure their success is shared with farmers and producers throughout the region.”
“Virginia has been a longtime leader in the specialty food and beverage sectors, and Hubbard Peanut Company has been a pioneer in this industry,” said Secretary of Agriculture and Forestry Bettina Ring. “Their commitment to customer service, product quality, local sourcing, and the highest levels of food safety makes them a company we are proud to support.”
“The expansion of Hubbard Peanut Company into the City of Franklin is tremendous news for the entire Franklin Southampton community,” said City of Franklin Vice-Mayor Barry Cheatham. “The story of the City of Franklin is one of resiliency and tradition. Today’s announcement reemphasizes our city’s story. The Hubbard Peanut Company expansion gives life to a shuttered building along our main commercial corridor and validates that the City of Franklin is open for business.”