Castle Branch Invests $10.2 Million To Expand Wilmington, N.C. Headquarters, Plans to Create 420 Jobs
“The expansion of our Wilmington facility will require more than 400 employees and significant long term investments in the community. We are excited and grateful that the state, city and county have joined us in this effort,” said Brett Martin, CEO of Castle Branch.
“We’re proud to have Castle Branch as a strong corporate partner in North Carolina,” said Governor Pat McCrory. “Their expansion is a great example of a company choosing to create jobs and invest in our state as they grow."
“We are committed to growing the number of jobs in North Carolina and we know that a majority of those jobs will come from existing companies like Castle Branch,” said Sharon Decker, North Carolina Secretary of Commerce. “We applaud Brett Martin for the great work that he is doing and his commitment to invest in North Carolina as his company grows.”
“This is great news for our citizens,” said Rep. Susi Hamilton. “I was Executive Director of Wilmington Downtown Inc. when Castle Branch made the decision to relocate here 11 years ago, and they employed 25 people at that time. Now they have 200 well-paid employees, with plans to hire 400 more as they make Wilmington their world headquarters. I am thrilled that the city and county saw fit to encourage them to grow here, rather than California. It is extremely satisfying to see a growing company that provides clean, well-paying jobs dig their heels into our area.”
The project was made possible in part by an award from the state Job Development Investment Grant program. Receipt of the award is based on proof of job creation and other performance requirements. The state Economic Investment Committee voted to award a Job Development Investment Grant to Castle Branch. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant.
Under the terms of the company’s JDIG award, Castle Branch is eligible to receive up to eight annual grants equal to 45 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation and capital investment requirements. Over eight years, the JDIG award could yield aggregate benefits to Castle Branch of up to $1,238,250.
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