Ashley Furniture Industries Plans Expansion At Its Davie County, North Carolina, Manufacturing Complex
This announcement comes on the heels of Ashley’s initial phase of development where it committed to create 550 jobs and invest $80 million between 2012 and 2015. According to state officials, Ashley exceeded these commitments by creating more than 1,100 jobs and investing more than $250 million into its new state-of-the-art furniture manufacturing and distribution facility as well as related training and development activities in Advance.
Todd Wanek, Ashley’s President/CEO remarked, “We are extremely pleased with the pro-business attitude of the State of North Carolina and the efforts of our entire team. It has been a challenging and fulfilling journey, and we look forward to a very bright future in North Carolina.”
An award from the state’s Job Development Investment Grant program to Ashley will help facilitate its expansion. Approved earlier today by the Economic Investment Committee, the reimbursements may total as much as $4.6 million from 2016 through 2027. Receipt of the award is based on verification by NC Commerce and NC Revenue that the company has met job creation and capital investment requirements. JDIGs reimburse new and expanding companies a portion of the newly created tax-base stemming from the operations with the goal of increasing the overall tax benefit to the State of North Carolina.
The project was also made possible by a performance-based grant from the One North Carolina Fund of up to $829,500. The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. One NC grants also require and are contingent on financial matches from local governments.
Several partners joined the N.C. Commerce and the EDPNC in supporting Ashley’s expansion. They include the North Carolina Community College System, Davidson County Community College, the Davie County Board of Commissioners, the Davie County Economic Development Commission, Duke Energy, and Golden LEAF.
“America’s leading furniture manufacturer is again investing in the South’s leading manufacturing state,” said Governor Pat McCrory. “Ashley continues to be an enormously successful company, and we’re proud that it has chosen North Carolina as the place to pursue its ambitious growth plans.”
“Furniture manufacturing is part of North Carolina’s DNA,” said North Carolina Commerce Secretary John E. Skvarla, III. “Our diligent workforce, excellent training programs and modern infrastructure are among the key assets that help sharpen the competitive edge of companies like Ashley.”
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