S & D Coffee Invests $47 Million To Expand Concord, North Carolina, Manufacturing Facility
S&D produces an extensive line of products that include roasted whole bean and ground coffee, specialty coffees, cappuccinos, lattes, hot chocolates, iced tea, hot tea, juices, syrups, toppers and condiments. The company supplies coffee products to restaurants, hotels, vending and offices.
"Our business continues to grow and expand at a time when many companies have struggled" said Ron Hinson, chairman of the board, president, & CEO of S&D Coffee and Tea. "We considered locations in other states for this new round of expansion, but decided to stay in North Carolina and the Concord community. We thank the state of North Carolina, Cabarrus County and the city of Concord for their tremendous support. It seems fitting that S&D’s bright future as a premier national manufacturer should advance in the same community where we have been since 1929."
The company employs 613 workers in seven sites across the state. Due to significant gains in market share over the last ten years, S & D has seen sales grow 400% over that period. Current and future growth is driving the company’s need for expanded facilities, state economic development officials said.
“Creating new jobs is my top priority,” said Gov. Perdue, “One of the best ways to do that is by helping existing companies expand. We know we have a strong business climate and the skilled workforce that S&D Coffee needs to grow and thrive in North Carolina.”
As an incentive to facilitate this expansion, the company has been awarded a grant of up to $300,000 from the state’s One North Carolina Fund. One North Carolina Fund grants require a local match, and this grant is contingent upon approval of local incentives.
In addition, the state Economic Investment Committee voted to award a Job Development Investment Grant to S&D Coffee. 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 JDIG, the company is eligible to receive a grant equal to 70 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the nine years in which the company meets annual performance targets. If S&D Coffee meets the targets called for under the agreement and sustains them for ten years, the JDIG could yield as much as $1.56 million in maximum benefits for the company.
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