BestCo Expands Mooresville, North Carolina, Operations Center
The company will add both production and packaging capacity to its current operations, with a focus on its gummy line of products.
“BestCo is part of a dynamic community that continually values and invests in fast-growing businesses. The ongoing support and partnership from state, county and city officials has been instrumental in BestCo’s rapid growth and success in the region in recent years,” said BestCo President and COO, Tim Condron.
The project will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $2.8 billion.
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 $2,000,250, spread over 12 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.
"North Carolina is one of the top locations in the world for pharmaceuticals, and innovative manufacturers like BestCo help keep us there,” said Governor Roy Cooper. “Life science companies rely on the educational and workforce training systems we’ve built for their specific needs, and we’ll continue to invest in the workers who power this important industry in our state.”
Because BestCo chose a site in Iredell County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $666,750 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities across the state finance necessary infrastructure upgrades to attract future business.
“There’s a good chance when you open your medicine cabinet at home, a product made by BestCo will be right there on the shelf,” said North Carolina Commerce Secretary Machelle Baker Sanders. “We’re excited to support the expansion of a North Carolina company that’s already doing well in our state, and with the state’s continued commitment to workforce development, we’re confident more growth is ahead for this company and the state’s pharmaceutical industry overall.”
BestCo’s customers include private label retailers in the food, drugstore and mass merchant channels as well as branded global consumer product companies of highly recognized name brand consumer products.
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