Israel-Based Albaad USA Expands Reidsville, North Carolina, Manufacturing Plant
“We are very pleased to continue expanding our Albaad USA business in Reidsville,” said Gidi Tenne, Plant Manager for Albaad. “We continue to build on a great workforce, culture and community that supports advanced manufacturing jobs in Rockingham County. This merging of technology and a strong, creative workforce is the foundation of our success and we look forward to continued growth in the future.”
“In 2004, I was part of the team that recruited this outstanding Israeli company to North Carolina,” said North Carolina Commerce Secretary Anthony M. Copeland. “It’s been a great pleasure to watch their growth over the years, and we congratulate Albaad as they expand and add jobs once again.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. led the state’s support for the company’s expansion.
Albaad’s expansion in Rockingham County will be facilitated, in part, by a Job Development Investment Grant approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $810 million.
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 $3,688,200, 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.
Because Albaad chose to expand in Rockingham County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving nearly $410,000 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. When new jobs are created in a Tier 2 county such as Rockingham, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.
“International manufacturers appreciate North Carolina’s outstanding business climate and our strong focus on education and workforce training,” said Governor Roy Cooper. “Today’s announcement is more proof that North Carolina is the place for companies from around the globe to grow and succeed.”
Partnering with the North Carolina Department of Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Duke Energy, Rockingham County, the City of Reidsville, The Rockingham County Center for Economic Development, Small Business and Tourism, and the City of Reidsville Economic Development Department.
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