VBC | Manufacturing Chooses Hamlet, North Carolina, for Manufacturing Plant
The company, a division of the Volumetric Building Companies (VBC), will invest more than $12 million in Richmond County within the next three years.
VBC manufactures pre-fabricated components that are used in the multi-family residential, student housing, and hospitality construction markets. Volumetric modular construction is a fast-growing segment of the construction trade that streamlines the process of building by integrating design, engineering, construction and management into an off-site, vertically integrated supply chain.
The company will operate a facility previously run by Ritz-Craft Corporation. The new plant will produce ‘volumes,’ a term used to describe modular units used for high density residential construction. VBC will enhance the plant’s current capabilities with investments in the plant building, its workforce, and new technology.
“Getting the opportunity to grow with an existing group of dedicated workers, to create the factory of the future together, is an amazing opportunity,” said Vaughan Buckley, VBC’s Owner & President. “Having these resources in place allows our company to simultaneously focus on its core values, while also looking towards the future of this factory and the industry as a whole.”
The VBC project in Richmond County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. The grant was formally awarded to JB Hamlet, LLC, a corporation wholly owned by Vaughan Buckley and other investors which will operate using the company name VBC | Manufacturing – Hamlet. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $252 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 $2,179,000, 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.
VBC’s JDIG agreement calls for the company to invest $12,750,000 in the project and also ensures that 70 existing jobs from the prior operation are retained.
“Companies have many choices when selecting a manufacturing location,” said North Carolina Commerce Secretary Anthony M. Copeland. “North Carolina’s list of advantages, from our favorable business climate to our workforce and transportation networks, continues to draw forward-looking manufacturers and we are committed to working to continue this growth across our state for years to come.”
“Growing businesses know they can rely on North Carolina’s excellent workforce to ensure they have the right workers for the job,” Governor Roy Cooper said. “Today’s announcement helps North Carolina’s reputation as a leader in modern manufacturing.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. led the state’s support for the company’s decision.
Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Richmond Community College, Richmond County, and Richmond County Economic Development.
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