Nature’s Value Expands Winston-Salem, North Carolina, Operations
With the continued use of advanced manufacturing and testing equipment in a GMP facility, Nature’s Value will expand its manufacturing to Whitaker Park and consolidate operations to one 426,000 square-foot state-of-the-art manufacturing, testing and laboratory production center.
“This expansion project will help us to be more competitive and allow us to be more accessible to our main customers, while creating employment and economic prospects for the talented North Carolina working community.” said Oscar Ramjeet, CEO of Nature’s Value. “We look forward to the opportunities that this expansion project will bring.”
This expansion by Nature’s Value 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 the grant, the project is estimated to grow the state’s economy by more than $780 million.
Using a formula that takes into account the new tax revenues generated by the 183 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,954,800 spread over 12 years. Payments for all JDIGs 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 Nature’s Value is locating in Forsyth County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $217,200 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as Forsyth, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.
“More and more manufacturers are making a home in North Carolina,” said Governor Roy Cooper. “Forsyth County’s rich manufacturing legacy combined with the state’s affordable cost of living and strong transportation infrastructure, will continue to provide a stable foundation where growing manufacturers can thrive.”
One of the nation’s leading producers of vitamins and dietary supplements, Nature’s Value has been manufacturing, packaging and distributing high-quality products for private labels since 1992.
“We are thrilled to see Nature’s Value expand their presence in North Carolina and look forward to their future success,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Companies like Nature’s Value are attracted to our resilient economy which is supported by our strong manufacturing and life sciences industries that benefit from North Carolina’s world-class workforce and the diverse talent of our research universities.”
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, Forsyth Tech Community College, Forsyth County, City of Winston-Salem, Greater Winston-Salem, Inc. and Whitaker Park Development Authority.
2022 Top States for Doing Business Provide an Environment for Business Growth
36th Annual Corporate Survey: Executives Focus on Labor, Energy, Shipping Costs
Location Factors in the EV Industry — “Mission Critical” or “Nice to Have”?
2022 Auto/Aero Site Guide
Fixing the Supply Chain with AI and Robotics
Three Big Challenges Facing the Food & Beverage Industry
How Are Economic Developers Partnering to Solve Workforce Challenges?
The Form and Substance of Business Incentives