POLYWOOD Expands Roxboro, North Carolina, Furniture Plant
The company will invest $61.6 million to build additional capacity at its manufacturing and distribution center in Person County.
“We are excited to expand our operations in North Carolina,” said Doug Rassi, CEO of POLYWOOD. “The community has embraced POLYWOOD and we have been able to build an excellent workforce. We look forward to continuing our growth in the state and in Person County.”
POLYWOOD’s project in North Carolina will be facilitated 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 $681.4 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 $3,008,700, spread over 12 years. Over those 12 years, the state will see net direct revenue from the project in excess of $14.8 million.
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.
"Innovative companies like POLYWOOD thrive in rural North Carolina,” said Governor Roy Cooper. “This additional investment in Person County proves our state has what it takes to support the growth and business needs of our manufacturers, both today and in the future.”
POLYWOOD’s JDIG agreement could also move as much as $334,300 into a fund that helps rural communities across the state attract business in the future. When companies select a site located in a Tier 2 county such as Person, their JDIG agreements move some of the new tax revenue into the state’s Industrial Development Fund – Utility Account. Local communities in more economically challenged areas of the state use grants from the Utility Account to build public infrastructure projects, which can improve a community’s ability to attract companies to their regions.
“North Carolina’s leadership in manufacturing shines bright once again with today’s decision,” said North Carolina Commerce Secretary Machelle Baker Sanders. “POLYWOOD’s new jobs and new investment are the fruits of our state’s hard work to develop a skilled, diverse workforce and a top flight business climate.”
POLYWOOD, headquartered in Syracuse, Indiana, manufactures low-maintenance outdoor furniture, built with lumber created from recycled plastics. The company developed state-of-the-art technology and lean manufacturing processes that minimize waste and ensure products are built to order with next day shipping.
Partnering with N.C. Commerce and the Economic Development Partnership of North Carolina (EDPNC) on this project were the North Carolina General Assembly, the North Carolina Community College System, Duke Energy and Person County.
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