Avadim Technologies Inc. Expands Buncombe County, North Carolina, Operations Hub
The company will expand its product development, manufacturing, distribution and corporate headquarters operations. Among its new hires will be sales and marketing personnel, customer service representatives and I/T specialists.
“As a lifelong resident of Buncombe County, it was important to me that our business expansion happen right at home,” said Stephen Woody, Chairman/CEO of Avadim. “Avadim will not only contribute to the health and well-being of individuals by addressing gaps in global health including infection, neuromuscular disorders and wound care, but also this expansion will contribute to our economy by continuing to cultivate a vibrant life sciences sector and spur jobs in western North Carolina.”
Avadim’s expansion in Buncombe County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Under the terms of the JDIG, the company is eligible to receive up to $4.9 million in total reimbursements. Payments will occur in annual installments over 12 years pending verification by N.C. Commerce and N.C. Revenue that the company has met incremental job creation and investment targets. JDIGs reimburse new and expanding companies a portion of the newly created tax-base with the goal of increasing the overall revenue benefit to the state of North Carolina.
By law, JDIG projects must result in a net revenue inflow to the state treasury over the life of the award. For projects in Buncombe and other Tier 3 counties, 25 percent of the eligible grant is directed to the state’s Industrial Development Fund – Utility Account to help finance economic infrastructure in less populated counties. Avadim’s expansion could provide as much as $1.63 million in new funds for the Utility Account. More information on county tier designations is available here.
“Great companies are born in North Carolina and great companies grow here,” said Governor Pat McCrory. “Avadim Technologies’ significant expansion adds an exciting new dimension to our biotechnology industry and to the economy of western North Carolina. Our state continues to attract global competition because of our improved business climate, highly skilled workforce and quality of life that is second to none.
Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, North Carolina Community College System, N.C. Transportation, N.C. Revenue, Golden LEAF Foundation, Land of Sky Council of Governments, City of Asheville, Buncombe County and the Asheville-Buncombe County Economic Development Coalition.
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