WHITSETT, NC - Prepac Manufacturing an RTA-based manufacturer plans to invest $ 27.1 million in a new 260,000-square-foot plant that will employ 201 employees. The center will provide customers with products such as bedroom, dining room, home office, living room furniture and appliances and car garage. The project was announced by the N.C. Department of Commerce. In the announcement, company President Jim Mathison said the Whitsett site was among the many places we had considered.
"Ultimately, we have chosen North Carolina and especially Guilford County for a few key things, including the availability of highly skilled workers, easy access to major markets and forcing state and regional resources to help ensure this project is successful given these uncertain times." Mathison went on to say, "We look forward to expanding our North American production facility in Guilford County and are very excited to continue this work."
He declined to comment further, pending a decision by the Guilford County Board of Commissioners on the promotion package for the project. According to local sources, the package of economic incentives is estimated at $ 597,286. However, according to the N.C. Department of Commerce, the project is also supported by a Job Development Investment Grant approved by the N.C. Investment Committee. This authorizes a possible return of a company that reaches more than $ 2.1 million over a 12-year period, depending on how it will grow the state economy by $ 376.3 million during this period.
JDIG's financial formula is based on new tax revenue generated by new jobs. Payments are made after confirmation of performance by Commerce department and revenue which reflects the company's performance and investment objectives. According to the Department of Commerce, JDIG projects pay full tax to the state treasury, even if the grant repayment process is under consideration. Salaries will vary by position. However, annual salaries are expected to exceed $ 9 million a year in the national and domestic economy.
"North Carolina is a leading manufacturing state in the south eastern United States, with about 20 percent of our economic output coming from this important sector," said N.C. Commerce Secretary Anthony M. Copeland. "It's exciting to see companies like Prepac Manufacturing choose our state in the next phase of their growth."
