Trending...
- 5X Gross Margin Improvement to Beat EPS Consensus; $54.6 Million 10-Year Contract Award Puts Cybersecurity Leader on Path to a $30 Million Run Rate
- New Book, The KI of Marketing, Helps Small Businesses Grow Without Trying to Outspend Bigger Competitors
- Free Commercial Glass Estimating and Code Compliance Tools Launched by Landmark Construction - The Leading Glass Company in Los Angeles
Prepac Manufacturing Ltd., a North American manufacturer of Ready-to-Assemble (RTA) furniture will locate a new east coast furniture factory in Guilford County, creating 201 jobs, Governor Roy Cooper announced today. The company will invest $27.1 million in a new 260,000 square foot factory in Whitsett.
"Even in a pandemic, North Carolina continues to grow jobs with companies like Prepac because of our great workforce, strategic location and reliable transportation," said Governor Cooper.
Prepac Manufacturing, headquartered in Vancouver, British Columbia, has grown organically to become one of the largest producers of RTA furniture, supplying most of North America's major online retailers. With a specialization in e-commerce and direct-to-consumer distribution methods, the company's just-in-time manufacturing processes and state-of-the-art equipment help it produce a wide range of products for all areas of the home including bedroom, home office, living and dining room, utility storage and garage products. The company's new facility in North Carolina will help the company expand its markets and expedite shipments to consumers located along the entire eastern seaboard.
"When we started evaluating potential locations for our new east coast factory there were several good options for us to consider" said Jim Mathison, President of Prepac Manufacturing. "Ultimately, we chose North Carolina and specifically Guilford County due to several key factors including the availability of a highly skilled workforce, easy access to major markets, and compelling State and County resources to help ensure that this project is successful given these uncertain times." Mathison continued, "We look forward to expanding our North American Manufacturing base in Guilford County and are excited to be moving forward with this project."
More on ncarol.com
Although wages will vary depending on position, the annual payroll from the new jobs mean the state and local economy will see a positive impact of more than $9 million each year.
"North Carolina is the leading manufacturing state in the southeast United States, with nearly 20 percent of our economic output coming from this important sector," said North Carolina Commerce Secretary Anthony M. Copeland. "It's good to see innovative companies like Prepac Manufacturing choose our state for the next stage of their growth."
Prepac Manufacturing project in North Carolina 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 12 years, the project is estimated to grow the state's economy by $376.3 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the agreement authorizes the potential reimbursement to the company of up to $2,106,000, 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.
Prepac Manufacturing's JDIG award is contingent on final approval of all local government incentives associated with the project.
More on ncarol.com
Because Prepac Manufacturing chose a site in Guilford County, classified by the state's economic tier system as Tier 2, the company's JDIG agreement also calls for moving as much as $234,000 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 Guilford, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. More information on the state's economic tier designations is available here.
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of N.C., other key partners on this project were the North Carolina General Assembly, the North Carolina Community College System, Duke Energy, Guilford Technical Community College, Guilford County, the Guilford County Workforce Development Board, the City of Greensboro, the Town of Whitsett, the High Point Economic Development Corporation, and the Greensboro Chamber of Commerce.
"Even in a pandemic, North Carolina continues to grow jobs with companies like Prepac because of our great workforce, strategic location and reliable transportation," said Governor Cooper.
Prepac Manufacturing, headquartered in Vancouver, British Columbia, has grown organically to become one of the largest producers of RTA furniture, supplying most of North America's major online retailers. With a specialization in e-commerce and direct-to-consumer distribution methods, the company's just-in-time manufacturing processes and state-of-the-art equipment help it produce a wide range of products for all areas of the home including bedroom, home office, living and dining room, utility storage and garage products. The company's new facility in North Carolina will help the company expand its markets and expedite shipments to consumers located along the entire eastern seaboard.
"When we started evaluating potential locations for our new east coast factory there were several good options for us to consider" said Jim Mathison, President of Prepac Manufacturing. "Ultimately, we chose North Carolina and specifically Guilford County due to several key factors including the availability of a highly skilled workforce, easy access to major markets, and compelling State and County resources to help ensure that this project is successful given these uncertain times." Mathison continued, "We look forward to expanding our North American Manufacturing base in Guilford County and are excited to be moving forward with this project."
More on ncarol.com
- Kentucky's Plane Crash Data Lands Far from the State's Busiest Airports
- StockResearch AI Initiates Coverage on Apple (AAPL) With New Report Examining Valuation, AI Strategy and Future Growth
- Netberg Announces the Aurora X2 Switch Series, Built on Xsight Labs' Programmable X2 Silicon
- Pete Verbica: America Needs Statesmanship and Common Sense — Not a Cult of Personality
- Heidi G. Villari of The Villari Firm, PLLC Recognized in The Best Lawyers in America 2027 for Construction Law and Personal Injury Litigation
Although wages will vary depending on position, the annual payroll from the new jobs mean the state and local economy will see a positive impact of more than $9 million each year.
"North Carolina is the leading manufacturing state in the southeast United States, with nearly 20 percent of our economic output coming from this important sector," said North Carolina Commerce Secretary Anthony M. Copeland. "It's good to see innovative companies like Prepac Manufacturing choose our state for the next stage of their growth."
Prepac Manufacturing project in North Carolina 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 12 years, the project is estimated to grow the state's economy by $376.3 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the agreement authorizes the potential reimbursement to the company of up to $2,106,000, 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.
Prepac Manufacturing's JDIG award is contingent on final approval of all local government incentives associated with the project.
More on ncarol.com
- When the Coroner's Report Isn't Enough: Colorado Families Turn to Private Autopsy for Closure
- Belmont, NC Emerges as More Than a Charlotte Alternative for Homebuyers
- Nearly One-Third of CRE Asset Managers Make Major Capital Decisions on Gut Instinct, New Survey Finds
- RemoteBridge Names Dr. John N. Just, Ed.D. Chief Executive Officer
- Project CIVICA Report Finds 10,680 Non-Citizen Indicators on New York Voter Rolls — Including 88 Records with Recent Voting History
Because Prepac Manufacturing chose a site in Guilford County, classified by the state's economic tier system as Tier 2, the company's JDIG agreement also calls for moving as much as $234,000 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 Guilford, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. More information on the state's economic tier designations is available here.
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of N.C., other key partners on this project were the North Carolina General Assembly, the North Carolina Community College System, Duke Energy, Guilford Technical Community College, Guilford County, the Guilford County Workforce Development Board, the City of Greensboro, the Town of Whitsett, the High Point Economic Development Corporation, and the Greensboro Chamber of Commerce.
0 Comments
Latest on ncarol.com
- LCC Asia Pacific Sponsors CubeSatPlus 2026 at UNSW Sydney
- The Sharon at SouthPark Breaks Ground on $178 Million Expansion
- Pattern Recognition In The Arts
- Real Estate Syndication Attorney Tilden Moschetti Releases The Real Estate Private Equity Blueprint
- 5X Gross Margin Improvement to Beat EPS Consensus; $54.6 Million 10-Year Contract Award Puts Cybersecurity Leader on Path to a $30 Million Run Rate
- Couture Master Perfumer JoAnne Bassett Unveils All-Natural Parfum in Oil Collection in Gift Box
- Independent Colbert Packaging Thrives Amid Industrywide Consolidation
- Free Commercial Glass Estimating and Code Compliance Tools Launched by Landmark Construction - The Leading Glass Company in Los Angeles
- Tallahassee Million-Dollar Home Sales Rise in 2026 as Median Selling Time More Than Doubles
- STEM For Kids® Unveil Turn-Key "Screen-Smart" Solution to Bridge Teacher Preparedness Gaps in Texas
- Award-Winning Couture Master Perfumer JoAnne Bassett Launches All-Natural DIY Perfume Making Kits
- Couture Master Perfumer JoAnne Bassett Offers Rare Opportunity to Acquire 70 Formula Perfume Codex
- Slotozilla Reports Strong Growth in Q2 2026
- Flexible Plan Investments Names Carl Resnick President
- Paula Josephine Sadler Releases "Imagine" on 24th Anniversary of Sobriety
- Ritz-Carlton Residences Houston Generates Strong Early New Construction Sales at 2120 Post Oak Blvd
- No Sugar Baker Continues National Growth with Seattle Market Expansion Across Washington, Idaho, and Alaska
- The Refugee Archive Launches Campaign to Preserve 21 Female-Headed Household Oral Histories in Rebel-Controlled Goma
- Space Ambitions Expanding as New Testing Builds on NASA Results and Targets MEO, GEO and Next-Generation Orbital Markets: Ascent Solar Technologies
- FDA Path Clears, Manufacturing Ramps Up + $22.3 Million Strengthens the Balance Sheet; Inflection Point for NRx Pharmaceuticals (N A S D A Q: NRXP)