Ready-to-assemble furniture producer Prepac Manufacturing, which is based in Vancouver, British Columbia, Canada, will open a new factory in Guilford County, NC.
The company will invest $27.1 million in the new 260,000 square foot factory in Whitsett, NC.
A Job Development Investment Grant approved by the state’s Economic Investment Committee will help facilitate the plant construction. The grant authorizes the potential reimbursement to the company of up to $2.1 million spread over 12 years based on the company’s meeting goals including incremental job creation. Over the course of 12 years, the North Carolina Department of Commerce estimates that the Prepac manufacturing initiative will grow the state’s economy by $376.3 million. Because Prepac Manufacturing chose a site in Guilford County, the company’s JDIG agreement also calls for moving as much as $234,000 into the state’s Industrial Development Fund– Utility Account, which helps rural communities finance necessary infrastructure upgrades to attract future business.
“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. We look forward to expanding our North American manufacturing base in Guilford County and are excited to be moving forward with this project.”