International Textile Group is a diversified U.S. fabric maker based in Greensboro, North Carolina with more than 30 years of operation in Richmond County will be making improvements in its textile plant at Cordova facility. This was announced at the Richmond County Board of Commissioners meeting Monday evening.
The company will be expanding and upgrading the manufacturing capabilities of the plant, as well as implementing a new operating schedule which is expected to bring in 10 new additional jobs within the next two years. This will involve an investment to the tune of $2 million.
Despite the challenges of foreign competition, this operation has survived and is now adding additional capacity in the way of new jobs and increased machinery investment, said Kenneth Robinette, board chairman. They are truly indebted to have ITG in Richmond County.
The Cordova plant has been in operation as part of the countyâ€™s textile manufacturing base since 1980. The plant manager Ed Cox said that he is
excited about the companyâ€™s investment in manufacturing improvements being made at the Cordova site.
Commissioner Don Bryant has approved an economic development incentive agreement, which would provide a 5-year economic development tax grant to the company for its investment. The company would receive 50 percent of the property taxes back on the increased investment.
Grants â€” intended to stimulate new investments and job creation are available to manufacturing and warehouse or distribution companies with a net job gain. Existing companies that have no net gain or a reduction in the number of jobs are not eligible.
This is the fourth major economic development announcement since September, with the total number of expected jobs to be around 100.
With North Carolinaâ€™s Job Development and Investment Grant program slated to sunset at the end of the year, commissioners adopted a resolution in support of re-authorization.
According to the resolution, the program was created in 2003 and â€œhas provided North Carolina with the incentive strategies for attracting and supporting the arrival and expansion of major corporations that created jobs and substantial wages to boost the state economy.â€
The North Carolina Economic Developers Association has established a re-capitalizing the JDIG program â€” which generated $163.8 million in investments throughout its history â€” as the No. 1 legislative priority. Richmond County was one of the first counties in the state to adopt such a resolution.
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