Prepac Manufacturing, a ready-to-assemble furniture company, will bring over 200 jobs to Whitsett as the company builds a new 260,000 square foot factory.
Prepace, headquartered in Vancouver, will invest $27.1 million into the new facility which will create 201 local jobs, according to an announcement from Gov. Roy Cooper last week.
"Even in a pandemic, North Carolina continues to grow jobs with companies like Prepac because of our great workforce, strategic location and reliable transportation,” Cooper said.
Wages will vary depending on job title, but the state expects to see more than $9 million put into the state and local economy each year from annual payroll, Cooper’s release said.
"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 is one of the largest producers of ready-to-assemble furniture, supplying several major online retailers, the release said. Furniture for the bedroom, home office, living and dining rooms, and storage and garage products are produced.
The new Whitsett location is expected to expedite shipments for retailers along the East Coast.
“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.”
Part of the project will be funded by a Job Development Investment Grant (JDIG) from the state’s Economic Investment Committee. This agreement authorizes a potential reimbursement to Prepac of up to $2.1 million spread over 12 years if the new facility contributes positively to the local economy.
“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,” the release said.
Because Prepac chose Guilford County, the company’s JDIG agreement also allows $234,000 to be moved into the state’s Industrial Development Fund that helps rural communities complete infrastructure upgrades needed to attract new 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,” the release said.
The North Carolina Department of Commerce, the Economic Development Partnership of N.C., 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 were credited as contributors to bringing this project to fruition.
