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Lithuanian furniture giant to
invest $70 million to establish its first North American factory |
 Lithuania¡¯s SBA Home has selected a 500,000-square-foot factory located at 187 Gildan Drive in the Davie Industrial Center in Mocksville, North Carolina, as the site for its first U.S. furniture manufacturing facility. Furniture maker SBA Home, the largest division of Lithuanian conglomerate SBA Grupe, will build a 500,000-square-foot facility in Mocksville, N.C., a town north of Charlotte and southwest of Winston-Salem. The facility will manufacture furniture for U.S. customers and create 250 jobs. ¡°SBA Home has made a great decision to enter the U.S. market in Davie County,¡± said Governor Roy Cooper. ¡°With more than 800 furniture companies, North Carolina¡¯s reputation as the furniture capital of the world attracts growing manufacturers that need a world class workforce to meet the demand of their global customers.¡± SBA Grupe, parent of the SBA Home division, manufactures a variety of product across four Lithuanian plants and employs more than 3,000 workers. ¡°We are excited to launch our journey in the U.S., starting in North Carolina, a state renowned for its dynamic business environment and exceptional opportunities for globally growing companies,¡± said Jurgita Radzevičė, CEO of SBA Home. ¡°With a wide talent pool, excellent infrastructure and logistics, support from the state, combined with SBA Home¡¯s modern manufacturing expertise and humancentric organizational culture, we are confident this venture will create high-quality jobs and give positive impact to the region.¡± The 250 jobs will include manufacturing and warehousing positions, as well as administrative and managerial roles. The state estimates these new jobs could create a potential payroll impact of more than $13.3 million each year for the region. The project, which will officially be executed through a newly formed subsidiary company, will be facilitated in part by a Job Development Investment Grant (JDIG). Over the 12-year term of the grant, the project is estimated to grow the state¡¯s economy by $435.8 million.  Using a formula that considers $50 million of the company¡¯s investment as well as the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,421,250, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. It wasn¡¯t revealed when the facility will be completed. Source: daviecountyedc.com |
