Governor Cooper Announces 131 New Jobs as American Woodmark Expands in Richmond County
October 18 2022 - 11:55AM
Business Wire
American Woodmark Corporation (NASDAQ: AMWD), one of the
nation’s largest manufacturers of cabinets, will expand its
operations in Hamlet, North Carolina creating 131 jobs in Richmond
County, Governor Roy Cooper announced today.
"Strong rural communities like Hamlet provide manufacturing
companies a great environment for expansion and growth,” said
Governor Cooper. “From our skilled workforce to our superior
transportation network, American Woodmark knows North Carolina well
and their decision shows that we have the right ingredients for
success.”
Founded in 1980, American Woodmark, with headquarters in
Winchester, Virginia, became a public company in 1986. Today, the
company operates 18 manufacturing and distribution centers and
eight primary service centers across North America, distributing
products under more than a dozen brand names across the country.
American Woodmark’s expansion project in Hamlet will help the
company meet growing demand, increasing the company’s finished
goods production capacity for its east coast networks.
“Our company strategy is focused on Growth, Digital
Transformation and Platform Design or “GDP,” said Scott Culbreth,
President and Chief Executive Officer of American Woodmark. “After
a comprehensive review of our platform, we identified the need for
additional capacity in our stock kitchen and bath cabinetry
platform. By expanding in the United States, we will strengthen our
overall supply chain and allow for incremental capacity in both
categories on the east coast, which is one of the largest
repair/remodel and new construction markets.”
Although wages for the new jobs will vary depending on position,
the average salary will be $44,748, which is above the current
average wage in Richmond County of $38,035. The state and local
area will enjoy an additional impact of more than $5.8 million each
year from the new payroll.
"North Carolina’s rural workforce keeps companies like American
Woodmark a step ahead,” said North Carolina Commerce Secretary
Machelle Baker Sanders. “As our First in Talent strategic plan for
economic development makes clear, North Carolina will continue to
provide our workers with the education and training they need to
support manufacturers in our state.”
American Woodmark’s 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 $185.8 million. Using a formula that
takes into account the new tax revenues generated by the new jobs,
as well as a capital investment of $36.2 million, the agreement
authorizes the potential reimbursement to the company of up to
$1,086,000, spread over 12 years. The company’s capital investment
will be funded through American Woodmark’s direct capital
investment and amortized lease costs. 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.
“There’s no better endorsement for the state’s business climate
than when an existing industry chooses to expand in North
Carolina,” said N.C. Senator Tom McInnis. “We’re proud that
American Woodmark is bringing new jobs and investment to Hamlet, to
Richmond County, and to the people of our region.”
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, Richmond County, and Richmond
County Economic Development.
About American Woodmark
American Woodmark celebrates the creativity in all of us. With
over 10,000 employees and more than a dozen brands, we’re one of
the nation’s largest cabinet manufacturers. From inspiration to
installation, we help people find their unique style and turn their
home into a space for self-expression. By partnering with major
home centers, builders, and independent dealers and distributors,
we spark the imagination of homeowners and designers and bring
their vision to life. Across our service and distribution centers,
our corporate office, and manufacturing facilities, you’ll always
find the same commitment to customer satisfaction, integrity,
teamwork, and excellence.
Visit americanwoodmark.com to learn more and start building
something distinctly your own.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221018005888/en/
Kevin Dunnigan Treasury Director 540-665-9100
American Woodmark (NASDAQ:AMWD)
Historical Stock Chart
From Jun 2024 to Jul 2024
American Woodmark (NASDAQ:AMWD)
Historical Stock Chart
From Jul 2023 to Jul 2024