Investors Corporation will invest $12 million, Governor approves $200,000 GOF grant; authorizes work
Richmond - Governor Jim Gilmore today announced that Investors Corporation will locate in Martinsville and expand the former Pulaski Furniture facility. The furniture manufacturer will create 380 new jobs for the citizens of Southern Virginia, a number that surpasses the employment of the previous company. Investors Corp. will invest more than $12 million in this project. Virginia successfully competed with Mississippi, North Carolina and South Carolina for this investment.
"I am very pleased to announce the addition of Investors Corporation to Southern Virginia," said Governor Gilmore. "This company will not only provide new jobs and investment, but they will also rehabilitate the existing facility and ensure the viability of the industry in Martinsville."
Governor Gilmore approved a $200,000 grant from the Governor's Opportunity Fund to assist the City of Martinsville with site preparation. The Virginia Economic Development Partnership, the Patrick Henry Development Council and the City of Martinsville assisted Investors Corporation with its decision. The Virginia Department of Business Assistance will provide workforce training and Investors Corporation will also be eligible for further tax credits because they are locating in an Enterprise Zone.
Investors Corporation is headquartered in Richmond, British Columbia. It is a multinational firm that owns and operates large-scale wood furniture manufacturing facilities. The Martinsville location will produce the company's solid wood general household furniture products.
"We were very impressed with Virginia because of the quality and dedication of the workforce in Martinsville as well as the overall quality of life," said Investors Corporation's Vice President of Manufacturing John Cathcart. "The close proximity of Martinsville to our raw material supply was also a final selling point."
"Investors Corporation will be able to take advantage of the quality workforce available in Southern Virginia," said Secretary of Commerce and Trade Barry E. DuVal. "It is important for Virginia to keep a diversified economic base, and this company will strengthen the furniture manufacturing sector."
"I am delighted Investors Corporation has chosen to expand and invest in Martinsville," Mayor Mark Crabtree said. "The company's expansion will result in new jobs and opportunities for our people and go a long way in helping return our community to prosperity."