Valdese Buys Factory for Expansion

March 20, 2007  by in UnCategorized   

By Home Furnishings Business in on March 2007 Fabric supplier Valdese Weavers is expanding its domestic manufacturing operations by acquiring a 198,000-square-foot factory in Valdese, N.C.

Formerly owned by Carolina Mills, the factory will be the company’s third in the town and will be used as a finishing plant and to house the company’s Valdese International Products (VIP) brand. The addition of the new plant will result in about 61 new jobs, and the company plans to invest $19.3 million over the next three years in the facility.

Valdese will begin its move in May and will begin installing finishing equipment in June. The plant is expected to be fully operational by January.

“Valdese Weavers is extremely gratified to be in this position to expand our operations and add jobs in North Carolina,” said Mike Shelton, president and chief executive officer. “After a very deliberate evaluation of opportunities to either expand globally or to other areas domestically, we have chosen to make this commitment to grow our business in Valdese, where we have a 72-year heritage.”

Shelton said the company has been fortunate in today’s economic climate to continue on its growth path.

The One North Carolina Fund kicked in $130,000 in grant money to help fund the expansion. Grants from the state fund require and are contingent upon a local match. In addition to the One fund grant, the company will receive possible tax credits, potential grants from the State of North Carolina Economic Development Board, the Duke Energy Economic Rider, and by additional support provided by Burke County, the Town of Valdese and the Burke Partnership for Economic Development.

“Since 1935, Valdese Weavers has operated and thrived in the face of an ever-changing and fiercely competitive global economy,” said N.C. Governor Mike Easley. “Their success in North Carolina provides proof that the state is making smart choices and investments to help our companies remain top competitors in the 21st century.”