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From Home Furnishing Business

Bassett Furniture to Expand Production in Va.

Bassett Furniture Inds. (NASDAQ: BSET) plans to invest $1.5 million to expand its operations in Henry County, Virginia, to grow its custom casual dining business.

Over a three-year period, the project will increase local manufacturing capacity and support operations. The project will create 25 new jobs.

"This investment will expand our production capacities, provide improved service for our customers, and position the facility for future growth," said Rob Spilman, Bassett's president and CEO. "This expansion underscores the importance of our local workforce and its ability to meet our customers' needs, and build upon our founders' legacy that began in 1902. Bassett Furniture is committed to this community and greatly values our partnership with local and state officials, who were instrumental in helping get the project underway. Bassett Furniture is Henry County born and bred, and we owe a large part of our success to the superior workforce that you find right here in southwest Virginia."

The Virginia Economic Development Partnership worked with the Martinsville-Henry County Economic Development Corporation to secure the project. The Mid-Atlantic Broadband Communities Corporation also offered assistance.

Virginia Governor Bob McDonnell approved a $50,000 grant from the Governor's Opportunity Fund to assist Henry County with the project. Henry County will contribute $25,000 for site development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company's recruitment and training activities.

"Bassett Furniture Industries is a true Virginia success story, and we are glad the company has called the Commonwealth home since its founding in 1902," McDonnell said. "Bassett employs hundreds of Virginians and has grown its business to serve customers across the United States and internationally. With a successful history in Henry County dating back more than 100 years, it is fitting for Bassett to expand here and demonstrates its utmost confidence in the local community and workforce. This expansion will continue to allow Bassett to leverage its customization capabilities and innovation and maintain its lead in the furniture industry."

Bassett has a network of 90 company-and licensee-owned stores.

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