A leading Lithuanian furniture manufacturer, has announced a $70 million investment in its first U.S. manufacturing facility, located in Mocksville, North Carolina. The plant, spanning 500,000 square feet, will cater to the growing demand for furniture in the U.S. market, creating approximately 250 jobs in the region.
Governor Roy Cooper welcomed the move, stating, 'SBA Home has made a great decision to enter the U.S. market in Davie County. With more than 800 furniture companies, North Carolina's reputation as the furniture capital of the world attracts manufacturers needing a world-class workforce to meet their global customer demands.'
SBA Home, part of the larger SBA Grupe conglomerate, has a strong presence with four manufacturing facilities in Lithuania and employs over 3,000 workers. The company's expansion into the U.S. market represents a strategic move driven by North Carolina's dynamic business environment and access to a skilled workforce.
Jurgita Radzevičė, CEO of SBA Home, highlighted the company's confidence in North Carolina, stating, '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. With a wide talent pool, excellent infrastructure, and support from the state, along with SBA Home's modern manufacturing expertise and human-centric organisational culture, we are confident this venture will create high-quality jobs and have a positive impact on the region.'
The new facility will generate a range of jobs, including roles in manufacturing, warehousing, administration, and management, contributing to a potential annual payroll impact of over $13.3 million for the region.
The project will be executed through a newly formed subsidiary company and is supported by a Job Development Investment Grant (JDIG). Over a 12-year term, the JDIG is expected to contribute $435.8 million to North Carolina's economy. The agreement also provides for potential reimbursement of up to $1,421,250, contingent on the company meeting its job creation and investment targets, with payments made only after verification by state departments.
The completion date for the facility has not yet been disclosed.
Source: www.furnituretoday.com