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Albany Industries will invest $700,000 of its own funds for new equipment at its new Galax plant, according to Terry Treadaway, vice president of the company.
This is in addition to a $2.5 million investment from local and state incentives for equipment, facility upgrades and job placement.
The New Albany, Miss.-based company will begin training and operations at Vaughan Furniture’s former B.C. Vaughan plant this week. Albany Industries, which makes upholstered household furniture, plans to create 335 new jobs for the area over three years.
Treadaway said the investment is for its operation to assemble seat cushioning in-house. “This will help make us as self-supported as possible.”
Treadaway said the equipment for this operation is already being purchased, and this type of operation will begin at the plant in two months or less.
Treadaway said the company had looked at outsourcing this part of the manufacturing process to a company in Hickory, N.C., but it is more cost-efficient to do it in-house.
Albany Industries will have hired about 25 people to begin its operation this week.
The company has received a $300,000 grant from the Governor’s Opportunity Fund to assist Galax with the project. The Virginia Tobacco Commission approved $680,000 in Tobacco Region Opportunity Funds for the project.
Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment, training and retraining activities. The City of Galax has also provided funding.
Once the product leaves the Galax facility, it will be a completely-assembled piece of furniture and will be distributed to dealers in the eastern states.