Friday was an enormous day for financial improvement information in Ridgeway: Officers introduced two completely different trade expansions coming to that space of Henry County, bringing some $5.5 million in investments and a mixed 57 new jobs.
One announcement entails Laminate Applied sciences Inc., a wooden laminate producer that has operated in Henry County since 2012. The opposite is Advance Vitality Options, a renewable power know-how start-up primarily based in Vinton that’s establishing its first operation right here.
In a information launch, Gov. Ralph Northam introduced Laminate Applied sciences will make investments $4 million to develop its current manufacturing plant in Ridgeway and add 42 jobs.
The corporate, also called LamTech, plans to put in a brand new automated hardwood plywood press line at its facility at 775 Industrial Park Dr. “to extend capability and manufacturing to serve its East Coast market,” the discharge acknowledged.
Henry County Deputy County Administrator Dale Wagoner stated the brand new jobs pays “not less than $36,000” yearly.
To entice LamTech to deliver the enlargement to Virginia as an alternative of Ohio, the place it’s headquartered, financial improvement officers provided about $468,000 in state incentives, in keeping with Wagoner. The package deal features a $100,000 grant from the governor’s Commonwealth Alternative Fund.
Wagoner stated native incentives embrace an estimated $139,000 in Enterprise Zone rebates and a $50,000 native money grant. The Henry County Board of Supervisors and Industrial Improvement Authority will every must approve the efficiency contract with LamTech at their subsequent conferences, he added.