CONCORD, NC (WBTV) -
North
Carolina's Governor announced Monday a company expansion bringing new jobs to
Cabarrus County.
S&D
Coffee, a privately-owned manufacturing and distribution company that produces
coffee, tea, and other beverages, will expand its presence in Concord. It plans
to create 200 jobs over the next five years, and invest $97 million.
The
project was made possible in part by state grants from the Job Development
Investment Grant and the One North Carolina Fund award.
Founded
in1927 in Charlotte, S&D Coffee began providing fresh roasted coffee to
local and regional grocery stores. The company grew and expanded its product
offerings and services to customers. Currently, S&D produces an extensive
line of products that include roasted whole bean and ground coffee, specialty
coffees, cappuccinos, lattes, hot chocolates, iced tea, hot tea, juices,
syrups, toppers and condiments. The company supplies coffee products to
restaurants, hotels, vending and offices.
"Our
business continues to grow and expand at a time when many companies have
struggled" said Ron Hinson, chairman of the board, president, & CEO of
S&D Coffee and Tea. "We considered locations in other states for this
new round of expansion, but decided to stay in North Carolina and the Concord
community. We thank the state of North Carolina, Cabarrus County and the
city of Concord for their tremendous support. It seems fitting that
S&D's bright future as a premier national manufacturer should advance in
the same community where we have been since 1929."
S
& D Coffee, with its headquarters facility in Concord since 1929, has grown to become one of the city's largest employers.
The company employs 613 workers in seven sites across the state. Due to
significant gains in market share over the last ten years, S & D has seen
sales grow 400% over that period. Current and future growth is driving the
company's need for expanded facilities.
Salaries
will vary by job function, but the average wage of the new positions is
$36,311. The Cabarrus County average wage is $32,292.
To
help facilitate this expansion, the company has been awarded a grant of up to
$300,000 from the state's One North Carolina Fund. This fund assists the
state in industry recruitment and expansion by providing financial assistance
through local governments to attract business projects deemed by the governor
to be vital to a healthy and growing state economy. One North Carolina Fund
grants require a local match, and this grant is contingent upon approval of
local incentives.
In
addition, the state Economic Investment Committee voted to award a Job
Development Investment Grant to S&D Coffee. JDIGs are awarded only to new
and expanding businesses and industrial projects whose benefits exceed the
costs to the state and which would not be undertaken in North Carolina without the
grant.
Under
the terms of JDIG, the company is eligible to receive a grant equal to 70
percent of the state personal income withholding taxes derived from the
creation of new jobs for each of the nine years in which the company meets
annual performance targets. If S&D Coffee meets the targets called for
under the agreement and sustains them for ten years, the JDIG could yield as
much as $1.56 million in maximum benefits for the company.
In
addition, up to $521,000 could be added to the state's Utility Fund for
infrastructure improvements in economically distressed counties. When a JDIG is
awarded in the state's more economically prosperous counties such as Cabarrus,
25 percent of the grant is allocated to the Utility Fund to encourage economic
development in less prosperous counties.
Other
partners who assisted with this announcement include: The N.C. Department of
Commerce, N.C. Community Colleges, Cabarrus County, City of Concord and
Cabarrus Economic Development Corporation.
For
more information about S&D Coffee, including job opportunities, visit www.sndcoffee.com.
