The U.S. textile industry is getting a new lease on life in North Carolina.
Meridian Specialty Yarn Group (MSYG), which spins and dyes yarns for upholstery, hosiery, apparel and more, on Friday announced plans to invest $8 million to expand its wet processing plant in Valdese, North Carolina. The company said the development will also grow the facility’s 140-strong workforce by a further 25 over the next five years.
“We are excited about the opportunity this new investment represents for us from a business perspective, and also for the town and for our employees,” Tim Manson, president of MSYG, said in a statement. “When we developed the business plan for the expansion, we did a great deal of due diligence with regard to the location and concluded the best place to be is where we are.”
MSYG has had a presence in Valdese since 1994, where it produces package dyed yarn, space dyed yarn, top dyed wool and yarn printing and twisting. The expansion, which will include a site renovation in addition to a new building, is slated to start early this year.
“This is a significant announcement for the town of Valdese,” Mayor Chip Black said. “We have worked with Meridian for many months to facilitate the process and find a solution that supports their tremendous growth opportunities while remaining here in Valdese.”
The project is supported by $900,000 in performance-based grants from Valdese and Burke County, spread over five years and tied to an agreement by MSYG to continue purchasing water from the town, as well as the aforementioned job creation.
In addition, the North Carolina Department of Commerce has awarded the town two grants totaling nearly $2 million to upgrade its water and wastewater facilities under the condition that MSYG retains all current jobs in its Valdese plant.
“It is important for us not only that we are creating new jobs but that we are saving the existing jobs,” Wayne Abele, chairman of Burke County’s board of commissioners, said. “We value our existing industry, the jobs they provide and the contributions they make to our community.”