Raleigh, N.C. – March 17, 2015 – (RealEstateRama) — Governor Pat McCrory, N.C. Commerce Secretary John E. Skvarla III and the Economic Development Partnership of N.C. announced today that Packrite, LLC will expand its operations in Guilford County and create 100 new jobs over the next five years. The company plans to invest $8.9 million in building and equipment in the city of High Point over the course of the first year.
“Packrite is a home-grown, locally-owned North Carolina company that has a successful history in High Point,” said Governor McCrory. “This is a company that was started during a down economy and has grown to be an industry leader in just a few short years.”
Packrite was founded in 2008 by Mary and Michael Drummond. By 2012, the company was ranked #205 (#1 in Manufacturing) in Inc. magazine’s list of fastest growing 500 privately-owned companies in America. The company manufactures high end fluted graphic packaging and folded paperboard packaging for a variety of uses and products. Packrite currently has 78 employees in Guilford County.
“Packrite is a company that is unique to its industry and has been successful in creating its own niche,” said Secretary Skvarla. “By deciding to expand here and keep all of its operations in North Carolina, the company is demonstrating its confidence in our great workforce and resources.”
Packrite has been recognized by the State of North Carolina for its environmental record. It recycles all the paper and packaging waste at time of manufacturing with the state-of-the-art recycling equipment.
Salaries will vary by job but will include laminator, die cutting and folding-gluing operators, shipping, maintenance and accounting. The average annual payroll associated with these jobs will exceed $3.4 million.
“We are very grateful to the City of High Point and the State of North Carolina for their commitment to empowering manufacturing to once again thrive in the triad,” said Michael Drummond, company president. “Packrite’s investment in state-of-the-art manufacturing equipment will give High Point and North Carolina the opportunity to provide world class manufacturing jobs. It is an honor to receive the support of local and state government, through the granting of performance-based financial incentives which reinforces the benefits of working together to enhance manufacturing job growth when other manufacturing companies are moving overseas. Packrite is excited and proud to begin its expansion with the support of the community.”
The project was made possible in part by a performance-based grant from the One North Carolina Fund of up to $100,000. The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for the reimbursement. These grants also require and are contingent upon local matches.
“I am encouraged by the investment we are seeing today in the great city of High Point,” said Representative Cecil Brockman. “Any time a company recognizes the incredible potential of the people here and can create jobs for them is a cause for excitement.”
“High Point, and indeed the entire State of North Carolina, has been making measured and successful advances in job creation over the past 24 months,” said Representative John Faircloth. “This announcement of 100 new jobs and a multi-million dollar investment by Packrite once again reinforces the benefits that can be realized when local and state officials join with top quality private firms to promote lasting business ventures. I share Governor McCrory’s pride in making this announcement. There are 100 Piedmont families who will soon be seeing their quality of life improve.”
In addition to the N.C. Department of Commerce and the Economic Development Partnership of N.C., other partners that helped with this project include: North Carolina Community College System, NCWorks, the High Point Economic Development Corporation and the City of High Point.