The Economic Investment Committee said Everest is investing $18.5 million in the project over five years, resulting in the creation of 610 new jobs.
Everest Textiles USA is a unit of Everest Textile Co. headquartered in Tainan City, Taiwan. Everest has factories in Taiwan, China and Thailand. Founded in 1988, the publicly held parent company is a vertically integrated developer and supplier of products to brands in sports, casual and other apparel. Its customers include names such as Nike, Columbia and Patagonia.
“North Carolina’s outstanding business climate offers great advantages to global manufacturers such as Everest Textiles,” said Gov. Pat McCrory.
The company plans to employ operators, supervisors and an administrative team. Once fully operational, the facility will add nearly $15.8 million annual payroll impact to the local economy.
Michael Chen, U.S. legal counsel to Everest Textile, said, “As a native North Carolinian, it is exciting to see Everest Textile USA investing in the state and people of North Carolina, while also creating innovative products. This project will be a tremendous opportunity for all parties involved.”
Everest’s arrival in Rutherford County, N.C., will be facilitated, in part, by a Job Development Investment Grant from the Economic Investment Committee. Under the terms of the JDIG, the company is eligible to receive just over $3 million in total reimbursements. Payments will occur in annual installments over 12 years pending verification by the state Commerce and Revenue departments that the company has met incremental job creation and investment targets.
JDIGs reimburse new and expanding companies a portion of the newly created tax base with the goal of increasing the overall tax benefit to the state. By law, JDIG projects must result in a net revenue inflow to the state treasury over the life of the award. This project is contingent upon local participation from the county or municipality.
North Carolina’s textile mill industry, the largest in the U.S., employs more than 27,500 in 700-plus textile manufacturing facilities, according to the Economic Development Partnership of North Carolina. Companies such as Gildan Activewear and Unifi Inc. have made major investments in the state in the last couple of years, as have several foreign textile firms.