CONCORD — A cabinetmaker is coming to the old Philip Morris property, bringing more than 250 jobs, according to an announcement Tuesday from the N.C. Department of Commerce.
GoldenHome International Inc, a maker of customized residential cabinet systems for customers worldwide, will establish its North American headquarters in Concord, North Carolina Commerce Secretary Anthony M. Copeland announced. The company’s plans in Cabarrus County include the creation of 257 jobs over five years and a capital investment of $86 million.
“Though our priorities right now involve protecting public health and minimizing the adverse economic consequences of the COVID-19 crisis, the strategic focus of the Commerce Department and our partners continues as we welcome another global manufacturer to North Carolina,” Secretary Copeland said. “The arrival of GoldenHome is further evidence that our state’s economy — especially our infrastructure and workforce — remains highly attractive to success-minded companies planning confidently for the future.”
GoldenHome International Inc. is the US subsidiary of Xiamen GoldenHome Co., Ltd., founded in 1999 and based in Xiamen, China. The publicly-held company provides high-end integrated kitchen cabinets and customized furnishings including closet systems, vanity suites and interior doors. Employing a total workforce of more than 4,000 worldwide, GoldenHome products are distributed and sold through 2,000 franchise stores around the world. The company plans to base production, business operations, R&D, distribution, marketing and training at its new North American outpost in Concord.
“As the leading brand of customized home furnishing in China, GoldenHome continues to set its foot in the North American market,” said Jianhuai Wen, chairman of Xiamen GoldenHome Co Ltd.
“During the COVID-19 epidemic, our company is firmly committed to its investment in North Carolina as a way of expressing our confidence in U.S. markets, as well as in North Carolina, Cabarrus County and the city of Concord. I hope our products and services can better serve customers in the United States, making us into a recognized brand. Finally, thanks to the support of various levels of government for our project. We look forward to a fruitful cooperation with all our partners.” Chairman Wen said.
The North Carolina Department of Commerce led the state’s efforts to secure the arrival of GoldenHome, which also considered other U.S. destinations. The company’s new jobs will offer salaries averaging $42,593 per year, creating a nearly $11 million annual payroll impact in North Carolina after the project is complete in 2025. It plans to begin hiring in 2021 for positions that will include executives, interior designers, production operators, sales and IT.
GoldenHome’s new presence in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of the grant, the project is estimated to grow the state’s economy by nearly $526 million. Using a formula that takes into account the new tax revenues generated by the 257 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,117,500 over 12 years. State payments occur only after verification by the departments of Commerce and Revenue that the company has met incremental job creation and investment targets.
Projects supported by JDIG must result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company. The provision ensures all North Carolina communities benefit from the JDIG program. Moreover, GoldenHome’s selection of Cabarrus County, classified under the state’s economic tier system as Tier 3, means the company’s JDIG agreement will result in as much as $372,500 in new funding for state’s Industrial Development Fund — Utility Account. The Utility Account helps rural and economically distressed communities finance infrastructure upgrades necessary in attracting job creation and investment.
“While this is a challenging time for residents of Cabarrus County, today’s news regarding GoldenHome is encouraging evidence that global investors are confident in our region’s economy,” said N.C. Senator Paul Newton. “We appreciate what this high-quality company’s plans mean for the future of our community.”
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, the North Carolina Community College System, Rowan-Cabarrus Community College, Cabarrus County, Cabarrus Economic Development, the City of Concord, the Charlotte Regional Business Alliance and the Cabarrus County Convention and Visitors Bureau.
GoldenHome is the second major business to locate at the old Philip Morris plant which was demolished. Carvana is already on-site with an operation on the backside of the property.
The property is more than 2,100 acres and still will have much more property to be developed.
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