Benestar Brands to invest $24 million in Kings Mountain, North Carolina, create 129 jobsChristian Fernsby ▼ | October 16, 2020
Benestar Brands will create 129 jobs in Cleveland County, North Carolina.
North Carolina Benestar Brands
Topics: North Carolina
Benestar Brands, the parent company of Evans Food Group, is a rapidly growing snack food manufacturer focused on better-for-you, high-quality snacks.
The North Carolina Department of Commerce led the state’s efforts to support Benestar Brands’ decision to expand its operations to North Carolina.
The company’s 129 new jobs will include managerial, operational, maintenance, warehouse and office staff. The average annual salary for all new positions is $43,021, creating a payroll impact of more than $5.5 million per year. Cleveland County’s overall average annual wage is $40,019.
Benestar Brands’ North Carolina expansion 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 GDP by more than $431 million. Using a formula that takes into account the new tax revenues generated by the 129 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,212,000 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. ■