By the BF Staff
From the May/June 2020 Issue
GoldenHome International Inc. will invest $86 million to establish its North American headquarters in Concord, NC. The manufacturer of customized residential cabinet systems will create 257 jobs in Cabarrus County over the next five years.
“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,” said North Carolina Commerce Secretary Anthony M. Copeland. “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 U.S. subsidiary of Xiamen, China-based Xiamen GoldenHome Co., Ltd. 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.
A LEADING BRAND IN CHINA
“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 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.”
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.
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. 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.
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