Drake Extrusion, a subsidiary of Sweden-based Duroc and a manufacturer of colored filament yarn and staple fiber, will invest $6.9 million to expand its operation in Henry County, Virginia.
The company will establish an additional manufacturing facility in a vacant 120,000 square foot building on Industrial Park Drive to accommodate its growing business in the polypropylene fibers market.
Virginia successfully competed with North Carolina for the project, which will create 30 new jobs.
Drake Extrusion employs more than 187 workers in Henry County, where the company has been operating since 1995. The Henry County plant has been integral to Drake’s long-term growth plan, representing the only Duroc AB location in the United States.
With research and development based on two continents, Drake is on the cutting edge of polypropylene fiber technology. The company works with polymer suppliers to improve existing products and meet the challenge of new end uses. Drake’s ongoing field support includes fiber performance measurement techniques and refinements that maximize product value.
The company’s products serve a variety of sectors, including residential upholstery, home furnishings, automotive, floor covering, and geotextiles.
The Virginia Economic Development Partnership (VEDP) worked with the Martinsville-Henry County Economic Development Corporation (EDC) to secure the project for Virginia. Governor Northam approved a $90,000 grant from the Commonwealth’s Opportunity Fund to assist Henry County with the project.
Drake is also eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Henry County’s local investment is $342,221, which includes local Enterprise Zone grants and cash from the Harvest Opportunity Fund.
Support for Drake Extrusion’s job creation will be provided through the Virginia Talent Accelerator Program, a workforce initiative created by VEDP in collaboration with the Virginia Community College System, with funding support from the Northam administration and the Virginia General Assembly.
Launched in 2019, the program accelerates new facility startups through the direct delivery of recruitment and training services that are fully customized to a company’s unique products, processes, equipment, standards, and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation. ■