Canadian manufacturer bringing jobs to Southwest Virginia
Lured by incentives established with recent legislation, a Canadian manufacturer is bringing new jobs to Southwest Virginia.
Polycap LLC, a Toronto-based manufacturer, is investing $7.7 million to establish its first U.S. manufacturing facility in Russell County, creating 48 jobs, the Virginia Economic Development Partnership announced on Thursday. Polycap plans to occupy a 76,000-square-foot shell building in Lebanon.
Polycap is a manufacturer of specialty caps and closures for plastic packaging used in various industries.The company could not be immediately reached for a comment Thursday.
“We made the decision to choose Virginia, for what will eventually become our North American headquarters, over options in Ontario and Ohio because we believe Virginia offers the most to contribute to our success,” Tom Lato, president of Polycap, said in a press release. “Government at all levels, coupled with various industry associations, provides unprecedented incentive programs such as House Bill 222, which was spearheaded by Delegate Will Morefield and Delegate Lashrecse Aird.”
Gov. Ralph Northam signed House Bill 222 into law in the 2018 General Assembly session. The legislation offers tax credits for up to 10 years to eligible companies that move to certain economically distressed localities.
The Russell County Industrial Development Authority was granted a $3.37 million loan by the Virginia Coalfield Economic Development Authority to build out the shell building for Polycap. Additionally, Gov. Ralph Northam approved a $130,000 grant from the Commonwealth’s Opportunity Fund to assist Russell County with the project.
The company is eligible to receive benefits from the Virginia Jobs Investment Program, which provides consulting services and funding for employee training activities.