Atlantic Core Building Products Announce New Facility in Virginia
Atlantic Core Building Products will build a steel manufacturing plant in Chesapeake. While the exact location and construction timeline have not been mentioned, the center is expected to cost $3 million and will create 50 jobs. The new center will produce industry-leading stud and track systems as well as weather resistant vinyl beads and trims for buildings across the Eastern US, Caribbean and Latin America.
Virginia went up against North and South Carolina before successfully securing the project. Ryan Smith, President of Atlantic Core Building Products remarked that, “After considering several ports on the eastern seaboard, we found that Virginia has an excellent workforce, world-class port facilities, strong incentives and an easily accessible strategic location. From our plant, we can service 40 percent of the U.S. construction market and our export customers in Latin America.”
John F. Reinhart, CEO and Executive Director of the Port of Virginia stated, “The Port of Virginia is pleased to welcome Atlantic Core Building Products to Virginia… Atlantic Core is going to bring investment, jobs and new revenue to the Commonwealth and the region. Our port offers very diverse cargo handling capabilities and Newport News Marine Terminal is a good fit for handling the coiled steel Atlantic Core will import.”
The project will be supported by the Virginia Jobs Investment Program (VJIP), which enhances job opportunities by providing services and funding to companies creating new jobs or undergoing technological change. Atlantic Core Building Products will also receive incentives from the Port of Virginia Economic and Infrastructure Development Zone Grant Program and will qualify for tax exemptions on manufacturing equipment.
Atlantic Core Building Products will join almost 6,000 manufacturers operating in Virginia. Combined, these companies generate over $113 billion per annum. Over two-thirds of private sector R&D in the US is undertaken by the manufacturing industry, with the majority of new patents coming from the sector. This results in productivity gains, better quality goods and ultimately economic growth. To see whether your company can take advantage of the R&D tax credit, speak to one of our expert advisors at Swanson Reed.