Ashley Furniture will locate a new manufacturing and distribution facility in Davie County, creating 550 jobs and investing $80 million in land, buildings, machinery and equipment over the next five years, according to a state release.
The total payroll for the new jobs will be about $15.5 million once the project is finished. That's an average of about $28,180 per job.
Ashley is eligible to receive as much as $3.19 million in grant money from the state if the company meets performance targets during the next 10 years. The company was also given a grant of up to $825,000 from the state's One North Carolina fund, which helps recruit business to the state through matched local incentives.
"As we see Ashley's global demand for its products increase, Ashley continues to make long-term investments in all of its facilities as well as the continued education of all employees to meet consumer demand," said Todd Wanek, Ashley's CEO.
Ashley has about 12,000 employees in the United States and has manufacturing facilities in Wisconsin, Mississippi, Pennsylvania and California and a distribution center in Florida. In business since 1945, Ashley has brought its products to High Point Market for nearly 40 years.