The Rockingham County Center for Economic Development, Small Business & Tourism presented a performance agreement for the Albaad USA expansion for public hearing to the Board of Commissioners at its June 4, 2018 meeting.
Commissioners approved the post-performance agreement between Rockingham County and Albaad USA. In the agreement, Rockingham County will provide a total post-performance incentive to Albaad of $1,185,650 to be paid out in annual installments in five phases over a 12 year span. The company must first meet the investment and job requirements for each phase to receive payments.
In April, Governor Roy Cooper announced Albaad’s expansion plans, which include creating 302 new jobs and investing $45 million locally. The company plans to invest in its existing facility on Technology Drive and also move into a second location at the former Ball Corp. plant. Albaad USA is a multinational manufacturer of wet wipes and other hygiene products. The expansion will enable the company to produce additional lines of personal care products in Rockingham County.
“Rockingham County is excited to have Albaad USA expand here. The teamwork and collaboration of the City of Reidsville, the County and State were instrumental in landing this expansion,” said Kevin Berger, chairman of the Rockingham County Board of Commissioners. “Albaad has been a good corporate citizen in Rockingham County and we are happy to take this next step in the process to move this expansion along.”
“We are so thrilled to see Albaad, which is a large, global company, investing in our community. The company had the choice to locate this expansion elsewhere but thankfully they chose Reidsville. The local leadership team at Albaad has been a great partner to Rockingham County and Reidsville and we look forward to their continued success here,” said Jan Critz-Yokeley, director of the Rockingham County Center for Economic Development, Small Business & Tourism.
The Reidsville City Council is also considering a performance agreement with Albaad USA. Incentives are “performance based” meaning the company must first meet investment and job targets before it receives any payments. If the company’s investment and job targets are not met each year, the amount of the scheduled incentive payments will be reduced proportionately. The incentives will be funded from the net new taxable value of their investment.