ADVANCE, NC - Ashley Furniture Industries Inc. has completed its $10.4 million acquisition of a 1.4-million-square-foot industrial facility in Advance.
The facility was most recently leased by R.J. Reynolds from owner Schwarz & Schwarz, a buyer, seller and leaser of industrial and commercial properties, according to CoStar Group.
The main property features 24-foot clear heights. RJ Reynolds reportedly took its 13,000-volt power system when it moved out; Ashley will work with Duke Energy to supply power to the furniture plant that is to employ 550 when it opens. The number of jobs would double if the company hits its goal of achieving full production in 2016.
Ashley Furniture received tax incentives from the state of North Carolina and Davie County. Woodworking Network reported in April that Ashley could invest up to $80 miillion to develop the huge furniture manufacturing and warehousing complex.
Ashley also acquired 305 acres of land located adjacent to the facility that would accommodate up to 1.5 million square feet for upholstery manufacturing, CoStar said.
Related Reading
Blog: Ashley Furniture Never Lost Sight of Made in America 6-1-12
Wood Industry Market Leader: Ron Wanek, Ashely Furniture 11-29-11
Rich Christianson is Associate Publisher and Editor at Large of Woodworking Network. During his 25+ years covering the wood products industry, Rich has toured hundreds of manufacturing plants throughout North America, Europe and Asia. His reporting has covered everything from the state of the industry and impact of wood imports to technology and environmental issues. In his current capacity he is responsible for editing the daily Woodworking Network Update newsletter and coordinating events including the annual Cabinets & Closets Conference & Expo and Canada’s biennial Woodworking Machinery & Supply Expo.
Comments (0) Leave a comment