VIRGINIA - British Columbia-based forest products firm Teal-Jones has purchased two Virginia sawmills for a combined $31.75 million - creating 126 new jobs. This is the company's largest investment in the United States to date.
Teal-Jones will invest $10.75 million and create 59 jobs at Potomac Supply, and $21 million and 67 jobs at Pine Products. All of the lumber will be sourced from Virginia, totaling around $100 million over the next four years.
Virginia competed with Oklahoma and Washington for the company's business. Teal-Jones will receive $650,000 in grants from the Commonwealth’s Opportunity Fund and the Governor’s Agriculture and Forestry Industries Development Fund. The company also is eligible to receive sales and use tax exemptions on manufacturing equipment, plus benefits from the Port of Virginia’s Economic and Infrastructure Development Zone grant program and the state’s Enterprise Zone program,
“We have absolutely amazing crews down here in Virginia, and the community support and welcome from Henry County and Westmoreland County during the transition has been incredible,” Teal-Jones Group President and CEO Dick Jones said in a statement.
Teal-Jones runs eight sawmills in Canada along with several mills in Oklahoma and Washington. The company recently laid off a "substantial" amount of employees in British Columbia.
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