Virginia flooring company will receive $80,000 in subsidies for expansion
(The Center Square) – A Virginia-based flooring company will receive about $80,000 in state and local subsidies to create a new hardwood sorting and stacking facility in Patrick County, Gov. Ralph Northam’s office announced.
Ten Oaks, LLC, which develops residential hardwood floors, is investing $9.3 million to build the new facility. According to the governor’s office, the project is expected to create 11 new jobs and lead to the purchase of more than $18 million worth of Virginia-grown forest products over the next three years. The new facility is intended to increase the company’s supply chain, optimize the yield on raw materials and improve production quality and efficiency.
Northam approved a $40,000 grant through the Governor’s Agriculture and Forestry Industries Development Fund and Patrick County has agreed to match those funds to provide the company with a total of $80,000 in subsidies. The company will also receive help with job creation through access to the state-funded Virginia Economic Development Partnership’s Virginia Jobs Investment Program.
“Ten Oaks’ expansion and continued investment is a reflection of Virginia’s thriving forestry industry,” Northam said in a statement. “I am grateful to Ten Oaks for their commitment to providing new economic opportunities and valuable high-paying jobs to Patrick County.”
Ten Oaks President Pierre Thabet said this investment will provide innovation in the region.
“We are really happy with this announcement, and we are convinced that this project will have a positive impact for Patrick County’s community,” he said in a statement. “This will help to accelerate the growth by developing new innovations and secure the wellbeing of the region. We are confident that it will be a success over time.”
The company is based in Stuart, Virginia, but was acquired by the Canadian-based Boa-Franc in 2019.
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