Basalt Fiber Company
55 NEW JOBS FOR SOUTHSIDE VIRGINIA
-Company to invest $8.7 million in South Hill -
RICHMOND - Governor Jim Gilmore today announced that Basalt Fiber Company, a new manufacturing firm, will locate operations in the Town of South Hill. The company will occupy an existing building in the Northside Industrial Park and create 55 new jobs.
“I am pleased that Basalt Fiber Company has selected South Hill as the location for this new venture,” says Governor Gilmore. “The company will soon learn that our workforce in Southside Virginia is first-rate.”
Governor Gilmore approved a $50,000 grant from the Governor’s Opportunity Fund to assist the Town of South Hill with site preparation. State Senator Charles Hawkins, Chair of the Virginia Tobacco Indemnification and Community Revitalization Commission, was helpful in securing this project for the Commonwealth by helping to obtain $50,000 in Tobacco Region Opportunity funds to attract Basalt Fiber to South Hill. The Virginia Economic Development Partnership, the Lake Country Development Corporation, the Southside Planning District Commission, the Town of South Hill and Mecklenburg County all assisted Basalt with its decision. The Virginia Department of Business Assistance will provide workforce training services. The company also qualifies for additional tax credits through the Virginia Department of Housing and Community Development because they are locating in an enterprise zone. Virginia successfully competed with Nevada for the $8.7 million project.
“The further we looked into Virginia, Mecklenburg County and the Town of South Hill, we became more convinced that the through our selection process and the criteria used to choose a site, it became evident that Virginia offered us the necessary elements and assistance to help make a new company successful,” said Anthony Fanale, President and CEO of Basalt Fiber Company.
“Basalt’s decision to locate in Virginia and create 55 new production jobs is a welcome announcement during a time of economic slowdown,” said Secretary of Commerce and Trade Joshua N. Lief. “We look forward to partnering with this new company in the years ahead.”
By focusing on its unique strengths, key customers and niche markets, Basalt Fiber Company will have projected sales of more than $10.2 million in three years, while producing a favorable gross margin on sales, cash management and working capital. Basalt Fiber Company has been formed to produce coated mineral fiber in the form of continuous basalt glass filament to satisfy the high-quality segment of the nine-million-ton worldwide market for reinforcement of epoxy resins, gasket materials, and other products. The basalt products produced for the thermal insulation, acoustic and corrosion resistive application offers another extremely large market potential. The long-term goals of Basalt Fiber Company are to create the greatest return on investment for their investors and to reward their employees.