FOR IMMEDIATE RELEASE
January 11, 2002



Reid H. Baker, Director of Human
Resources, Magnolia Manufacturing
(800) 331-1844, ext. 5110
Jill Lawrence
VEDP
(804) 371-0049
Magnolia Manufacturing Creates Job Opportunities In Carroll County
-Governor Gilmore announces multi-million dollar investment for Southwest Virginia -


RICHMOND - Governor Jim Gilmore today announced that Magnolia Manufacturing will expand its production efforts with new products in Carroll County’s Earnest E. Gardner Industrial Park. A worldwide leader in yarn manufacturing, the company will create 25 new jobs and retain the 418 employees currently working at its four facilities through a long-term multi-million dollar investment plan. Virginia successfully competed with North Carolina for the project.

“Magnolia Manufacturing is Carroll County’s largest employer,” said Governor Gilmore. “I am pleased that the Commonwealth was able to assist this important company at a critical time in its history, thus saving over 400 jobs for Southwest Virginians.”

Governor Gilmore approved a $150,000 grant from the Governor’s Emergency Opportunity Fund to assist Carroll County with development 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 $150,000 in Tobacco Region Opportunity funds to assist with the project in Carroll County. The Virginia Economic Development Partnership, the Mount Rogers Partnership and Carroll County assisted the company with its decision.

“Our experience with Carroll County and the Southwest Virginia community has been nothing but positive. The caliber of the people in this area and the overall quality of the workforce are unsurpassed when compared to other locales. In today’s global marketplace, people are your most competitive advantage. Quite frankly, they are the reasons our investment in these operations continues,” states Jon Marr, Executive Vice President of Magnolia Manufacturing.

Magnolia Manufacturing located to the Hillsville, Virginia site in 1995 and has grown from two plants to six plants. Magnolia and its sister company, Parkdale, are the world’s largest producers of sales yarns to the weaving, knitting and hosiery industries.
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“One of the Tobacco Commission's key objectives is to provide funding for closing economic development deals in the tobacco-producing counties of Southside and Southwest Virginia,” said Virginia Secretary of Commerce and Trade Joshua N. Lief. “Magnolia’s decision to remain in the Commonwealth speaks volumes to the area’s strong work ethic.”

VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

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