Nautica Enterprises Inc.
Governor Gilmore Announces Nautica's Decision to Create 375 Jobs in Henry County
--Company to invest $40 million in distribution facility--
Richmond - Governor Jim Gilmore today announced that Nautica Enterprises, Inc. (NASDAQ-NAUT), a leading fashion and lifestyle company, has selected Henry County for its newest distribution operations. Nautica expects to create 375 new jobs over time and anticipates the project will result in an investment of approximately $40 million. Virginia successfully competed with Georgia, Tennessee, Ohio, and Pennsylvania for the investment.
In addition to Governor Gilmore's approval of a grant from the Governor's Opportunity Fund in the amount of $1.5 million to assist Henry County with site preparation, the Virginia Economic Development Partnership, the Patrick Henry Development Council and Henry County assisted Nautica with its decision. The Virginia Department of Business Assistance will provide workforce-training services to the company.
Nautica also qualifies for Enterprise Zone tax credits through the Virginia Department of Housing and Community Development. The company is also eligible to apply for industrial access road funding assistance through the Virginia Department of Transportation. The Virginia Port Authority assisted by meeting with executives of Nautica and evaluating their global transportation needs.
"This announcement is a tremendous win for Henry County and all of Southside Virginia in the wake of the recent Tultex closings," Governor Gilmore said. "I applaud the aggressive efforts of the county, region and state economic development groups for making this impressive project a reality."
Nautica Enterprises, Inc. is a leading international fashion and lifestyle company with products ranging from sportswear and accessories to a complete home collection. Through its subsidiaries, the company designs, sources, markets and distributes apparel under the following brands: Nautica; Nautica Competition; NST- Nautica Sport Tech; Nautica Jeans Company; John Varvatos; E. Magrath; and Byron Nelson.
Nautica intends to begin distribution operations for its Ladies Jeans clothing line in Henry County as soon as an existing distribution facility is on-line and operational. Nautica is making plans for the construction of a completely new, state-of-the-art distribution center in Henry County to accommodate its projected distribution requirements. In order to meet the company's expanding requirements as it continues to grow, Nautica is working on plans to locate additional operations in the region.
As the company constantly reviews its distribution needs, Nautica plans to continue operations in Rockland, Maine. No immediate impact on jobs at the Maine facility is expected.
"We are excited about the prospects for our operations in Henry County and we appreciate the efforts of Governor Gilmore, Secretary DuVal and many others who have helped. We are also pleased to participate in the Governor's efforts to help alleviate the unemployment crisis in Henry County," said Harvey Sanders, Chairman and CEO of Nautica Enterprises, Inc.
"Obviously, Nautica will benefit from the dedicated, eager workforce in Henry County, " Secretary of Commerce and Trade Barry E. DuVal said. "Governor Gilmore and our state, regional and local economic development professionals performed like a true team to win this investment that will jumpstart the local economy."