HENRY COUNTY, VA – Governor Ralph Northam announced on Monday that Drake Extrusion, Inc., a manufacturer of colored filament yarn and staple fiber, will invest $6.9 million to expand its operation in Henry County.
The company will establish an additional manufacturing facility in a vacant 120,000-square-foot building on Industrial Park Drive to accommodate its growing business.
Virginia competed with North Carolina for the project, which will create 30 new jobs.
“Supporting existing businesses is more important now than ever as we focus on new hiring and investment to address the impacts of COVID-19 on our economy,” said Governor Northam. “Drake Extrusion has a long history of success in Martinsville-Henry County, which has fostered an impressive business climate, infrastructure, and workforce for its growing cluster of manufacturers. We thank the company for its long-term commitment to Southern Virginia, and for choosing to expand and create new jobs amid these challenging times.”
Drake Extrusion employs more than 187 workers in Henry County, where the company has been operating since 1995.
The plant has been integral to Drake’s long-term growth plan, representing the only Duroc AB location in the United States.
The company’s products serve a variety of sectors, including residential upholstery, home furnishings, automotive, floor covering, and geotextiles.
“We are pleased to continue Drake’s growth in Martinsville-Henry County,” said Drake Extrusion CEO John Parkinson. “We continue to grow our business here in large part due to our tremendous workforce and the strong support we receive from our local governments. We also appreciate the support we are receiving from the Commonwealth of Virginia, especially the opportunity to take advantage of the new Virginia Talent Accelerator Program.”
The Virginia Economic Development Partnership worked with the Martinsville-Henry County Economic Development Corporation to secure the project for Virginia.
Governor Northam approved a $90,000 grant from the Commonwealth’s Opportunity Fund to assist Henry County with the project.
Drake is also eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development.
Henry County’s local investment is $342,221, which includes local Enterprise Zone grants and cash from the Harvest Opportunity Fund.