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Yarn producer Spinrite to boost Beaufort's textile sector
19
Jan '12
Gov. Bev Perdue announced that Spinrite Services LLC, a manufacturer of craft yarns, will locate a facility in Beaufort County. The company plans to create 90 jobs and invest $9.1 million over the next three years in Washington. The project was made possible in part by an $180,000 grant from the One North Carolina Fund.

“Creating jobs is my top priority,” Gov. Perdue said. “Spinrite's expansion is the result of our top-ranked education and workforce training programs and highlights why we need to fund them. Those programs are an essential ingredient in our nationally acclaimed business climate that attracts companies like Spinrite and enables them to thrive.”

Spinrite Limited Partnership, based in Listowel, Ontario, is a wholly-owned subsidiary of Spinrite Acquisition Corp. Spinrite is a leading manufacturer and marketer of craft yarns sold throughout North America. The company has a diverse hand-knitting product line sold under its Bernat, Patons, Lily Sugar n' Cream, Peaches and Crème, and Phentex brands.

Spinrite acquired certain assets, including the Washington facility, from Caron International, Inc in 2011. Workers who were laid off following that acquisition will have an opportunity to apply for new positions with Spinrite.

Salaries will vary by job function, but the total payroll for the new jobs will exceed $2 million.

“We are very excited about our new opportunity in North Carolina,” said Ryan Newell, President of Spinrite Limited Partnership. “The talented workforce in Beaufort County will provide an excellent foundation for further expansion and growth of our business. The One North Carolina Fund incentives were a key component in our decision to choose Washington over other alternatives.”

The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. These grants also require and are contingent upon local matches.

“Spinrite's specialized work shows how North Carolina has been able to revitalize critical elements of the textile industry,” said Sen. Stan White, of Nags Head. “Our workforce and job training, especially in textiles, is second to none, and it's critical that we find a way to continue funding those programs and our overall education efforts.”

North Carolina continues to have a top-ranked business climate. Through Gov. Perdue's JobsNOW initiative, the state works aggressively to create jobs, train and retrain its workforce, and lay the foundation for a strong and sustainable economic future.

Through use of the One NC Fund, more than 60,000 jobs and $11 billion in investment have been created since 2001. Other partners that helped with this project include: the N.C. Department of Commerce, N.C. Community Colleges, Beaufort County Economic Development Commission, Beaufort County and the City of Washington.

N.C. Department of Commerce


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