Governor Cooper Announces Pharmaceutical Company BestCo Will Expand in Iredell County Creating 394 Jobs
Raleigh, N.C. BestCo LLC, a leading manufacturer of innovative over-the-counter pharmaceutical, vitamin, and supplement products will significantly expand its facilities in Iredell County, creating 394 jobs, Governor Roy Cooper announced today. The company will invest $177 million to increase production capacity in Mooresville.
"North Carolina is one of the top locations in the world for pharmaceutical, and innovative manufacturers like BestCo help keep us there," said Governor Cooper. "Life science companies rely on the educational and workforce training systems we've built for their specific needs, and we'll continue to invest in the workers who power this important industry in our state."
BestCo develops, manufactures, and packages over-the-counter drugs and supplements across a wide range of enjoyable dosage forms including Lozenges, Soft Chews, pan-coated SuperChew® and the industry's first drug-compliant chewable gel gummy, known as the SuperGel™. The company produces supplements and nutraceuticals that have a high efficacy rate and are appropriate for a wide range of consumer healthcare categories. BestCo's customers include private label retailers in the food, drugstore and mass merchant channels as well as branded global consumer product companies of highly recognized name brand consumer products. BestCo's project in Mooresville will add both production and packaging capacity to its current operations, with a focus on its gummy line of products.
BestCo President and Chief Operating Officer, Tim Condron says, "BestCo is part of a dynamic community that continually values and invests in fast-growing businesses. The ongoing support and partnership from state, county and city officials has been instrumental in BestCo's rapid growth and success in the region in recent years."
"There's a good chance when you open your medicine cabinet at home, a product made by BestCo will be right there on the shelf," said North Carolina Commerce Secretary Machelle Baker Sanders. "We're excited to support the expansion of a North Carolina company that's already doing well in our state, and with the state's continued commitment to workforce development, we're confident more growth is ahead for this company and the state's pharmaceutical industry overall."
The North Carolina Department of Commerce led the state's support for the company during its site evaluation and decision-making process.
Although wages will vary depending on positions, the average salary for all the new jobs will be $51,209, in line with the current average wage in Iredell County of $51,136. The community will see more than $20.1 million enter its economy from the project's new payroll impact, each and every year.
BestCo's project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state's economy by $2.8 billion. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,000,250, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant's reimbursement payments to a given company.
Because BestCo chose a site in Iredell County, classified by the state's economic tier system as Tier 3, the company's JDIG agreement also calls for moving $666,750 into the state's Industrial Development Fund - Utility Account. The Utility Account helps rural communities across the state finance necessary infrastructure upgrades to attract future business.
"We are at a time of innovation among our industries, they are investing in themselves and in our community," said Mayor Miles Atkins, Town of Mooresville "BestCo has been an outstanding corporate citizen in Mooresville for many years and we are honored they have chosen to continue to invest locally and employ our residents."
"It's great to see BestCo expand again in Mooresville," said N.C. Senator Vickie Sawyer. "Many people in our community already work and support this company's operations, and now nearly 400 more will find jobs, not to mention the thousands of other people who will benefit from the positive impact this expansion brings to our local economy."
"North Carolina offers one of the nation's best business climates," said N.C. Representative Grey Mills. "We're proud when an important, local company like BestCo sees those advantages and decides to expand in our region. We'll do everything we can to support them as they grow and thrive in Mooresville."
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, Mitchell Community College, Iredell County, the Town of Mooresville, the South Iredell Community Development Corporation, and the Iredell County Economic Development Corporation.
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Today, the Golden LEAF Board of Directors awarded $445,582 in funding to support projects through the Open Grants Program and $1,382,782.18 to support rural broadband to community anchor institutions through MCNC.