Pacrite will expand its operations and create 100 new jobs over the next five years in High Point, North Carolina. The company plans to invest $8.9 million in building and equipment over the course of the first year in Guilford County.
The company manufactures high end fluted graphic packaging and folded paperboard packaging for a variety of uses and products. Packrite currently has 78 employees in Guilford County.
“We are very grateful to the City of High Point and the State of North Carolina for their commitment to empowering manufacturing to once again thrive in the triad," said Michael Drummond, company President.
"Packrite’s investment in state-of-the-art manufacturing equipment will give High Point and North Carolina the opportunity to provide world class manufacturing jobs. It is an honor to receive the support of local and state government, through the granting of performance-based financial incentives which reinforces the benefits of working together to enhance manufacturing job growth when other manufacturing companies are moving overseas. Packrite is excited and proud to begin its expansion with the support of the community,” he added.
The project was made possible in part by a performance-based grant from the One North Carolina Fund of up to $100,000. 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 the reimbursement. These grants also require and are contingent upon local matches.
“Packrite is a company that is unique to its industry and has been successful in creating its own niche,” Commerce Secretary John E. Skvarla III said. “By deciding to expand here and keep all of its operations in North Carolina, the company is demonstrating its confidence in our great workforce and resources.”
The company has been recognized by the State of North Carolina for its environmental record. It recycles all the paper and packaging waste at time of manufacturing with the state-of-the-art recycling equipment. Salaries will vary by job but will include laminator, die cutting and folding-gluing operators, shipping, maintenance and accounting.
“Packrite is a home-grown, locally-owned North Carolina company that has a successful history in High Point,” said Governor Pat McCrory. “This is a company that was started during a down economy and has grown to be an industry leader in just a few short years.”
In addition to the N.C. Department of Commerce and the Economic Development Partnership of N.C., other partners that helped with this project include: North Carolina Community College System, NCWorks, the High Point Economic Development Corporation and the City of High Point.