VF Corporation to Invest $10.2M to Grow Distribution at Virginia Facility
VF Corporation, owner and operator of Vans, The North Face, Timberland, Dickies and other iconic apparel brands, is about to invest $10.2 million to grow its operation in Henry County, Virginia. The move will create 82 new jobs.
According to WFXR News, Virginia Gov. Ralph Northam’s office issued a statement on Thursday, Oct. 28 saying VF Corp will increase distribution capacity at its 500,000-square-foot Martinsville facility to deliver products to consumers more quickly.
The Virginia Economic Development Partnership, the Martinsville-Henry County Economic Development Corporation and the Virginia Office of Outdoor Recreation worked together to beat out California and Pennsylvania for the multi-million-dollar project, according to officials.
Northam also approved a $225,000 grant from the Commonwealth’s Opportunity Fund to assist Henry County with the project. VF Corp has been an employer in the county since the early 2000s.
Today we announced our second quarter fiscal ‘22 financial results with growth led by @vans, @thenorthface, @Timberland and @Dickies. See the full report: https://t.co/3wDcId51ic pic.twitter.com/l2oFqGhyWk
— VF Corporation (@VFCorp) October 22, 2021
“We’ve proudly operated our distribution center in Martinsville for 18 years and we know that continuing to invest in Martinsville is the right choice given its location and committed employees,” said Cameron Bailey, executive vice president, global supply chain for VF Corp, said according to WFXR.
The company is also eligible to receive benefits from the Virginia Enterprise Zone Program, which is a partnership between the state and local government that encourages job creation and private investment. WFXR also reported that the Virginia Jobs Investment Program will be involved, providing funding and services to support the company’s employee training activities.
“I am pleased to see VF Corporation continue to grow and create many new opportunities for citizens in Martinsville and Henry County," said state Sen. William Stanley. "This investment of $10.2 million and the creation of 82 new jobs is a big win for Southside and its continued economic growth."
VF Corp's sales for the third quarter of 2021 (its 2022 fiscal second quarter) fell short of projections, mainly due to supply chain issues. The company manufactures around 10% of its products in Vietnam, which has been hit particularly hard by COVID, forcing factory shutdowns and slowing production.
Still, VF Corp has maintained its 2022 revenue and profit projections, according to Reuters. In April, the company announced that it will sell off some of its occupational and workwear brands as it turns its focus to retail.