Secretive no more, Project Cobra has been uncoiled and brought forward from the shadows to be revealed. Surry County will be the beneficiary of its snakebite as it was announced Friday that it is Renfro Brands who will be the beneficiary of tax incentives to grow their operation on Riverside Drive in Mount Airy.
Renfro Brands said in a statement that the firm plans to invest approximately $2 million in equipment and infrastructure at its location in Mount Airy, and add what could eventually be close to three dozen jobs. Renfro Corporation changed name to Renfro Brands with its sale to a private holding company, The Renco Group Inc., in 2021.
Vice President and Chief Financial Officer Dave Dinkins said, “We are excited to announce the expansion of our Riverside Drive facility. Our company was founded in Mount Airy in 1921 and we are glad to be able to continue to invest in the community.”
“This investment in our Mount Airy operations will add new and expanded capabilities that will keep us on the leading edge of our industry.”
Renfro Brands is well-known to residents of this area as a leading designer, manufacturer, and marketer of quality socks and legwear. The products they produce are known to thankful feet around the world. According to Renfro officials, they are likely to have made one in five socks sold in the United States.
The company is the licensee for renowned global brands including Polo, Ralph Lauren, Dr. Scholl’s, Chaps, New Balance, Merrell, Sperry and Jeep. Renfro also owns premium fashion and performance brands, including K. Bell, HOTSOX and Copper Sole.
Mount Airy and Surry County were in competition with other locations in other states for the consolidation of operations that Project Cobra proposed. At that time the company was not identified except to say they had over 60 on staff and were looking to add as many as 35 more. There was some level of concern that there may be jobs lost locally had the decision gone another way.
To prevent that and entice the mystery company to expand and grow its footprint, Surry County and the City of Mount Airy each approved tax incentives for “Project Cobra” in late 2022 even though the details of the project site and company were kept a tight secret.
Some residents at the time questioned the level of secrecy and the county commissioners explained that tactical advantage for the business as well as the local governments was a key factor.
Renfro Brands has committed to invest $1,969,710 in Project Cobra during the public hearings and will receive $36,244 from Surry County and $36,341 from the City of Mount Airy in the form of local government incentives. The incentives are performance-based and reflect the company’s investment in taxable property.
City of Mount Airy Mayor Jon Cawley said, “We are thankful that Renfro Corporation continues to make investments in Mount Airy. Renfro has a long history as a strong corporate citizen and provides quality jobs for our citizens. This investment further solidifies Renfro’s commitment to our community.”
Eddie Harris, chair of the Surry County Board of Commissioners, said, “I want to thank Renfro Corporation for this expansion in Surry County and thank them for their continued investment in Surry County. When a global company like Renfro, with a historical birthright in Surry County, chooses to continue their investment in our community, it reinforces our position as a business-friendly location.”
Harris echoes the sentiment that Surry County is “open for business” as the county continues to seek opportunities and offer performance-based tax incentives to potential businesses in order to improve the economic outlook for the county and offer more jobs for residents.
“This incentive will keep people working and create new opportunities for others, and add new value to Surry County’s tax record,” the former director of the Surry Economic Development Partnership Todd Tucker said at the time of Project Cobra’s proposal.
According to the project’s presentations Alabama and South Carolina were also being considered as possible sites for what was described as the consolidation of a warehouse and distribution center.
“What do we have to lose?” Commissioner Van Tucker asked of the project. “I think it’s the best kind of proposed incentive package since I’ve seen since I’ve on the board. I don’t see how you can lose on this kind of deal.”
“It’s always been incumbent on this board to support small business in Surry County,” said Chairman Eddie Harris in initial support of the incentives package. He has expressed reticence in the past on tax incentives for businesses, pointing to what he described as past incentive packages that ran into the seven figures with enough conditions and stipulations to paper over the washroom wall with; those days are gone.
The expansion will add up to 35 more jobs to the area and will keep existing jobs here which will allow Renfro Brands to remain a valued member of the community. “Renfro supports the communities in which it operates, including providing financial support and facilitating the participation of its associates in causes including United Fund, United Way, American Red Cross and in support of disaster relief efforts around the world,” company officials said.
Source: https://www.mtairynews.com
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