The Matrixx Group, a supplier of compounded products to the plastics industry, will invest $9.85 million to open its first Virginia facility in the Bedford Center for Business, an industrial park jointly developed by Bedford County and the City of Bedford, Va. The company, which will manufacture thermoplastic compounds, will create 40 new jobs. According to state economic development officials, Virginia successfully competed with North Carolina and West Virginia for the project.
Headquartered in Evansville, Ind., The Matrixx Group is a privately held company that, for more than 25 years, has been supplied the plastics industry with high quality compounded products. The company operates at five manufacturing sites.
“The Matrixx Group site selection team researched a number of locations in the tri-state area,” said Russell Cote, general manager, The Matrixx Group. “Work force and community factors, logistics, development cost and operating cost were important selection criteria. The Bedford Center for Business site was identified early in the process, and presented a ‘ready to build’ setting that matched well with our need to fast track this project. The teamwork between our state and local economic development contacts was excellent, and we received professional support all the way. This allowed us to make a confident choice to locate in Virginia.”
The Virginia Economic Development Partnership worked with Bedford City and County and Virginia’s Region 2000 Partnership to secure the project for Virginia. Gov. Timothy Kaine approved $175,000 from the Governor’s Opportunity Fund to assist Bedford with the project.
The Virginia Tobacco Indemnification and Community Revitalization Commission approved $130,000 in Tobacco Region Opportunity Funds. The company is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development.
The company also qualifies for rail access funding from the Virginia Department of Rail and Public Transportation. The Virginia Department of Business Assistance will support the project with training assistance through the Virginia Jobs Investment Program.