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NEWS
Firm Announces $6.9 Million Investment To Expand Operations
July 1, 2020

Drake Extrusion, Inc., a subsidiary of Sweden-based Duroc AB and a manufacturer of colored filament yarn and staple fiber, has announced the company will invest $6.9 million to expand its operation in Henry County, Virginia. According to the announcement, the company will establish an additional manufacturing facility in a vacant 120,000-square-foot building located on Industrial Park Drive in Ridgeway, Virginia to accommodate its growing business in the polypropylene fibers market.

Drake Extrusion employs more than 187 workers in Henry County, where the company has been operating since 1995. The Henry County plant has been integral to Drake’s long-term growth plan, representing the only Duroc AB location in the United States. With research and development based on two continents, Drake is on the cutting edge of polypropylene fiber technology. The company works with polymer suppliers to improve existing products and meet the challenge of new end uses. Drake’s ongoing field support includes fiber performance measurement techniques and refinements that maximize product value. The company’s products serve a variety of sectors, including residential upholstery, home furnishings, automotive, floor covering, and geotextiles.

“We are pleased to continue Drake’s growth in Martinsville-Henry County,” said Drake Extrusion CEO John Parkinson. “We continue to grow our business here in large part due to our tremendous workforce and the strong support we receive from our local governments. We also appreciate the support we are receiving from the Commonwealth of Virginia, especially the opportunity to take advantage of the new Virginia Talent Accelerator Program.”

“Supporting existing businesses is more important now than ever as we focus on new hiring and investment to address the impacts of COVID-19 on our economy,” noted Governor Ralph S. Northam in response to the announcement. “Drake Extrusion has a long history of success in Martinsville-Henry County, which has fostered an impressive business climate, infrastructure, and workforce for its growing cluster of manufacturers. We thank the company for its long-term commitment to Southern Virginia, and for choosing to expand and create new jobs amid these challenging times.”

The Virginia Economic Development Partnership (VEDP) worked with the Martinsville-Henry County Economic Development Corporation (EDC) to secure the project for Virginia. Governor Northam approved a $90,000 grant from the Commonwealth’s Opportunity Fund to assist Henry County with the project. Drake is also eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Henry County’s local investment is $342,221, which includes local Enterprise Zone grants and cash from the Harvest Opportunity Fund.

Support for Drake Extrusion’s job creation will be provided through the Virginia Talent Accelerator Program, a workforce initiative created by VEDP in collaboration with the Virginia Community College System, with funding support from the Northam administration and the Virginia General Assembly. Launched in 2019, the program accelerates new facility startups through the direct delivery of recruitment and training services that are fully customized to a company’s unique products, processes, equipment, standards, and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.


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