DeLand facility will result in 30 new jobs and $2.5 million in capital investment
Governor Rick Scott today announced that Kingspan Insulated Panels, Inc., an insulated metal panels manufacturing company, will establish its North American Headquarters at their DeLand facility. The expansion will result in 30 new jobs, the retention of 50 current positions, and $2.5 million in capital investment over the next three years. More than $2 million in annual wages will be added to the local economy when all positions are filled.
Governor Scott said, “Kingspan’s decision to establish their North American headquarters in DeLand is great news for Florida families. Industry-leading companies like Kingspan are the reason we worked so hard in the recent legislative session to improve the tax climate for manufacturing companies. We successfully eliminated taxes on manufacturing equipment and by removing burdensome rules and regulations, companies are able to use their resources to grow and create jobs. IT’S WORKING in Florida.”
Understanding the importance of the manufacturing industry, Governor Scott and the Florida Legislature recently eliminated the sales tax on the purchase of manufacturing machinery and equipment for the next three years to encourage manufacturing companies to grow and expand in the state.
Kingspan LTD., a multinational business enterprise headquartered in the United Kingdom is the parent company of Kingspan Insulated Panels, Inc. Currently, the company employs 132 individuals in DeLand, and employs more than 400 in North America and close to 5,000 worldwide. The company selected DeLand over Ontario due to year-round climate advantages and lower production costs.
“We are pleased to contribute positive momentum to the Central Florida economy,” said Fergal Murphy, Vice President of Sales, Kingspan Insulated Panels, Inc.
Florida manufacturers, like Kingspan Panels, are a powerful economic engine for the state’s economy. Many Florida manufacturing operations benefit from the presence of advanced research facilities at Florida’s universities and colleges, military installations, and NASA. The industry cluster counts nearly 18,000 manufacturers who employ more than 300,000 workers across the state.
“The manufacturing industry in Florida is growing thanks to our improved business climate,” said Secretary of Commerce and President and CEO of Enterprise Florida Gray Swoope. “In addition to removing unnecessary taxes on manufacturers, Florida’s strong workforce and top-ranked infrastructure make this the perfect state for manufacturers to locate and expand. We’re thrilled that Kingspan has chosen Florida as the home for its North American headquarters.
Kingspan Insulated Panels, Inc. has been approved for Qualified Targeted Industry incentives of up to $90,000 in performance-based tax refunds in return for creating new jobs at an average annual wage of $37,354 or more. The Volusia County Council contributed to this performance-based incentive by approving the required local financial support amount of 20 percent, or $18,000.
“We are excited that Kingspan Insulated Panels Inc. has selected their DeLand, Florida manufacturing facility as the new North American headquarters” said Rob Ehrhardt, the Volusia County Economic Development Manager.
The project was made possible because of the partnerships at the state and local levels. Along with Enterprise Florida, Inc., the City of DeLand, Volusia County, Workforce Florida and the Center for Business Excellence worked with Kingspan Panels to make this move possible.
Mayor Robert Apgar of the City of DeLand said, “DeLand is honored to have been named the North American headquarters of Kingspan, an international company, operating in 30 countries around the world. Kingspan will be adding 30 more good paying jobs to its existing workforce in DeLand as a result of this designation. Those new jobs are important to our local economy.”
“The Scott Administration is laser-focused on diversifying Florida’s economy by promoting a pro-growth, low-tax business climate. Attracting manufacturers like Kingspan was the reason Governor Scott secured the tax exemption for manufacturing equipment,” said DEO Executive Director Jesse Panuccio. “Kingspan’s decision to locate its headquarters in Florida is the latest proof that Florida’s economy is headed in the right direction.”
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Enterprise Florida, Inc. is a partnership between Florida’s business and government leaders and is the principal economic development organization for the state of Florida. Enterprise Florida’s mission is to facilitate job growth for Florida’s businesses and citizens leading to a vibrant statewide economy. In pursuit of its mission, Enterprise Florida works closely with a statewide network of economic development partners and is funded both by the State of Florida and by private-sector businesses
Kingspan is a trusted leader in the design, manufacture and supply of high performance building products and solutions for the global property and construction industry, serving a broad range of market sectors for over 40 years. For more information about Kingspan in North America, visit www.kingspan.us.