RALEIGH, N.C. (WGHP) – Two companies wanting to expand their businesses in the Piedmont Triad were approved Tuesday for state incentives that would allow them to hire hundreds of employees in the next few years.

The Economic Investment Committee of the North Carolina Department of Commerce unanimously approved grants for Sumitomo Forestry America to open a new construction facility in Asheboro and for Alamance Foods to expand its operation in Graham.

The two projects would create about 264 jobs, would add about $1 billion to the state’s ever-burgeoning gross domestic product and contribute approximately $21 million in tax revenue, analysts said.

You might say the grants for Alamance Foods, which receive about $1.3 million from the state and $1.2 million from Alamance County and Burlington, is topping on the economic cake.

Whipped cream went aerosol at Alamance Foods in 1959. (Photo by Chaloner Woods/Getty Images)

Alamance Foods was created a century ago but built its reputation by being one of the first companies to manufacture aerosol whipped cream, in 1959. The company’s annual revenues are about $320 million, the committee was told.

Alamance Foods would invest $42 million by the end of 2024 to add about 220,000 square feet to its warehouse and production facility in Graham, accommodating both manufacturing and cold storage.

This project would, by the end of 2028, add 135 jobs that pay an average minimum salary of $47,063. The company also must retain at least 812 employees, which was the number in its application.

Its state incentives include a Job Development Investment Grant, community college funding and a historic building reuse grant of $500,000.

In beating out bids from various locations in Arizona, Utah and Texas, North Carolina would see by the end of 2035 an estimated $651 million in GDP and about $15 million in tax revenue.

“It’s great to see a home-grown company like Alamance Foods expand in our state, thanks to our roads, airports, rail and ports, our strong communities and our dedicated, well-trained workforce,” Gov. Roy Cooper said in a release announcing the incentives.

Said state Sen. Amy Galey (R-Alamance): “Alamance Foods’ long history in our region is a point of pride and we’re very pleased to see this latest expansion of the company. These new jobs and the capital investment will bring many benefits to both our people and the local economy overall.”

Construction workers raise wood framing on a new home. Sumitomo Forestry makes trusses for homes. (Photo by Justin Sullivan/Getty Images)

For Sumitomo Forestry America, this will be a new, wholly-owned subsidiary of the Japanese-based company. SFA, which is traded on the Nikkei stock exchange, manufactures components for housing and wood products, such as trusses for roofs and walls. The is a subsidiary of the company that also is invested in building projects.

The company is building a manufacturing and distribution facility on a parcel along the west side of Interstate 85 in Archdale, its first in North Carolina, and the state beat out bids from numerous locations in Virginia and Maryland, the EIC was told.

“We look forward to partnering with North Carolina on the development of this facility, which will not only help builders and developers with supply chain needs but will also contribute to the local economy and community,” Atsushi Iwasaki, president of Sumitomo Forestry America, said in a release. He said Randolph County “offers the ideal conditions for our investment, including infrastructure, a skilled workforce, and a favorable business climate. We greatly appreciate the community’s warm welcome and will continue to share updates as the project progresses.”

The company is investing $19.5 million by the end of 2026 and would hire 129 employees by end of 2027. The average minimum salary would be about $45,782.

The company would receive $2.03 million in state incentives, including a JDIG and grants from the NC Department of Transportation and the Golden Leaf Foundation. Archdale and Randolph County are contributing another $650,000.

There is one stipulation: The company has no ethics policy, and to receive state grants, one must be adopted and reviewed by the Department of Commerce before the first grant payment in 2024.

DOC analysts say this project should by 2035 add $308 million in GDP and $6.2 million in state revenue.