PerformanceLivestock and Feed Company, Inc. to Invest More Than $4 Million to Establish Feed Production Operation in Virginia
RICHMOND – Governor Terry McAuliffe announced today that North Carolina-based Performance Livestock and Feed Company, Inc., will invest $4.2 million to establish a new feed production operation in Henry County. The family-owned business will increase production by 50 percent over the next three years, and commit to purchasing nearly $11 million in Virginia-sourced grains and other feed ingredients. Virginia successfully competed against North Carolina for the project, which will create 32 new jobs.
"The investments made by Performance Livestock and Feed will increase feed production and create jobs and help bolster Virginia's reputation as one of the nation's leaders in quality and innovative livestock feed," said Governor McAuliffe. "I applaud Performance Livestock and Feed's commitment to growing its business here in Virginia, and I am pleased that the Commonwealth could support such an entrepreneurial project. Investments like this highlight the central role agriculture plays in building the new Virginia economy. " - See more at: https://governor.virginia.gov/newsroom/newsarticle?articleId=15630#sthash.t6e3W8QL.dpuf
Based in North Carolina, Performance Livestock and Feed provides customers from Florida to Michigan with feed for cattle, horse and other livestock. Each of its more than 50 products uses a mixture of traditional and nontraditional ingredients to create scientifically tested, high performance animal feed with the right balance of protein, energy and minerals. The company's new production operation will be served by rail, allowing the company to make bulk purchases of key feed ingredients and creating cost savings for customers.
"Performance Livestock and Feed's entrepreneurial spirit and reputation make it a model for the role that agribusiness will play in helping to build the new Virginia economy," said Secretary of Agriculture and Forestry Todd Haymore. "Virginia is an animal feed deficit state, so having a major quality feed producer available locally is a huge benefit to our cattlemen and women across Southside. The company's commitment to buy significant amounts of Virginia-grown feed ingredients will create new, robust market opportunities for Virginia's grain producers.
"Secretary of Transportation Aubrey Layne added, "Key investments in transportation enhance the economic competitiveness the Commonwealth needs to grow and diversify Virginia's economy. The Department of Rail and Public Transportation funded nearly $750,000 of improvements for capacity and access on the rail line that serves Performance Livestock and Feed so that it can efficiently move its products to market. Not only has this investment resulted in a more effective rail line, but it has created economic opportunities like this to further the reach of Virginia-grown and manufactured items."
"Performance Livestock and Feed is a welcome addition to the agricultural sector in Southside Virginia," said Secretary of Commerce and Trade Maurice Jones. "Congratulations to the team at Performance Livestock and Feed, as well as to the county and the workforce for this new operation. We look forward to continuing to work with the company to assist its growth in a region of Virginia that's transforming its economy."
Jason Pendleton, Performance Livestock and Feed Company stated, "We at Performance Livestock and Feed Co., Inc., are very excited about this opportunity to expand into Henry County. We look forward to being a part of the future in this community as it unfolds. We would like to extend our appreciation to all who have been involved in making this possible."
"Henry County is home to a great agricultural community, and it's an honor to welcome Performance Livestock into that circle," said Jim Adams, Chairman of the Henry County Board of Supervisors. "We look forward to the company's continuing growth and the role our citizens will play in it."
"Virginia's economy was built on agriculture, and this announcement today once again demonstrates that our Commonwealth continues to depend on our farmers to lead the way," said Senator William Stanley, member of the Virginia Tobacco Region Revitalization Commission. "This commitment by Performance Livestock and Feed to the Virginia family farmer, whether it be the farm that provides the feed grain, or the cattle farm that consumes the grain in growing the best beef cattle in America, is yet another indicator that we grow it best here in Virginia. The Tobacco Commission is proud to have assisted in this economic initiative and continues in its promise to stand with the Virginia farming industry."
Delegate Danny Marshall added, "The number one business in Virginia and in Southside Virginia is agriculture. Our area will greatly benefit from the establishment of an additional 32 jobs and $4.2 million in capital expansion. We look forward to a long and profitable relationship."
The Commonwealth is partnering with Henry County and Performance Livestock and Feed Company, Inc., on this project through the Governor's Agriculture and Forestry Industries Development Fund, which is administered by the Virginia Department of Agriculture and Consumer Services. To help secure the project for Virginia, Governor McAuliffe approved a $100,000 grant from the AFID Fund, which Henry County is matching with local funds. The company was also awarded a grant from the Virginia Tobacco Region Revitalization Commission. Funding and services to support the company's employee training activities will also be provided through the Virginia Jobs Investment Program, administered by the Virginia Economic Development Partnership. The company is also receiving Job Creation and Real Property Investment Grants through the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. - See more at: https://governor.virginia.gov/newsroom/newsarticle?articleId=15630#sthash.t6e3W8QL.dpuf