Meridian Specialty Yarn Group to Expand Valdese Facility

Manufacturing Company to Invest $8 Million and Create up to 25 Jobs

BURKE COUNTY, N.C. (January 29, 2016) - Burke Development Inc., in partnership with the Town of Valdese and Burke County, announce an expansion of the Meridian Specialty Yarn Group, Inc. (MSYG) manufacturing facility in Valdese. This major announcement will result in the investment of $8 million by MSYG and the creation of up to 25 additional jobs over five years at the company's Valdese textile plant.

Meridian Specialty Yarn Group, Inc., which has had manufacturing operations in Valdese since 1994, will expand operations at its current site beginning in early 2016. The company will complete site renovations and construct a new building on their existing property. Meridian manufactures and dyes yarn for various sectors including home furnishings and upholstery, hosiery, apparel, carpets and rugs, sewing thread, craft and industrial textiles.

"This is a significant announcement for the Town of Valdese," said Valdese Mayor Chip Black. "We have worked with Meridian for many months to facilitate the process and find a solution that supports their tremendous growth opportunities while remaining here in Valdese."

The project is supported by grants from the Town of Valdese and Burke County. These grants total $900,000 and will be spread over five years. The grants are performance-based and tied to an agreement by MSYG to continue purchasing water from the town at an equal or greater amount than the current amount, as well as the creation of at least 25 new jobs.

In addition, the North Carolina Department of Commerce has awarded the Town of Valdese two grants totaling $1,898,475 to upgrade the Town's water and wastewater facilities. These grants were awarded with the condition that the company retains all current jobs in the Valdese facility.

Meridian Specialty Yarn Group is a subsidiary of Meridian Industries, a family-owned manufacturing group headquartered in Milwaukee, Wisconsin. The company operates two plants in North Carolina. The production facility in Valdese, located at 312 Columbo Street SW, specializes in package dyeing, space dyeing, top dyeing and yarn printing.

This expansion will provide increased dye house capacity allowing for greater flexibility and competitiveness in the marketplace. The company currently employs approximately 140 people.

"We are excited about the opportunity this new investment represents for us from a business perspective, and also for the town and for our employees," said Tim Manson, President of Meridian Specialty Yarn Group. "When we developed the business plan for the expansion, we did a great deal of due diligence with regard to the location, and concluded the best place to be is where we are. We greatly appreciate the support of the city and county in helping us though this process."

"It is important for us not only that we are creating new jobs but that we are saving the existing jobs," said Burke County Board of Commissioners Chairman Wayne Abele. "We value our existing industry, the jobs they provide and the contributions they make to our community."

The project has been supported by Burke Development, Inc., Burke County, the Town of Valdese, the Western Piedmont Council of Governments and the North Carolina Department of Commerce.

About Burke Development, Inc.

Burke Development, Inc. (BDI) is a nonprofit organization supported by private and public funding that is charged with accelerating economic growth in Burke County. BDI works with industry leaders, site selection consultants, government agencies and other entities to facilitate expansion strategies for existing businesses and recruit target industries to Burke County. For more information about BDI visitwww.BurkeDevInc.com.

Meridian Specialty Yarn Group, Inc. (MSYG) is the leading specialty yarn manufacturer in the United States. At the company's wet processing plant in Valdese, NC, Meridian offers package dyed yarn, space dyed yarn, top dyed wool, yarn printing and twisting. At the novelty spinning operation in Ranlo, NC, Meridian produces coarse count novelty yarn from various substrates using six different yarn formation technologies. The end uses for these yarns include home furnishings, hosiery, industrial, craft and apparel. Meridian Specialty Yarn Group is a Meridian Industries, Inc. company. learn more about Meridian Specialty Yarn Group, Inc.