Agenda - 10-15-2013 - 6a - Laserfiche WebLink

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20 Attachment #4 e• °� o MORINAGA & CO., LTD. AWRINAGA Summary of Orange County's Recruitment of Morinaga America Foods, Inc. Presentation to the Orange County Board of Commissioners Public Hearing on an Economic Development Incentive October 15, 2013 Highlights: • Summarizes Orange County's successful recruitment of the world -class Japanese confectionary & candy maker, Morinaga & Co., Ltd., and its' USA subsidiary Morinaga America, Inc. which has selected a light manufacturing site in the Buckhorn Economic Development District for the firm's first American manufacturing operation. • Outlines the company's plans to produce their "Hi- Chew" candy product, invest $48 million in a new, construct a state -of- the -art 120,000 sq. ft. clean USDA -spec manufacturing facility, and create 90 - 120 new career opportunities with competitive salaries, health and retirement benefits for our residents. • Describes the extensive efforts made by Orange County, the City of Mebane, the State of North Carolina, and other key players, following 11 separate visits by the company and its consultant to Orange County over the previous 19 months, and how we eventually won "Project Rainbow" throughout a highly competitive, multi -state site selection process. • Identifies the specific site location, the required infrastructure to the property, the financial obligations and funding resources to fully develop the site, and local and state incentives. • Notes the transformative effect regarding the County's successful recruitment of Morinaga America Foods, Inc. and how that success story illustrates Orange County's efforts to diversify our local economy and tax base, and create more and better jobs for our residents. Shows how the Board of County Commissioners' commitment to preparing our Economic Development Zones with utilities, zoning, incentives, and thoughtful use of the quarter cent sales tax for economic development, has proven to be a winning formula for the long term. And, highlights the public's commitment to economic development via its favorable vote on the quarter cent sales tax. Company Description: • Morinaga & Co., which was founded 114 years ago in 1899 in Tokyo, Japan, is a major international confectionary & candy maker. With $1.75 billion in global sales revenue, comprised of 53% in chocolates, caramel & biscuits, 19% in ice cream & frozen foodstuffs, 16% in health products, and 12% in cocoa /cake mix foodstuffs, the firm is Asia's equivalent to a Hershey's, Mars or Nestle.