Global nutrition giant Herbalife is slated to hire about 500 people over the next three years at the new manufacturing facility it is establishing in Winston-Salem.
According to the company, the compensation for those jobs will vary, but the average annual payroll will be more than $19.8 million, plus benefits. In addition, the company is slated to invest about $130 million in the purchase and complete retro-fitting of the former Dell Computers plant off Union Cross Road. Dell came to town in 2005 with similar ambitious plans, but shuttered the plant three years later.
Company officials say that Herbalife’s economic forecast is strong, with net sales of $3.5 billion in 2011, but the company’s stock has been shaky since prominent hedge fund manager Bill Ackman labeled Herbalife a “pyramid scheme” in mid-December.
Local and state officials are hoping that Herbalife is a win-win.
The company plans to produce a wide range of its nutrition products at the new Winston-Salem operations, which will be Herbalife’s largest owned manufacturing facility.
To help facilitate this expansion, the company has been awarded a grant of up to $1,000,000 from the state’s One North Carolina Fund, which assists the state in industry recruitment and expansion by providing financial assistance through local governments. One North Carolina Fund grants require a local match. In addition, the state Economic Investment Committee voted to award a Job Development Investment Grant to Herbalife.
“Herbalife could have located anywhere, but their choice of North Carolina demonstrates the competitive advantage our state offers companies,” said State Sen. Peter Brunstetter (R-Forsyth).
Founded in 1980 in California, Herbalife is a global nutrition company that provides products to help people pursue a healthy, active life. The company’s nutrition, weight-management and personal care products are available exclusively through independent distributors in more than 80 countries.
For more information about Herbalife, visit www.herbalife.com.