It’s only going to cost us $250,000 in corporate welfare to get a $19 million expansion at the Augusta County-based Innovative Refrigeration Systems, which will create 214 new jobs in the local economy.
Not bad – just under $1,200, one time, per new job.
A veritable bargain.
“This expansion is not just about growth; it’s about creating meaningful opportunities for the people and families in our community,” Innovative Refrigeration Systems President Bob Almon said on Friday, as the news about the expansion was being announced by the governor’s office.
“We’re proud to continue investing in Augusta County and to partner with the Commonwealth of Virginia as we create high-quality jobs and strengthen American manufacturing,” Almon said. “Every refrigeration system we build reflects the skill, dedication, and pride of Virginians, and we’re excited to carry that forward as we advance the use of natural refrigerants.”
IRS is in the advanced industrial refrigeration business; specifically, its focus is in natural refrigeration systems utilizing ammonia and CO₂, which are used in pharmaceutical manufacturing, cold chain storage, food and beverage processing, and digital infrastructure.
The corporate welfare that I mentioned is a $250,000 grant from the Commonwealth’s Opportunity Fund approved by Gov. Abigail Spanberger.
“As the Commonwealth leads the way as a hub for advanced biopharma manufacturing, we must have the infrastructure to support continued growth,” Spanberger said, in a quote featured in a press release from her office announcing the expansion.
“Not only will Innovative Refrigeration Systems’ expansion in Augusta County help make sure critical medication can reach healthcare providers, but it will create good-paying career opportunities for hundreds of Virginians. By supporting skilled trades through registered apprenticeships, we are helping Virginians grow their careers and supercharging economic growth across the Commonwealth,” Spanberger said.
Support AFP
Share
Chris Graham
