Woodgrain

HRV proudly invested in the acquisition and equipping of manufacturing facilities in rural Virginia. The Company purchased the former Independence Lumber sawmill out of receivership. This facility will reopen to serve as the primary supplier to the Company’s existing operations in Marion, VA and hire back existing employees. According to reports, this acquisition allows Woodgrain to source 90% of its new forest product needs from Virginia leading to the purchase of approximately 9 million board feet of Virginia-grown forest products over the next three years.

The Company has also purchased a vacant industrial building near its existing facility in Marion, VA and will use NMTC financing to renovate and equip both facilities, and provide working capital for operations. Woodgrain intends to make renovations and repurpose existing equipment to provide supply materials to support the functions of its finished product facilities. Together, the Company’s expansion efforts will increase its production capacity by 60%. The Forestry industry is Virginia’s third-largest private industry supporting more than 107,000 jobs in rural communities producing approximately $21 billion in annual economic impact.