Defense Contractor Opens Manufacturing Facility

Force Protection Inc., maker of mine- and blast-protected vehicles is coming to Person County

July 16, 2007

PERSON COUNTY NC NEWS -- Defense contractor, Force Protection Inc., maker of mine- and blast-protected vehicles is opening a manufacturing facility in Person County. The project, financed with a private investment of $31 million will create 270 jobs and a during the next four years. The project was also made possible in part by One North Carolina Fund and Job Development Investment Grant awards. Wages for the new jobs will vary by skill and job description, but the overall average pay for will be around $30,276 a year plus benefits, which is more than the Person County wage average of $28,496 not including benefits.

Founded in 1997, Force Protection is headquartered in Ladson, South Carolina. The Company is publicly traded on the NASDAQ stock exchange under the "FRPT" trading symbol. The firm chose to locate its second manufacturing facility in a former Collins & Aikman plant outside Roxboro to meet the increase in demand for its vehicles.

Force Protection plans to use the Person County facility for additional capacity for current and future products, including its new "Cheetah" vehicle line. This vehicle combines state-of-the-art, anti-blast protection with the speed and handling of a lightweight utility vehicle. Force Protection also is the nation's leading center for blast protection technology and research to counter improvised explosive devices (IEDs). Another model, the Buffalo MPCV will appear as "Bonecrusher" in the new movie "The Transformers."

Dan Busher, Force Protection executive vice president said of the move: "Force Protection is excited about establishing this significant new manufacturing capability in North Carolina. North Carolina and Person County understand the urgency of delivering more of our life-saving products to our armed forces and have worked with us to identify the right set of facilities and resources to accomplish that mission. The broad-based community involvement in understanding our needs and proposing solutions has really been outstanding."

Governor Mike Easley, speaking of Force Protection's expansion in North Carolina said. "The military presence in North Carolina has an $18 billion impact on our economy. Our focus on being the most military-friendly state in the nation attracts defense-related businesses that want to grow and expand."

State Representative W.A. "Winkie" Wilkins (Dem) of Person County said: "As vice chairman of the House Commerce Committee, I will continue to work toward military-friendly policies that make North Carolina attractive to defense-related firms that want to grow and prosper."

The company has been awarded a $500,000 grant from the state's One North Carolina Fund. The One North Carolina Fund assists the state in industry recruitment and expansion by providing financial assistance through local governments to attract business projects that will stimulate economic activity and create new jobs. Furthermore, the state's Economic Investment Committee voted to award a Job Development Investment Grant to facilitate the project. Job Development Investment Grants are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant.

Under the terms of the JDIG agreement, an 11-year grant will be established. Over the life of the grant, the N.C. Department of Commerce estimates the project will:

• Generate a cumulative gross state product value of $275.37 million
• Produce a positive, cumulative net state revenue impact of $1.84 million
• Contribute up to $366,000 to the state's Industrial Development Fund for infrastructure improvements in economically distressed areas of North Carolina. This contribution is required of grant recipients that locate in the state's more prosperous counties.

For each year Force Protection meets its required performance targets, the state will provide a grant equivalent to 70 percent of the state personal income withholding taxes derived from the creation of the new jobs. If Force Protection creates all the jobs called for under the agreement and sustains them for 11 years, the company could receive a maximum benefit from the JDIG of $2.07 million.

Other significant partners who contributed to the development of the project included: The N.C. Department of Commerce, Person County, Piedmont Community College, N.C. Rural Economic Development Center, Research Triangle Regional Partnership, Progress Energy and Norfolk & Southern Railroad.

This Magazine would like to personal welcome Force Protection Inc. to North Carolin and thank them for providing one of the most important of defense products to this country's armed forces. Force Protection products save lives. For more information about Force Protection including jobs, visit www.forceprotection.net