Cox Target Media has decided to stay in Florida versus moving its printing operations to a site near Atlanta, home to parent company Cox Enterprises Inc., according to published reports.
Instead, the Valpak coupon company will build a 500,000-square-foot printing plant in northern St. Petersburg. Cox Target Media officials hope to begin transferring work to the new facility by late 2006.
Upon completion, the company will shut down its Largo, FL, and Elm City, NC, plants, each of which employs approximately 430 workers, according to the reports. Most Largo employees are expected to make the move, although they will need to complete a retraining course to qualify as operators of the new, high-tech production system. Cox expects to employ about 530 people at the new plant.
The company is receiving state and local incentives, including $3,000 in corporate income tax rebates for each new job it creates. The rebates will be spread over six years. Approximately 80% of the money will come from the state; the rest will be evenly split by Pinellas County and St. Petersburg, according to the reports.
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