US: Nike commits to $150m expansion if bill passed
Sportswear giant Nike has revealed it will commit to an expansion of its operations in Oregon, which could lead to the creation of 500 jobs and $150m in capital investment over five years, if lawmakers approve new legislation.
Its plans depend on passage of the Economic Impact Investment Act, which would provide reassurance that tax rules will not change after a company makes a new investment.
The Act would give the Governor the authority to enter into agreements with any company planning expansions to create a minimum of 500 jobs with $150m in capital investment over five years.
In a statement issued to just-style today (11 December), Nike said: "As a growth company, we hope to continue to bring high-quality jobs and economic benefits to Oregon for years to come."
Nike CFO Don Blair added: "Nike is a global company with a long history in Oregon. We support this proposed legislation as a way to help us continue to grow in Oregon."
However, a spokesperson for Nike said no decision has been made on where the expansion would occur, adding that the company has no specifics to share on timing or the types of jobs that would be created.
Meanwhile, Oregon Business Association president Ryan Deckert said: "The Economic Impact Investment Act will be a powerful tool to drive per capita income up in Oregon."
Oregon is home to Nike’s world headquarters, with more than 8,000 jobs in Washington County. Since 2007, the sporting goods company has seen its employment in Oregon grow by nearly 60%, despite declining statewide employment.
The Oregon Legislature will meet on 14 December to consider authorising Oregon Governor John Kitzhaber to enter into agreements with companies committing to significant job growth and investment in the state.
Despite the economic slowdown in Poland, Nike Poland did not suffer a loss of share in the Polish apparel market. Like numerous other operators in the market, the company aims to overcome losses in re...
Nike is expected to maintain its position as the most important sports brand in Chile. Nike de Chile’s strategy is to continue organising sports events – such as “Nike 10K” or “Nike 300K” – aimed at i...
The most-read stories on just-style this week include calls by a US government official for garment buyers to continue sourcing from Bangladesh, PVH executive Mark Green's vision for the future supply...
Nike México SA de CV plans to continue to position itself as one of the top sports brands in the country. In order to accomplish this goal, it will continue sponsoring local sports celebrities and foo...
Nike will stop producing merchandise for Livestrong, the charity set up by disgraced cyclist Lance Armstrong. ...
Reacting to the specifics of the Danish sportswear market, Nike Denmark ApS is aiming at keeping up its position as the leading player in Denmark by focusing on a combination of performance sportswear...
- Africa courts clothing and textile investment
- Bangladesh Accord calls on firms for more funding
- ANALYSIS: New pricing strategy pays off for Nike
- Diversification a key focus for Under Armour
- Source Summit 2014: Quote/unquote
- Adidas investigating Cambodia faintings
- Matalan defends its position on Bangladesh
- North Face commits to 100% recycled polyester
- Under Armour "bullish" in full-year guidance rise
- Footwear “facing increased compliance challenges"
- Global market review of denim and jeanswear – forecasts to 2020
- Textile Wholesaling in the UK - Industry Market Research Report
- Myanmar - ISA Country Report
- Plunkett's Apparel & Textiles Industry Almanac 2014: Apparel & Textiles Industry Market Research, Statistics, Trends & Leading Companies
- Survey of the European Fabric Fairs: Spring/Summer 2015