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.
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 will stop producing merchandise for Livestrong, the charity set up by disgraced cyclist Lance Armstrong. ...
Thousands of garment workers have clashed with police as protests for higher pay escalated this week at a Nike clothing supplier in Cambodia....
UK retailer Sports Direct is to acquire two European sporting goods retailers - Austria-based Sports Eybl & Sports Experts (EAG), as well as Sportland International Group (SIG) which is based in the B...
Teen apparel retailer Rue21 is to be acquired by private equity firm Apax Partners for US$1.1bn, in a move that will enable it to expand its store portfolio and build an e-commerce platform....
Reports filed by companies including Gap Inc, Gymboree Corp, Nike Inc, H&M and Wal-Mart Stores to comply with a Washington State law are said to have shown "chemicals of high concern" in products made...
- Yuan devaluation impact mixed for garment firms
- Will Vietnam struggle with impending trade deals?
- The new age of disruption on apparel production
- China devaluation: what’s the big deal?
- Gap bullish on China growth opportunities
- US Q2 in brief: J Crew, Aeropostale, Bebe Stores
- Luen Thai to continue investment in Vietnam
- Gap restructuring weighs on Q2 as profit falls 34%
- Ralph Lauren debuts biometic smart shirt
- China market woes could hit consumer spending
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Ethiopia – the emerging textile and clothing industry
- Global market review of lingerie - forecasts to 2020
- Global market review of swimwear - forecasts to 2019