Valpak plans to build a 500,000-square-foot production plant in St. Petersburg, FL, expected to be fully operational in early 2007, the company said Tuesday.
Valpak's parent firm is Largo, FL-based Cox Target Media, which is owned by Cox Newspapers, Atlanta, a subsidiary of Cox Enterprises Inc.
The printing plant will let the company more than double its coupon output. The company can print 24 billion coupons annually, but that could reach 54 billion with the new plant.
The new facility will combine the operations of the company's Largo and Elm City, NC, plants. Both plants will close when the new facility is fully operational.
There are 428 production employees in Largo and 435 in Elm City. The new plant will have about 500 workers.
Cox said it would offer retention bonuses for employees staying with the company during the next two years. Relocation packages will be offered to Elm City workers who transfer to the new plant. Those not selected to stay with the company will be offered job search assistance, additional training and a separation package.
Combined with other planned expenditures by Cox, nearly $200 million will be invested in the project.