Crown Labs cuts ribbon on new headquarters
Crown Laboratories CEO Jeff Bedard Monday cut the ribbon on Crown’s new corporate headquarters in Johnson City. The global skincare manufacturer plans to create an additional 200+ jobs and investing $27 million in its Johnson City operations by 2024.
The fast-growing company – which partnered with private equity firm Hildred Capital Partners in late 2017 – last year became one of just 6 percent of companies to spend six consecutive years on Inc. Magazine’s “Inc. 5000” list of the nation’s fastest-growing private companies.
“Bringing new jobs to the region by adding profitable revenue aligns with our long-standing commitment to our employees, the community and Northeast Tennessee,” Crown CEO Jeff Bedard said.
Crown expects nearly half its anticipated employment growth to be corporate jobs, with a resulting local payroll addition of more than $15 million.
Said Tennessee Commissioner of Economic and Community Development (ECD) Bobby Rolfe, “when a company decides to put their headquarters in your community, it’s an enormous win, and I say that because it’s the headquarters, it’s the C-suite, it’s those men and women that invest in the community.”
Crown, best known for its Blue Lizard Australian Sunscreen line, has acquired several companies and product lines since late 2017 and grown organically, as well as picking up two additional equity partners. In a year’s time, it acquired six products from GlaxoSmithKline, including legacy brand Keri.
Crown received an incentive from Rolfe’s ECD, though the department has yet to announce the amount of that incentive. The company also agreed to a payment-in-lieu of taxes (PILOT) plan with the local industrial development board (IDB). Crown will lease the headquarters building, formerly home to NN Inc’s corporate headquarters, from the IDB for $1 a year. The PILOT incentive, currently worth about $113,000 annually, lasts through 2029, after which Crown will assume ownership and standard property tax liability. Job creation and wage requirements take effect beginning with the 2025 tax year.
“Putting a crown on top of this building is just perfect,” Johnson City Mayor Jenny Brock said.
“We are pleased to be of assistance to your board as it positions Crown for the future.”