Executives of financial services marketing company Primerica, Inc. (NYSE: PRI) were joined by state and local economic development officials for the ribbon cutting and grand opening of the company’s new global headquarters in Duluth, Gwinnett County, Georgia. .
The consolidation and relocation of their 10 separate facilities in Gwinnett County into a new and single global headquarters was first announced in Sept 2011.
Duke Realty, which built the facility and leased it to Primerica, broke ground on the construction for the “built-to-suit” facility in Nov 2011.
The new 365,000-square-foot complex will be housing 1,600 of the company’s employees in Gwinnett County, and has excess capacity to house another 200 employees.
Gov. Deal said that the company’s decision to select Gwinnett County for its global headquarters speaks volumes about the pro-business environment.
John Addison, chairman of Primerica Distribution and co-CEO, thanked the Governor, Gwinnett County and Gwinnett Chamber Economic Development for their support and assistance during the move.
The county has offered Primerica $2.3 million in property tax abatements over a six-year period that begins next year. As per the Georgia Department of Economic Development, the company is also eligible for state tax credits worth $1,250 for every new job created. Primerica has agreed to create at least 35 new jobs over a five year period.
Nick Masino, senior vice president of Gwinnett Chamber Economic Development and Partnership Gwinnett, said that Primerica was a key partner in helping strengthen the community’s growth and quality of life.
Primerica, Inc. was spun out of Citigroup in 2010 with an IPO. Rick Williams, chairman of the board and co-CEO said that the new global headquarters was a culmination of their successful public offering.
He added that being in a single complex instead of having the workforce scattered around in 10 different buildings would improve efficiency, and allow them to provide better service and support to the sales force and to customers.
Primerica is the fourth largest employer in Gwinnett County, and the largest independent financial services marketing company in the U.S., with 90,000 representatives that generated revenues worth $1.19 billion last year.