Ice Industries will build a new stamping plant in Mississippi, its sixth expansion in Grenada since 2010, investing $15 million and hiring 100 workers.
The privately held company, based in Sylvania, Ohio, plans to build an 80,000 square-foot building with twin metal stamping presses to supply more parts to the automotive industry.
"After the last major automotive downturn, a great deal of capacity was taken out of the stamping market," Chairman and CEO Howard Ice said in a statement. "While the automotive industry in particular has seen a strong rebound, most North American suppliers have been reluctant to add back any significant capacity."
The company already has 400 employees in Grenada.
The Mississippi Development Authority is giving Ice $1.35 million to relocate and install equipment, as well as a $4 million no-interest loan to build a rail spur. Grenada County is contributing $5 million in land, infrastructure work and site preparation. The Tennessee Valley Authority helped to develop the industrial park.
MDA spokeswoman Tammy Craft said no property tax abatements are anticipated. She said the company declines to release wage levels.
Though Ice's current factory is on the south side of Grenada, the plant will be built in a new industrial park near the Resolute Forest Products paper mill north of the city.
"The site where Ice Industries is locating best accommodates the company's needs and provides quick, convenient access to rail," Craft wrote in an email.
Construction is supposed to begin in the next two months, and be completed before June.
Ice makes metal parts and pressurized tanks for a range of products including cars and trucks, appliances, solar panels and electronics. It also has locations in Cincinnati and Toledo, Ohio, as well as near Monterrey, Mexico. The new facility will increase the company's Grenada footprint to 420,000 square feet, making it Ice's largest manufacturing center.