SMW Manufacturing is taking over operations at the former Caterpillar facility in Lafayette County, the Mississippi Development Authority announced.
The company plans to invest more $15 million and hire up to 50 employees, comprised mostly former Caterpillar employees, by the end of 2018.
SMW now employs 33 workers.
Caterpillar last year announced the closing of the Oxford plant, which employed 240, along with four other plants across the country.
“I am pleased to welcome SMW to Mississippi and appreciate the company for utilizing the skills of the facility’s previous employees to manufacture the quality products for which SMW is known,” Gov. Phil Bryant said.
According to MDA, the company has experience in cold forming and machining space and manufactures components for the heavy truck, automotive, mining, construction and industrial markets.
“SMW Manufacturing would like to extend its appreciation to all entities associated with making this vision a reality, first and foremost our customer Caterpillar, along with the state of Mississippi, the county of Lafayette, the city of Oxford, The Oxford-Lafayette Chamber of Commerce and Economic Development Foundation, the Tennessee Valley Authority and NEMEPA,” said SMW General Manager Rich DesCoteaux. “We’re most impressed with the workforce we had the opportunity to select, and this team is among the finest I’ve had the privilege to work alongside,” “SMW has a proven track record of growth and job creation. We’ve identified and are aggressively pursuing additional core customers that will fit nicely into our now fifth manufacturing facility, and we expect to begin bringing new business in very quickly”.
MDA is providing assistance through the Jobs Tax Credit program. Lafayette County is considering additional local incentives in order to best meet the operational needs of SMW.
“Caterpillar’s talented workforce coupled with bright business prospects were key factors in SMW’s decision to acquire the Oxford facility,” said MDA Executive Director Glenn McCullough, Jr. “We salute our partners at the Oxford-Lafayette County Economic Development Foundation and the Lafayette County Board of Supervisors for helping make this project a reality.”
SMW’s North American headquarters is located near Detroit. Among the various components the company makes, SMW specializes in the heavy truck, automotive, mining, construction and industrial markets.