story from Talk Business & Politics, a content partner with The City Wire
Southwest Steel Processing, a manufacturer of railcar and oil and gas components, announced it is expanding its facility in Newport, Ark.
The company plans to invest $18 million in the facility and add 100 jobs over the next two years. The addition of 100 jobs will bring total employment at the Newport facility to 220.
“This type of expansion is not possible without a strong, talented workforce already in place,” said Gov. Asa Hutchinson. “Thanks to the existing employees of Southwest Steel Processing for their significant role in making this project a reality. We appreciate the company’s decision to continue growing in Arkansas.”
The company said the expansion will allow it to develop a new forging line to provide “high quality, competitively priced” forged steel parts to customers.
“In the past, U.S. manufacturing has been severely challenged but as this expansion testifies it is experiencing a re-emergence,” said Ken Copeland, President of Southwest Steel Processing. “All of us at SSP are very proud of what we have accomplished in the past 12 years and are looking forward to the future with great expectations.”
Southwest Steel Processing is a partnership between Cleveland-based Park Ohio and Arkansas Steel Associates LLC of Newport.
“The Newport Economic Development Commission is proud to be part of the expansion project with Southwest Steel Processing,” said Jon Chadwell, executive director of the Newport Economic Development Commission. “We deeply appreciate both Park Ohio and Arkansas Steel Associates for selecting Newport for this expansion.”
Park Ohio operates approximately 90 manufacturing, distribution, and service facilities, and employs approximately 6,000 people worldwide. Revenues totaled approximately $1.4 billion in 2014. Park Ohio is headquartered in Cleveland, Ohio.
In February 2014, the Arkansas Economic Development Commission and Arkansas Development Finance Authority (ADFA) approved an $11 million bond guaranty related to this expansion.