Tecumseh Products plans multi-million dollar investment in Mississippi plant
Tecumseh Products Company has consolidated its operations in the Ann Arbor area, but company officials announced this week that a manufacturing facility in Verona, Miss., will undergo a multi-million dollar expansion.
The expansion is expected to create up to 150 new jobs at the facility, which will begin producing Tecumseh’s new energy-efficient AE2 commercial refrigeration compressor.
Lizzy Alfs | AnnArbor.com
According to a news release from Tecumseh Products Company, the Mississippi Development Authority provided expansion support for building modifications and relocation assistance for equipment.
“Expansion of our Verona manufacturing production wouldn’t be possible without the strong financial assistance from the state of Mississippi,” Jim Connor, president and CEO of Tecumseh Products Co, said in a statement.
“The opportunity is timely as the global economy continues to improve along with the demand for our products.”
The announcement of the expansion came during a briefing with Mississippi Gov.Phil Bryant, who announced a $31 million bond request for economic development incentives packages in his first State of the State Address in 2012.
“The expansion of these manufacturing lines and the creation of new jobs at Tecumseh’s Verona location are great news for the entire community,” Gov. Bryant said in a statement. “Tecumseh’s commitment serves as a testament to the supportive business climate and dedicated workforce.”
Tecumseh Products makes a wide variety of cooling unit compressors. The company operates manufacturing facilities France, Brazil, India, Mexico, Canada and the United States, employing approximately 7,300 people worldwide. The company’s corporate headquarters and global technology center — which were recently combined in Pittsfield Township — have approximately 140 employees.
The company’s stock (NASDAQ: TECUA) spiked to a year high at $11.96 per share Wednesday morning when news of the expansion was released, but was trading at $11.17 per share at the close on Thursday. The stock started what has been a very up-and-down year for the company at $4.84 per share.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Get in touch with Ben at 734-623-2528 or email him at firstname.lastname@example.org. Follow him on twitter @BFreedinA2