Garbage truck manufacturer New Way Trucks plans to expand its Booneville operation and create at least 120 new jobs.
New Way is investing $4 million to grow its manufacturing capacity in Prentiss County, according to the Mississippi Development Authority. The Iowa-based company got a host of state incentives, including a rebate agreement, to grow its Mississippi footprint.
New Way CEO Mike McLaughlin called the expansion “an easy decision” because of the company’s existing partnership with state and local leaders.
The jobs will pay an average of $49,700, according to Prentiss County Development Association Director Leon Hays. The existing factory already employs about 140 people.
“It’s a good win for us,” Hays said. “These are good paying jobs, really good opportunities for folks in our community.”
New Way opened its Booneville facility inside a former tubing factory in 2019. The new factory is a 66,000-square-foot facility inside the Prentiss County Industrial Park, where workers will fabricate truck parts as well as research new product development.
Prentiss County purchased the building for New Way for about $675,000, according to the local development association. New Way will rent the space from the county. The Mississippi Development Authority is paying $720,000 to rehab the building, which is all but $23,000 of the estimated construction costs.
As part of the state’s Advantage Job Rebate Program, New Way will likely make back a good chunk of its initial investments. The program allows businesses to receive rebates if they create new jobs above the area’s annual average salary.
New Way must hire at least 100 new positions at a minimum salary of about $36,500 over the next two years to collect the rebate, according to the written agreement obtained by Mississippi Today.
If New Way paid salaries at the minimum end of its agreement, it could receive more than $1 million back over next 10 years. The program caps the amount a company can earn back at 4% the cumulative total of the added salaries.
“Mississippi boasts a strong portfolio of business advantages, all of which assist in keeping companies like New Way Trucks competitive in today’s marketplace,” Gov. Tate Reeves said in a statement. “Mississippi’s strongest advantage is our people, who are committed to their employer’s success just as much as their own.”
New Way has been steadily working with Northeast Mississippi Community College to ensure skilled welders are available to fill its open positions. Hays expects that relationship to grow so the factory can fill the upcoming openings.
New Way plans to begin operating the facility by the end of the year.