Prince Metal Stampings USA Inc. is planning an expansion to one of its two plants in Gadsden Airport Industrial Park, Mayor Sherman Guyton announced at Tuesday’s Gadsden City Council meeting.
Guyton said the expansion will enable the company, which is owned by the NARMCO Group in Windsor, Ontario, to increase its production of stamped metal parts for the automotive industry.
“The company proposes to invest $25 million to add on to one of its two plants there and to install machinery and equipment,” he said.
“They expect to add 30 new jobs over the next three years with an average wage of $30,000 per year.”
The council approved a tax abatement agreement, which does not include educational property taxes, for Prince Metal Stampings.
The non-educational tax exemptions were an incentive the Gadsden-Etowah Industrial Development Authority offered the company to expand in Gadsden.
Guyton said another incentive is the manpower training initiatives through the city’s workforce development partnership with Gadsden State Community College and the Gadsden City Board of Education.
“(Prince Metal Stampings) officials told me soon after I took office that the availability of skilled workers was of critical concern to them,” he said. “The council helped fund these programs and they are making a positive difference.”
Guyton said the NARMCO Group could have chosen one of its other plants for an expansion, but he’s glad the expansion will be here.
“The NARMCO Group has invested a considerable amount of money in its Prince Metal Stampings plants in Gadsden,” he said. “I appreciate their continued confidence in Gadsden.”
The expansion, which could begin as early as next month, is the third new industrial project in the city this year. It was announced in February that a German auto supplier, Fehrer Automotive, will locate in Gadsden and bring more than 100 jobs to the city. In April, United Casework announced it will locate in Gadsden, creating 80 new jobs.
“With all three — Fehrer Automotive, United Casework and Prince Metal Stampings — that’s more than 200 jobs and $38 million of capital improvement investments,” Guyton said.
“Our unemployment rate is still way too high, but it has declined for the fourth consecutive month and it is lower than the state unemployment rate,” Guyton said. “Prince Metal Stampings’ project will help us continue this positive trend for jobs. We’re proud to have them expand.”
By Andy Powell,
Times Staff Writer