The Fastenal Co. will build a $11.5 million istribution center in Madison County and expects to create 60 jobs over the next three years.
Fastenal provides companies with fasteners, tools and supplies needed to manufacture products, build structures and maintain facilities and equipment. The 129,000-square-foot Madison County distribution center, the company‘s 15th in North America, will be located off Sowell Road.
The Mississippi Development Authority is providing $350,000 for site preparations and $150,000 for private infrastructure. Madison County is providing $115,000 for public infrastructure and also is providing tax incentives.
“This project allows us to strengthen the distribution network, which in turn supports our branch and on-site network and ultimately supports our customer,” CEO Dan Florness of Winona, Minn.-based Fastenal, said in a release.
“Mississippi’s advantageous tax structure and logistical infrastructure coupled with Madison County’s appeal and its existing industries were key factors in Fastenal’s decision to locate in our state,” MDA Executive Director Glenn McCullough Jr. said in the release.
Construction of the distribution center will begin this fall and is expected to be complete by fall of 2019.
Fastenal announced on May 25 plans to build a 90,000-square-foot office complex expansion in downtown Winona, with room for 400 to 600 employees, according to the Minneappolis/St. Paul Business Journal.
Fastenal is traded on the NasdaqGS stock market. Its shares have ranged from $39.79 to $58.74 in the past 52 months. They closed Monday at $53.47, down 16 cents.
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