Swiss firm ABB has taken over a building once occupied by defunct solar firm Twin Creeks and plans to hire 300 people over the next five years.
The company will lease the building and make electrical components.
That means Senatobia can resume making payments to the Mississippi Development Authority on $18 million it borrowed to build the structure. Mississippi lost $27.7 million to Twin Creeks, recouping only $1.25 million.
ABB didn’t immediately say how much it would invest.
Tim Climer, executive director of the Tate County Development Foundation, says ABB plans to add 120,000 square feet to the current 85,000 square-foot building.
Mississippi will give ABB $3.5 million to help with infrastructure and workforce training. The city and county plan 10-year property tax breaks, but Climer couldn’t immediately project values.
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