The Jackson County Industrial Development Board authorized the sale of a manufacturing facility on North Grundy Quarles Highway Wednesday for an estimated $1.5 million.
Synergy Magnetics will purchase the facility. Industrial Development Board Chairman Jim Birdwell said the company has been leasing the facility for the past two months while working to finalize a purchase agreement. Birdwell said the company has outgrown their previous space and needs a larger facility to support its planned expansion.
“Almost triple the size of that building, going anywhere up to a possible 106,000 square feet,” Birdwell said. “In which, of course, that is good news for us cause they said that will more than double the workforce around there.”
Birdwell said once established in the expanded facility, Synergy Magnetics expects to grow to between 80 and 100 employees. He said the company’s expansion represents a major win for Jackson County and its economic future.
“106,000 square feet is the largest manufacturing facility here,” Birdwell said. “These jobs will be very good jobs.”
Birdwell said the Development Board purchased the facility several years ago from Eaton Corporation with plans to renovate the building to attract a manufacturer. Birdwell said the building would be better off under Synergy Magnetics ownership.
“This project that they are speaking of is going to be anywhere from a $8 million to $10 million project,” Birdwell said. “We ended up today approving the sale of the building to them because they are anxious to be able to move forward as quickly as possible. If they own the building, they can move much quicker than the ID board can.”
Birdwell said the estimated $1.5 million sale will allow the board to recoup its investment in the property. The facility’s exact location is 1107 North Grundy Quarles Highway in Gainesboro.
Birdwell added that available industrial space in the county is becoming limited, and the board may explore the possibility of purchasing land on the south side of the county for future industrial development.