Summit Plastics Inc., a Mississippi-based film and bag maker, is spending $ 5.4 million on an expansion project that will create 25 jobs.
That in Summit, miss. based company makes custom plastic films and sheets and currently employs more than 110 people, up from 52 in 2015 when Tom Nathanson bought the company.
The announcement of the new project continues the company’s growth in recent years.
With this latest move, the company will build a 12,000 square meter extension to its current 98,000 square meters. The additional space will allow the installation of three blown film lines, at least one of which is a multilayer line, according to the Mississippi Development Authority.
Over time, Summit Plastics has increased annual production from £ 20 million to £ 40 million. This sum is now set to increase to £ 85 million over the next four years.
In addition to helping with building construction, MDA also certified Summit Plastics for the state’s Advantage Jobs Incentive Program, which helps companies create jobs that are above the state or county average annual wage.
“Once again, the state, Pike County, and the City of Summit are committed to growing our business and providing high-performing, well-paying, high-performing jobs for the great people of Mississippi. Mississippi is clearly one of the best places to do business in the entire United States, “said Nathanson, the company’s CEO, in a statement.
The expansion work should be completed by March.
“Summit Plastics has been a great corporate citizen for nearly three decades,” Summit Mayor Percy Robinson said in a statement. Summit Plastics started production in 1994.
The multimillion-dollar project comes about a year after LongueVue Capital, a New Orleans-based private equity firm, invested in the company. In January, LongueVue said it would raise capital to enable Summit Plastics to expand both its product offerings and its national presence.
Summit manufactures single, triple, and five-layer polyethylene films and bags in low and linear low density for the food and beverage, healthcare, and industrial markets.
Summit ranks 109th in the latest Plastics News poll of North American film and sheet manufacturers with estimated sales of $ 38 million and 13 extrusion lines.