New Millennium Building Systems, a subsidiary of Steel Dynamics, held a ribbon cutting ceremony Monday to celebrate the company's start of production in Hope.
To date the company has hired 58 employees. Plans to hire as many as 120 more are in place as demand dictates. In addition to the purchase price, New Millennium has installed an additional $4 million of new equipment into the plant formerly occupied by the Commercial Metals Company. New Millennium will manufacture steel joists at the Hope facility.
"We look forward to becoming a productive part of the Hope community," said Chris Graham, general manager of New Millennium's Hope facility. "We've been welcomed with open arms. We'll strive to be a positive part our employees' lives and of our community for years to come."
"Arkansas will not cede manufacturing to any part of the world, we want to keep it in America and keep it here in our state," Governor Mike Beebe said. "The arrival of New Millennium in Hope brings good jobs in tough economic times, and breathes new life into existing infrastructure. It's a good formula for success all around."
The purchase of the Hope plant facilitates New Millennium's plans to expand its presence in construction markets in the Southwest and the West.
This is New Millennium's first facility in Arkansas. At full production, the facility is projected to generate more than $8 million in annual payroll when fully staffed.
"The steel joist industry has been a part of our manufacturing base for decades," said Hope Mayor Dennis Ramsey. "We are excited that is continuing with New Millennium and the jobs they are bringing. Their investment and job creation will be most beneficial to a growing of Southwest Arkansas economy. We appreciate partnership of the Arkansas Economic Development Commission that resulted in bringing this project to fruition. Again we welcome Steel Dynamics and pledge to be a good community partner."
Founded in 1999 in Butler, Indiana, New Millennium Building Systems announced in September 2010 the strategic acquisition of manufacturing and office facilities in Hope, Arkansas; Fallon, Nevada; and Juarez, Mexico. By investing in a range of efficiency and capacity upgrades for these acquisitions, New Millennium has become the second largest provider of steel joists and metal decking to the nationwide U.S. market.