A Grenada manufacturer has received a grant that will help it retain jobs and grow its business.
Grenada Stamping has received $200,000 to refurbish a press that is essential to its production, according to Pablo Diaz, executive director of the Grenada Economic Development Authority.
Grenada Stamping is also investing over $250,000 to complete the project.
The money was granted through the Mississippi Development Authority’s Job Protection Grant program.
“It will be used to repair and overhaul an irreplaceable 2,200-ton Verson press,” said Diaz.
Grenada Stamping Project Manager B.J. Anderson said the press is perhaps the single biggest and most important piece of equipment in the house.
“It’s one of the most versatile pieces of equipment we have,” said Anderson. “It exerts 1,600 tons of pressure with each stroke, and we run it close to two full shifts a day.”
The press is used to make parts for appliances and automobiles.
The grant was made available to Grenada Stamping because the company was considered to be at a high risk of losing jobs given the disruption to its manufacturing process, according to Diaz.
Grenada Stamping is Grenada’s fastest growing company. The business has added 165 jobs in the last three years.