The Marshall Economic Development Corporation (Marshall EDC) has offered a $575,000 incentive proposal to Prysmian Group, one of the largest global manufacturers of electric utility cable. The company is seeking a plant expansion location for a $50 million investment in improvements and equipment as well as 75 new hires.
Marshall EDC Executive Director Rush Harris presented the incentive offer proposal. On Aug. 25th, the Marshall EDC Board of Directors unanimously approved an incentive package valued at $575,000. The Marshall City Council voted to approve this expenditure proposal of EDC funds during Thursday night’s meeting.
“Prysmian Group’s Marshall plant employs over 500 people and has been a staple employer for the region”, Harris commented. “A $50 million dollar investment opportunity is significant. We strongly support private investment opportunities when given the chance.”
Prysmian Group is the world leader in the design, manufacture and sales of wire and cable products. Based in Highland Heights, Ky., Prysmian Group North America operations include 27 manufacturing facilities, 14 distribution centers, four R&D centers, and more than 5,400 employees in the U.S. and Canada.
The Group’s Marshall plant was originally constructed by Alcoa in 1967 and lies about 3 miles from the Marshall City limits on US Highway 80, later managed by General Cable since the 1980s, up to the recent merger of General Cable and Prysmian Group in 2018. The plant is served by City of Marshall utilities and has employed hundreds of Marshall residents since its inception.
The Marshall EDC proposal is part of a larger offer which includes Harrison County. Prysmian Group has applied for a county tax abatement in past years. If successful, the abatement value combined with the EDC’s contribution will be evaluated by Prysmian Group’s corporate office for a final decision on where to locate their expansion.
“Prysmian Group has many plant options for investment. If selected, the impact of this event would have economic ripples throughout the community assisting the taxing entities and the private sector. 75 new jobs mean more money spent locally for purchases, restaurants, and housing. We want them to know they have a great home here in our community,” said Jeremy Spears, Chairman of the Marshall EDC Board of Directors.