Bond sale to expand Gestamp plant in state OK'd
CHARLESTON, W.Va. -- West Virginia officials are moving forward with a bond sale to help expand an auto parts stamping plant in South Charleston.
The West Virginia Economic Development Authority on Thursday authorized up to $150 million in bonds that will be used to purchase equipment for the Gestamp plant over the next five years.
The financing assistance was part of the original incentive package state officials used to entice the company to move into plant.
The Spanish-owned automotive company announced last year that it would invest a minimum of $100 million in the facility over the next five to seven years, creating up to 700 jobs.
Gestamp will make regular lease payments to the authority to cover the bond debt over the next 20 years.