OLIVE BRANCH, Miss. — A German agricultural implement company is moving its North American headquarters from Memphis, Tennessee, into nearby Mississippi.
Krone announced Wednesday that it’s investing $1.5 million to move a 45-employee headquarters and distribution facility to Olive Branch. The company says the new, rented location lets it consolidate two warehouses and offers better highway access.
State and local governments plan to give Krone incentives worth more than $8 million.
Mississippi Development Authority spokeswoman Tammy Craft says Krone will get property and inventory tax abatements projected at $7.3 million over 10 years. Krone will also get a $250,000 grant to relocate equipment. Craft says Krone qualifies for incentives rebating some worker income taxes to the company. That requires Krone pay workers at least $37,521 annually. The company could get $675,000 over 10 years.
It’s relatively good news for the city after another company recently announced it would be closing its doors. In late January, A.L.P. Lighting Components announced it was closing a 68-worker factory after it sold the business to another company. That plant is scheduled to cease production by June 28.