Watson Engineering Inc. recently announced that it has gained a $7-million bond issue from South Carolina’s Jobs-Economic Development Authority (JEDA), which will help facilitate the company’s expansion and refinancing.
These Series 2015 Economic Development Revenue Bonds will help the company to expand its current facility located in Piedmont. The financing will also refund the Series 2007 JEDA bonds that built the original Anderson County facility.
“JEDA bond funding will help us continue our growth as one of the most efficient, responsive and reliable producers in the specialty metal fabrication industry,” Christopher Douglas, CFO at Watson Engineering, said. “We’re also thrilled to be able to add new jobs to our local economy.”
As of today, Watson Engineering employs 120 people who produce fabricated tubular metal and steel components. These elements are used in the construction, automotive, and agricultural industries.
“Watson Engineering is a recognized national leader in producing specialized parts for high-performance automotive, construction and agriculture business applications,” Alan Lipsitz, bond bounsel with Nexsen Pruet in Columbia, said. “We’re happy to help this accomplished company continue to build on that foundation.”
Experts estimate that after Watson Engineering expands, there will be 30 new jobs generated within just 24 months.
“JEDA is pleased to be able to once again provide tax-exempt financing for Watson Engineering,” Harry A. Huntley, Executive Director of JEDA in Columbia, said. “Helping innovators like this company is another great example of the private-public partnerships that help South Carolina thrive in our new economy.”