The Newton Board of Supervisors have approved a new tax abatement for ESCO Corporation a division of Weir after it recently completed an $18.8 million investment.
According to Newt Ishee, director for Mid-Mississippi Regional Development, ESCO has hired 78 new employees, bringing its total number of employee to 306 employees.
The board also met with Ishee during an executive session to further explain the development and abatements that they were planning to approve.
After the executive session, the board approved a 25 percent abatement for ESCO’s property taxes. This could be renewed for up to five years total.
It was unanimously approved.