Independent Stave Company officials recently announced that the company will invest $30 million to establish new manufacturing operations in Overton County, which is categorized as an “economically distressed” county by the Tennessee Department of Economic and Community Development (TNECD).
Independent Stave Company manufactures staves, barrels and oak alternatives for customers in more than 40 countries around the world.
Through its subsidiary American Stave Company, Independent Stave Company plans to construct a new stave mill at a property owned in Rickman, which will be the company’s eleventh mill in the U.S., according to TNECD.
The new facility, TNECD notes, will help Independent Stave Company “meet the continued growth needs of its customers.”
The company’s expansion project is expected to create 85 new jobs in Overton County, bringing the total number of Tennesseans employed by the company to 100, according to TNECD.
“We are excited to expand our domestic stave mill operations. This new facility in Rickman, Tennessee, will allow us to increase our wood supply in support of our customers and the growth of the industry. Rickman is an ideal location for our eleventh stave mill with the available skilled workforce as well as the surrounding forests known for cooperage quality white oak,” CEO of Independent Stave Company Brad Boswell said in a statement.
TNECD categorizes Overton County as a Tier-4, At-Risk, economically distressed county, which is one ranking away from being classified as a distressed county – the worst rating. According to data by the department, the county’s poverty rate is 19.2 percent, while the three-year average unemployment rate stands at 4.6 percent. The county’s per capita market income is $23,630.
“We appreciate [Independent Stave Company’s] continued partnership with the State of Tennessee and its $30 million investment, which will provide a significant boost in Tier 4, At-Risk Overton County,” TNECD Commissioner Stuart McWhorter added.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
Photo “Independent Stave Company” by TNECD.
