McNeilus Steel’s Expansion into Morrison, Tennessee

Impact Marketplace is thrilled to spotlight the groundbreaking expansion of McNeilus Steel in Morrison, Tennessee—a monumental stride in community development backed by a $29 million New Markets Tax Credit (NMTC) Allocation. This venture is expected to bolster the local economy and set a precedent for meaningful collaboration between various stakeholders, each committed to fostering sustainable growth and prosperity in rural communities.

At the heart of Morrison, McNeilus Steel, Inc., a beacon in the steel service sector for over 75 years, is set to embark on a transformative journey. With a strategic focus on steel processing and distribution, this expansion aims to harness the untapped potential of central Tennessee, ushering in a new era of industrial excellence. This initiative is buoyed by a significant investment in state-of-the-art machinery.

The success of this project is a testament to the power of collaboration, bringing together financial institutions and community development entities in a unified effort to drive positive change. Allocation was provided by the CDEs Pathway Lending and Waveland Community Development and the NMTC Investor was Regions Bank.  Reflecting on this work, representatives from key supporters shared their insights:

• Regions Bank: “This expansion and the new jobs that come with it are the direct result of companies working together to achieve a common goal. Through the New Markets Tax Credit program, McNeilus Steel has a clear pathway for expansion, and the people of Morrison and surrounding communities have a new source of career opportunities right here at home. At Regions Bank, we are proud to build on our experience leveraging the New Markets Tax Credit program to deliver positive results for businesses, their employees, and the customers and communities they serve.” – Wally Conyers, Commercial Banking Relationship Manager
• Pathway Lending: “At Pathway Lending, we recognize New Markets Tax Credits as a pivotal tool to drive economic development in rural communities. The McNeilus Steel project represents our latest effort to use this tool to successfully foster growth and job creation. It underscores our dedication to providing catalytic capital to advance local communities, like Morrison, Tennessee.” said Hank Helton, EVP and Chief Stakeholder Officer.
• McNeilus Steel:  “Securing the New Markets Tax Credits through Impact Marketplace has been a game-changer for our expansion project in Morrison, Tennessee. NMTCs were pivotal in significantly amplifying the project’s impact on the local community. This support enabled us to make substantial investments in technology and infrastructure, while also creating valuable job opportunities and fostering economic growth in the area. We’re deeply appreciative of the role NMTCs played in bringing our vision to life, marking a significant milestone in our commitment to community development and sustainable growth.” – – Aaron Tarasenko, CFO

The McNeilus Steel project goes beyond financial numbers; it’s a catalyst for significant community and economic upliftment:

• Job Creation: With 61 new full-time positions, the project directly addresses local employment needs, offering opportunities that require no college degree for the majority, thus lowering barriers to entry into the workforce.
• Economic Empowerment: Offering an average wage significantly above the local living wage, the initiative not only enhances the financial well-being of employees but also injects vitality into the local economy.
• Skills and Training: By providing advanced skills training and career advancement opportunities, the project invests in the long-term development of the workforce, ensuring sustainability and growth.
• Comprehensive Benefits: A focus on living wages and benefits, including health coverage and retirement plans, sets a new standard for employment in the area, promoting overall community health and stability.