Lafayette County approves sale of SMW building to new SMW owners
Published 3:16 pm Wednesday, October 27, 2021
The Lafayette County Economic Development District board of trustees and Board of Supervisors hands ownership of the SMW facility back to SMW Manufacturing’s after approving the notice of intent to purchase and the sale of the property.
On September 28, the county received a notice from SMW, in pursuant with the lease-purchase agreement they have with the county, of their intent to purchase the SMW building at an agreed price.
“SMW has gone through some change– managerial and ownership-wise,” said Board President Mike Roberts. “The county provided a loan to them years ago so they could start up and get going and they have prospered. Since then, they have sold the business and, in terms of loans, they’re paying out early and the business is staying.”
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According to County Board Attorney David O’Donnell, the county purchased the building from SMW several years ago and, later on, leased it back under the agreement that the price of the property would be equal the amounts of the loans received from Three Rivers and the Tennessee Valley Authority.
“I think it’s worth noting that this was a best case situation,” said Roberts. “The board was in a position to financially do the loans to get the industry here and they made the payments over the course of time and at the end of the day, they are paying them off early and the business is staying.”
Roberts said the new purchasers seemed committed to staying in the LOU community and expanding the business even further.
“The industry is committed to our county and to our trade school, so it’s a win-win for all of us,” he said.
SMW manufactures cold-formed components for the heavy truck, automotive, mining, construction and industrial markets. Their facility is located in the Lafayette County Max D. Hipp Industrial Park at 36 County Road 166 in Oxford.