When ACT Electronics announced it was expecting to close its facility in Corinth, Mississippi, Ayrshire Electronics, based in Louisville, Kentucky, acquired their assets, established a new corporate structure, brought in new management, and put the first 200-plus workers back on the job almost immediately. But it wasn’t as simple at it sounds.
“ACT had 204 full-time employees at its Corinth, Mississippi facility,” recalled Gray Swoope, executive director of the Mississippi Development Authority (MDA). “They all received WARN notices. MDA moved quickly and worked tirelessly with Alcorn County, the City of Corinth, and The Alliance, a local economic development organization, to find a buyer for the plant to try to save those jobs. Within two weeks of when the plant would have permanently closed its doors, Ayrshire Electronics had acquired ACT’s assets and announced plans to retain all 200-plus full-time workers at the facility. We at MDA are delighted with the outcome of this project, and we applaud the efforts of the locals and of officials at Ayrshire who all worked together to save these jobs and keep this facility open.”
For the sixth straight year, manufacturing jobs have declined in the state – Northeast Mississippi posted the steepest decline. Obviously, all employment opportunities from quality companies, such as Ayrshire Electronics, are extremely valuable.
When announcing the Ayrshire Electronics acquisition, Mississippi Governor Haley Barbour said, “I want to congratulate and compliment the Alcorn County Board of Supervisors and local economic developers who went to work very quickly when the ACT closure was announced to find a way to salvage these jobs that are so vital to northeast Mississippi. Our team at the Mississippi Development Authority and I have been working hard over the past few days to help facilitate this acquisition by Mississippi’s newest corporate citizen, Ayrshire Electronics, and I look forward to a long, productive relationship.”