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An Arkansas manufacturer of electrical power equipment plans to establish a new production facility in the Florida Panhandle, local economic development officials announced.
Central Moloney Inc., which designs and manufactures electrical distribution transformers and components for large utilities, distributors, and equipment manufacturers throughout the U.S., will invest more than $20 million to begin production of single-phase pole-mounted transformers in Florida. The company plans to lease a 140,000-square-foot building in a Panama City business park to house its operations.
Central Moloney expects to add 200 new jobs in West Florida. The Bay Economic Development Alliance estimated that the project would have an overall impact of 362 direct, indirect, or induced jobs, which would equate to more than $19.7 million in combined salaries.
“To create a sustainable future for manufacturing in America, we must invest in creating high-skilled jobs and growing our skilled workforce for the future,” Central Moloney President and CEO Chris Hart said in a statement. “We have found Bay County, Florida, to be the ideal location to expand our company.”
Hart told a BCEDA meeting that he hopes to begin operations at the new location before the end of the year, the Panama City News Herald reports.
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