Rightway Fasteners is planning a $12 million investment to increase production at its facility in Walesboro.
Representatives for the company went before the Columbus City Council Tuesday night to request a tax-abatement. Rightway Fasteners is purchasing and installing two cold forging machines, a heat treatment furnace, three coating lines and three shot-blast machines. The company asked for a 10-year tax abatement on the purchase and installation of this new equipment. Rightway Fasteners will pay over $425,000 in new property taxes over the next decade. The abatement will save the company over $633,000 in property taxes over the same period.
The investment is expected to retain 410 jobs and create nine new ones.
Council approved the abatement on a vote of 6-0.