Kiswire Ltd. took over the ArcelorMittal facility in Jefferson Industrial Park on Sunday, according to officials.
Human resources manager Lanita Plunkett said Tuesday that the new leadership has big plans for the facility.
“The existing equipment is quite old so Kiswire will make a $10 million to $12 million investment in completely retrofitting the plant,” Plunkett said. “They are going to be bringing in new machinery. The entire project is estimated for completion in about 18 months.”
Plunkett said that Kiswire — which is headquartered in Seoul, South Korea — bought ArcelorMittal’s wire business in order to expand the scale of its business.
“ArcelorMittal was a more diversified company and included mining operations,” Plunkett said. “Kiswire is strictly wire manufacturing. They see the potential for much improvement and growth for this facility. We manufacture steel cord wire used in tires and industrial hoses.”
The company will host an invitation-only reception from 11:30 a.m. to 1 p.m. Wednesday at the Pine Bluff Country Club.
“We wanted to have something to officially inform the community about our change in ownership,” Plunkett said. “We have changed all of our outdoor signage from ArcelorMittal to Kiswire. We had someone who was coming out for a job interview who told us they turned around and went home because they thought they were lost when they didn’t see our old signs.”