Material Bank, a material marketplace in the architecture, design and construction industry, will invest $14.5 million to locate a distribution center in Olive Branch, Mississippi. The company plans to hire 300 associates.
Material Bank is leasing a newly constructed 369,470-square-foot facility located in the I-22 Logistics Park. The facility plans to begin operations in January.
“Our growth has been incredible, and more space was critical to continue to support that growth,” said Material Bank Founder and CEO Adam Sandow. “With its close proximity to the FedEx Global Headquarters, we’re thrilled to be opening a distribution facility in DeSoto County. We look forward to creating new job opportunities in this thriving community, including higher-than-average wages for our team.”
Mississippi Development Authority is providing assistance for equipment relocation and workforce training. The company also qualifies for the Advantage Jobs Rebate Program, which provides a rebate to eligible businesses that create new jobs exceeding the average annual wage of the state or county in which the company locates or expands. TVA also is assisting with the project.
“DeSoto County and Northwest Mississippi continue to experience tremendous economic growth as companies like Material Bank open new operations in the region, enabling them to more easily deliver goods to customers via the area’s exceptional transportation network and skilled workforce,” said Mississippi Development Authority Interim Director John Rounsaville. “This victory is the result of the leadership at the DeSoto County Economic Development Council, the Tennessee Valley Authority, the city of Olive Branch and DeSoto County, which, along with the MDA team, played a significant role in successfully bringing Material Bank to our great state.”
“Material Bank is the latest to join a growing list of industry leaders that are realizing the numerous advantages of doing business in DeSoto County, which is a prime location for companies with extensive shipping needs,” Governor Tate Reeves said. “I am proud to welcome Material Bank to Mississippi and appreciate the company for bringing hundreds of new jobs to Northwest Mississippi.”
“TVA and Northcentral Electric Cooperative congratulate Material Bank on its decision to locate and create hundreds of new job opportunities in DeSoto County. Helping to foster job creation and investment in the Valley is fundamental to TVA’s mission of service,” said TVA Senior Vice President of Economic Development John Bradley. “We are proud to partner with the city of Olive Branch, DeSoto County, DeSoto County Economic Development Council and Mississippi Development Authority to help further that mission and celebrate this announcement.”