A long time Floyd County industry has announced a major reinvestment and modernization initiative in hopes to keep the company competitive in the market.

Executives at International Paper were on hand to seek incentives from the Greater Rome Chamber of Commerce and the Rome-Floyd County Development Authority on Tuesday morning.

The corrugated paper mill announced to a large crowd Tuesday morning of their intention to reinvest between $100 million to $150 million in their current facility in Coosa.

Floyd County Commission Chairman Irwin Bagwell called the initiative a great shot in the arm for the community and added “This is as big as our Lowe’s project.”

The news comes on the heels of the company’s announced closure of their Alabama operations and the loss of 1,100 jobs.

International Paper will be paying maintenance and operation taxes and will be paying a PILOT fee for school and property taxes through 2025.

(WRGA/www.wrgarome.com)