Authority Executive Director David Warner said the company is currently ahead of its projections for investment and number of employees hired at the South Charleston plant.
State Commerce Secretary Keith Burdette expressed confidence the company would continue to grow and expand in the coming years.
"We fully expect them to exceed all of our expectations," Burdette said. "We're highly encouraged by everything that's happening at Gestamp."
In other action Thursday, the authority approved a $19.3 million bond reimbursement and inducement resolution for Entsorga West Virginia, LLC.
Entsorga is conducting engineering and legal work to obtain permits to build a solid waste management and treatment facility in Martinsburg.
The company plans to use a patented process that will take biodegradable waste from garbage that would otherwise go to a landfill and convert it into material that can be used to make concrete.
The reimbursement and inducement resolution allows the company to spend money on legal and engineering work that would be reimbursed with funds from a future bond sale.
Warner said the company is expected to make a formal request for bond financing later this year.
The authority also approved a $500,000 loan insurance application from United Bank to benefit Monroe County decorative stone manufacturer M-Rock Inc. The authority is insuring a $500,000 portion of an overall $706,000 loan from the bank to the company.
Contact writer Jared Hunt at busin...@dailymail.com or 304-348-4836.
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