OXFORD, Miss. (AP) — A Michigan-based company has taken over a former Caterpillar Inc. plant in northern Mississippi, making parts for cars, trucks and heavy equipment.

SMW Manufacturing began leasing the Oxford plant from Caterpillar in July and announced on Thursday that it has hired 33 former Caterpillar workers. The company plans to invest more than $15 million and hire 17 more workers.

Caterpillar had 240 employees stamping metal hose couplings when it announced in 2016 it would close the plant.

Mississippi Development Authority spokeswoman Tammy Craft says SMW will benefit from state income tax breaks. She says local officials are considering additional incentives.

Craft says SMW is making hose couplings, plus products for other companies.

SMW won't say how much workers are paid. Caterpillar workers made $15 to $17 an hour.