MetalX Invests $12.4 Million To Establish Scrap Metal Recycling Facility In Auburn, Indiana
Area Development Online News Desk (01/08/2014)
MetalX, a scrap metal recycling company, will invest $12.4 million to locate a new facility in Auburn, Indiana, creating up to 80 new jobs by 2017.
The Waterloo, Indiana, based company will purchase, renovate and equip a 240,000 square-foot industrial facility at 1101 Oren Drive in Auburn. Located on a 30-acre site with main line rail access, the company expects to commission its first line in April, with plans to have the plant fully operational by September. The facility will allow MetalX to develop a consolidated nonferrous metal recycling and reclamation operation that will be capable of recycling more than 100 million pounds of nonferrous metals per year, half of which will be reclaimed from material streams previously going to landfills.
“We are pleased to confirm that we will locate our newest operation in Indiana, and in particular, in the city of Auburn,” said Danny Rifkin, President and CEO of MetalX. “We recognize the effort that has been required on the part of the mayor and city council, the DeKalb County Economic Development Partnership and the IEDC to work together with us on this project, and are proud to continue expanding in our home state. Job creation is the foundation for a sound domestic economy, and we appreciate the assistance to help facilitate new Indiana jobs.”
“Indiana’s economy continues to operate with homegrown-Hoosier companies as our foundation,” said Gov. Mike Pence. “They are responsible for significant job creation and are key to helping bolster the growth of our state. With our low taxes, best-in-the-nation workforce and central location, the Hoosier State has developed an ideal business climate, allowing companies like MetalX to stay close to home and making Indiana a state that works.”
The Indiana Economic Development Corporation offered MetalX, LLC up to $725,000 in conditional tax credits and up to $40,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. In addition, the city of Auburn also approved additional incentives at the request of the DeKalb County Economic Development Partnership.
“We’re very pleased that MetalX has chosen to locate its new recycling facility here in Auburn,” said Auburn Mayor Norm Yoder. “It occupies a vacant industrial building, bringing the facility to life to create many new jobs for our community.”