Phillips Tube Group, a welded steel tube manufacturer, will invest $8.2 million to expand its manufacturing plant and relocate into the former Matthews International building in Richmond, Indiana. The company expects to hire 30 associates by 2024.
"On behalf of Phillips Tube Group, let me first say thank you to the state of Indiana, the EDC of Wayne County and the city of Richmond who have done a fantastic job of creating an environment of success for our new plant," Angela Phillips, CEO and owner of the company.
Indiana Economic Development Corporation offered up to $325,000 in conditional tax credits as an incentive based on the company's hiring.
In addition, the company will receive a $98,500 Economic Development Income Tax grant to offset building restoration and equipment costs. Richmond Common Council's tax abatement committee is also considering providing the company with a total of $6.8 million in 10-year tax abatements, a vote for which will be considered in August.
"Our investment in this facility represents the most technologically advanced machinery and processing equipment in the industry," EDC President Valerie Shaffer said in a statement. "The company's plans to make the Richmond facility a high technology center demonstrates their confidence in this location."