Progressive Materials Eyes New Headquarters in New Albany, Indiana
The company, which is one of the largest silicone coatings manufacturers in the U.S., will invest $13.4 million to expand its New Albany-based headquarters after outgrowing its current facility at 540 Central Court.
Progressive Materials will construct and equip an approximately 100,000-square-foot corporate campus at the New Albany North Industrial Park off Hausfeldt Lane with plans to be operational in the new space by December 2019. The complex will be home to Progressive Materials' manufacturing operations, warehouse space, distribution center, sales and marketing offices and quality control laboratories. With this expansion, the company plans to enhance its customer base and complement its rapid sales growth, which surpassed $32 million in 2017 alone.
As an incentive Indiana Economic Development Corporation offered Progressive Materials up to $240,000 in conditional tax credits 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. The city of New Albany will consider 10-year and five-year real and personal property tax abatements, respectively, at the request of One Southern Indiana.
“The leadership at Progressive Materials is very excited about staying in Indiana for the company’s continued growth and expansion," said Sean Stumler, president of Progressive Materials. "The move to a fully-automated, state-of-the-art facility is a huge step for our company, and everyone from the state of Indiana, city of New Albany and One Southern Indiana have been incredibly helpful throughout the process. We appreciate all the work and support that has gone into making our proposed expansion a success, and we look forward to continuing our winning strategy here in southern Indiana.”
"With the highest concentration of manufacturing jobs in the U.S., Indiana has established a strong reputation for making products that are used around the world," said Elaine Bedel, president of the Indiana Economic Development Corporation (IEDC). "Because of the state's low-cost, tax-friendly business climate and skilled workforce, small businesses like Progressive Materials have the confidence to expand and create good jobs for Hoosiers."
“The city of New Albany is excited to be working with Progressive Materials to not only keep the company here in the city, but also to consider the New Albany North Industrial Park as an ideal location for its new headquarters and manufacturing operation," said New Albany Mayor Jeff Gahan. "The largely-automated, advanced manufacturing facility has extraordinary growth potential and would offer new, high-wage job opportunities to our citizens. The city will continue to assist Progressive Materials in its growth plans, for the benefit of both now and in the future."
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