PADNOS Plastics Solutions, Inc. Plans Plastics Recycling Facility In Fremont, Indiana
The Holland, Michigan based company will purchase, renovate and equip a new 120,000 square-foot facility located at 803 S. Reed St. in Fremont. The expansion, which will be fully operational by early 2014, will allow the company to operate its plastics division closer to industrial and commercial customers, reducing freight expenses.
"Growing into Indiana was a natural move for our plastics business," said Jeff Padnos, President of PADNOS. "We service multiple vendors and customers in the area and we also have great partners in this region. Our plastics plant in Michigan has reached full capacity and it made a lot of sense to go somewhere far, but not too far. Indiana is known to be a great place to do business and the initial experience with the local municipality is proving that notion accurate. Everyone is making us feel incredibly welcome and that gives us confidence that we made the right decision."
Founded in 1905, PADNOS is a family-owned and operated business, managing scrap products for industrial and commercial accounts, including the automotive, furniture and medical industries. PADNOS, which currently employs more than 600 associates, plans to begin hiring equipment operators and lab technicians later this month and expects to hire operation managers, material engineers and sales executives within a year.
"In an increasingly competitive environment, Indiana is winning new jobs and investment because we've built the best possible climate for business growth," said Victor Smith, Indiana Secretary of Commerce. "Whether it's across the country or around the globe, Indiana's positive story is being heard. Companies find that our low business costs, growing infrastructure and proximity to a large base of manufacturers make Indiana a state that works."
As an incentive, the Indiana Economic Development Corporation offered PADNOS Plastics Solutions, Inc. up to $75,000 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. The town of Fremont approved additional incentives at the request of the Steuben County Economic Development Corporation.
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