Armor Plastics Plans Madison, Indiana, Manufacturing Plant
The company, which is a joint venture between Ohio businessman Tom Faris and Madison-based SuperATV, will revitalize a vacant industrial site and plans to create up to 30 new jobs over the next few years. Armor Plastics plans to invest $13.4 million to purchase, redevelop and equip the more than 145,000-square-foot building at 1200 Clifty Drive along State Road 7 in Madison.
The facility, which was built by Williamson Metal Works in 1946 and then acquired by the Armor Group in 1999, has remained vacant since closing in 2009. Armor Plastics, which will designate the 28.5-acre site as its corporate headquarters, plans to repurpose the property into a state-of-the-art manufacturing campus, allowing the company to utilize its patented coating technology to produce door panels, windows and windshields for UTVs, ATVs and other recreational and terrain vehicles.
As an incentive, IEDC offered Armor Plastics up to $210,000 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 IEDC also offered the company up to $2.6 million in conditional tax credits from the Industrial Recovery Tax Credit (DINO) program, which provides an incentive to invest in former industrial sites and improve quality of place in Indiana communities. In addition, the city of Madison will consider additional incentives in support of the project.
According to state officials, the company, which recently closed on its purchasing agreement and expects the new facility to be fully operational by 2023, plans to create up to 30 new jobs in Indiana. Armor Plastics will begin hiring for customer service, operations, maintenance and shipping and receiving personnel starting in summer 2019.
"I'm so grateful to the city of Madison, Jefferson County Industrial Development Corporation and the IEDC for pursuing this partnership to bring more jobs and investment to southeast Indiana," said Harold Hunt, Partner at Armor Plastics and founder and president of SuperATV. "We believe the future of Madison and Indiana is bright, and we're excited to grow here for years to come."
"By encouraging regional development and quality of place planning, Indiana is creating culturally- and economically-vibrant communities that are attractive to businesses and talented workers," said Elaine Bedel, president of the Indiana Economic Development Corporation (IEDC). "We're so excited that Armor Plastics is choosing to fuel its growth in southeast Indiana, redeveloping a once-thriving industrial site, enhancing the quality of place in Madison and creating good jobs in the community."
"With today's announcement, the Hunt family has again proven their commitment to Madison by adding jobs and investment in another property that has been vacant for over a decade," said Madison Mayor Damon Welch. "This project will improve one of our main gateways into the community, which was identified as a priority by our Stellar Communities plan, while adding economic opportunity for our residents."
"We're always looking for ways to help our local businesses expand and grow right in Madison," said Matt Wirth, Executive Director of the Jefferson County Industrial Development Corporation. "We know that Madison's economy is strong, but the Hunt family's investment is another vote of confidence in the quality of life, workforce and overall future of our community."
2020 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts
How are Uncertain Times Altering Company Location Strategies?
Infrastructure Investment as an Economic Stimulus Tool
2019 Top States for Doing Business: Georgia Ranks #1 Sixth Year in a Row
34th Annual Corporate Survey & the 16th Annual Consultants Survey
Site Selection 2020: The Importance of “Regional Depth” with Global Reach