SealCorpUSA Invests $2.6 Million On Second Manufacturing Facility in Evansville, Indiana
The company, which manufactures compounds of butyl, neoprene and other specialty elastomers, plans to lease 100,000 a square-foot facility at 1179 Diamond Avenue in Evansville and purchase additional mixers, fork trucks and computers. Its second plant should be in operation by July. Thirty-five jobs created will be in maintenance, management, information technology and production associate field.
"SealCorpUSA has had consistent growth for more than 20 years due to our goals to provide the best products, service and product development expertise in our industry," said Ken Rust, president of SealCorpUSA. "The cumulative effort of the state and local organizations has provided the tools and support to make Indiana the logical choice."
"SealCorpUSA's continued investment and expansion in our state exemplifies the confidence companies have in Indiana's current and future business climate," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "Through our low-tax, pro-growth policies, Indiana provides research and development companies a sustainable platform for long-term success."
An incentive the Indiana Economic Development Corporation offered SealCorpUSA up to $275,000 in conditional tax credits and up to $60,000 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 Evansville will consider additional property tax abatement.
Because SealCorp USA is located within the Evansville Urban Enterprise Zone, the company qualifies for a deduction in its personal property tax for the increased value of the investment. The added value may be deducted for up to 10 years. The estimated gross and present value of the 10-year investment deduction has an approximate value of $66,000 for personal property.
"The city is pleased that SealCorpUSA has chosen to expand in Evansville," said Evansville Mayor Lloyd Winnecke. "The commitment to job creation and the retention of employer companies in our community is a top priority of our administration."
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