Beach Mold & Tool Inc. Plans $23.3 Million Expansion In New Albany, Indiana
The company will invest $23.3 million to expand its operations, constructing a new 140,000-square-foot warehouse adjacent to its existing 490,000-square-foot manufacturing and assembly facility in the New Albany Industrial Park.
“As a result of our skilled and dedicated workforce in New Albany, we have seen sales growth from our existing customers,” said William H. Beach, Owner/CEO of Beach Mold & Tool. “We are fortunate to have an opportunity to provide parts and assemblies for a new program by a current customer, which will require us to expand warehousing, manufacturing space and employment. The city of New Albany, the Indiana Economic Development Corporation and One Southern Indiana have been highly supportive of this aggressive expansion and we appreciate their assistance.”
The new warehouse, which is expected to be complete by July 2016, will allow the company to convert space at the existing facility to increase its manufacturing capabilities. The investment will also be used to purchase several large injection molding presses and to update existing equipment for energy and technology updates. The company, which currently employs 603 Indiana residents and 665 total associates in New Albany, has already begun hiring.
As an incentive, Indiana Economic Development Corporation offered Beach Mold & Tool up to $1,250,000 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 additional incentives at the request of the One Southern Indiana.
“For over 40 years, Beach Mold & Tool has been a great corporate partner, providing support and employment for the citizens of New Albany and surrounding communities,” said New Albany Mayor Jeff Gahan. “The Beach Mold & Tool expansion is expected to make New Albany more competitive and improve the quality of life for residents for years to come and the city of New Albany stands ready to help in any way it can.”
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