Phillips Tube Group Invests $8.2 Million to Relocate in Richmond, Indiana
07/30/2020
"On behalf of Phillips Tube Group, let me first say thank you to the state of Indiana, the EDC of Wayne County and the city of Richmond who have done a fantastic job of creating an environment of success for our new plant," Angela Phillips, CEO and owner of the company.
Indiana Economic Development Corporation offered up to $325,000 in conditional tax credits as an incentive based on the company's hiring.
In addition, the company will receive a $98,500 Economic Development Income Tax grant to offset building restoration and equipment costs. Richmond Common Council's tax abatement committee is also considering providing the company with a total of $6.8 million in 10-year tax abatements, a vote for which will be considered in August.
"Our investment in this facility represents the most technologically advanced machinery and processing equipment in the industry," EDC President Valerie Shaffer said in a statement. "The company's plans to make the Richmond facility a high technology center demonstrates their confidence in this location."
Most Read
-
-
Latest Trends in the Industrial Real Estate Sector Here to Stay
Q2 2021
-
A New Approach to Energy Savings for Your Next Manufacturing Plant
Q2 2021
-
Where's the Talent: Jobs Outlook in the Fastest Growing U.S. Cities
Q2 2021
-
2021 Gold & Silver Shovel Awards Project of the Year: CREE Wolfspeed’s Wafers Key to Charging of EVs
Q2 2021
-
A Turnkey Approach to Manufacturing Location Decisions
Q2 2021
-
2020 Top States for Doing Business Showcase Their Pro-Business Environments
Q3 2020