Key Plastics to invest $1.2 million
7/22/2010
by Sayde Uerkwitz
Hartford City News Times
Key Plastics of Hartford City will be investing $1.2 million worth of equipment to make automotive handle molding and new paint systems.
The new equipment is expected to generate 24 jobs with salaries totaling $552,000.
“It is always beneficial seeing a current company thriving to invest into the community,” said Dennis Whitesell, Hartford City Mayor. “It shows that they plan on being here for a while and providing good jobs to the area.”
The City of Hartford City granted a 10-year tax abatement to Key Plastics on June 24.
“Many of the businesses in Blackford County continue to grow and tax abatement is one area that can really help a company’s bottom line,” said Rob Cleveland, Executive Director of Blackford County Economic Development Corporation.
In 2010 3M, Key Plastics, Creek Run and Sinclair Glass have all newly invested into Blackford County, Cleveland noted.
“If all 23 of these jobs are filled by Blackford County residents then it could drop the unemployment rate by nearly a half of a percent,” said Cleveland. The June unemployment rate in Blackford County is 12.6 percent.
Cleveland also noted Key Plastics will not be adding on to its facility to accommodate the new equipment.
The project was approved on July 1 and is estimated to be completed by February 28, 2011.
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