A locally owned and operated company plans to invest more than $1 million in the next 12 months to increase production and potentially attract new business.
On Monday night, the Seymour City Council unanimously approved a tax abatement for Excel Manufacturing Inc. on an estimated investment of $1.6 million.
The company is purchasing new CNC manufacturing equipment, special machines and supporting equipment, according to a statement of benefits form filed with the city Nov. 4.
The abatement will allow the company to phase in paying property taxes on the equipment over a 10-year-period.
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Jim Plump, executive director of Jackson County Industrial Development Corp., said the investment will create one new job with an estimated annual salary of $30,000 and retain Excel’s existing workforce of 89 employees, which generate total salaries of $3.57 million.
The company, located in the Eastside Industrial Park in the 1700 block of East Fourth Street Road in Seymour, offers production machining, engineering, fixture design and building and assembly services.
The project is expected to begin Dec. 1 and be completed by the end of December 2020.