A local engineering company has received support from the city to invest in $250,000 worth of equipment.
C and T Engineering Inc. was granted a 10-year tax abatement by the Seymour City Council during a meeting Monday night.
For the first year, the company at 322 Thompson Road on Seymour’s far west side will not have to pay any taxes on the investment. Each year thereafter, it will be required to pay a percentage, which increases by 10% each year until the abatement expires.
The abatement will allow the company to add injection molding equipment and the auxiliary equipment that goes with it, Councilman Seth Davidson said before asking for approval of the statement of benefits for personal property submitted by company President Richard Troxell. Davidson chairs the industrial development committee.
Troxell attended the meeting, and Jackson County Industrial Development Corp. Executive Director Jim Plump spoke on behalf of the company.
Plump said C and T anticipates to retain its current 14 employees, who have combined salaries of $592,800, and hire four additional employees, who will have combined salaries of $166,400.
The project will start sometime on or about Nov. 1 and be completed by May 31, 2021.
"The injection molding equipment will last easily 10 years," Plump said.
The council unanimously approved the statement of benefits and the resolution approving a tax abatement for qualified personal property 7-0.
As Troxell left the meeting, he thanked the council for their approval.
"Thank you for your investment," Councilman Bret Cunningham replied.
According to its website, C and T Engineering was solely dedicated to building and serving customer tooling needs when it was established in 1986.
Over time, the company has developed into an excelling plastic injection molding firm with 19 presses from 66 ton to 500 ton in a 11,500-square-foot production area while still maintaining a full tool shop for prototyping and the maintenance of customer tooling.
The company’s products range from simple designs (snow shovels, handles, guitar pick-ups) to precision automotive, medical and electronic products that require dimensional verification continually (medical devices, automotive clips, PCB components).
"We can build a new tool for your product or review and improve your existing tools to get the desired result for any product that allows for plastic injection molding," according to its website.
Through the years as the U.S. economy has transformed to what it is today, C and T has made the necessary connections to overseas tool makers to support keeping manufacturing of the end product in the USA, the website states.
"We still maintain the talent in house and locally for quick turn prototype, repairs and maintenance for when projects come along to support the cost of a USA-manufactured tool," the company says.
C and T also offers value-added assembly, including mark stamping, secondary machining operations, press fitting and packaging.
In December 2017, C and T was granted a tax abatement to expand its injection molding business, resulting in the need for two additional workers. At the time, there were 10 employees.
It spent $300,000 to purchase new injection molding equipment. The project was completed in 2018.