A Seymour auto lighting fixture manufacturer’s plans to invest $40 million in equipment and add 25 jobs in the coming year recently received a boost from the Seymour city council.
That assistance for Valeo North America Inc. comes in the form of a 10-year-tax abatement granted by the council, which also approved an tax abatement for SBE Property Group. That firm is planning to build a warehouse at Freeman Field Industrial Park.
Tax abatements allows companies to phase in paying property taxes over a set period of years, depending upon the type of abatement granted.
Jim Plump, executive director of the Jackson County Industrial Development Corp., spoke on behalf of the two companies during the council’s meeting on Monday night at city hall. Valeo representative Matt Morley attended the meeting virtually while SBE Property Group President Glen Sawyer attended in person.
Plump said Valeo’s investment in manufacturing equipment is designed to support business growth at the company based out of 1231 A Avenue North at Freeman Field Industrial Park.
According to the company’s statement of benefits, Valeo’s investment would retain the 2,233 current employees at Valeo and add an estimated 25 jobs. The new jobs would provide $3,262,000, including benefits, in annual salaries.
Valeo North America Inc. has been producing automotive lighting systems in Seymour since 1978 and has developed several lighting innovations for the industry used by automakers worldwide.
SBE Property Group’s request for a tax abatement is for a 14,259 square-foot building to be constructed on an existing slab at Freeman Field across from the Seymour Department of Public Works at 865 F Avenue East, Plump said. The building is for an existing company that is needing extra space to warehouse product.
Construction is expected to start in early December and end within a month. The project’s estimated cost is $275,000.