Aisin USA Mfg. Inc. is focused on creating automotive components and systems for the top auto manufacturers in the world and exceeding their highest quality standards.
It’s also committed to growth and success.
That’s all according to the Seymour-based company’s website.
During Monday night’s Seymour City Council meeting, Aisin USA was granted four more tax abatements totaling $23,052,150 as it continues to grow. Those are for real estate improvements and qualified personal property at Plant 1 at 1700 E. Fourth St. and Plant 2 at 500 Burkart Blvd., both in the Eastside Industrial Park.
While the company has created 94 new jobs since 2019 and now has 1,927 associates at those facilities, the new investment won’t result in any new jobs at this time, said Jim Plump, executive director of Jackson County Industrial Development Corp., while speaking on Aisin USA’s behalf.
“No new jobs are being promised as a direct result of these investments, but obviously, you heard the number of the jobs that have been created by Aisin, so we strongly feel that there will be new jobs created with the company. It’s just not in condition right now to commit to those jobs,” Plump said. “But they are committed to investing continually in Seymour.”
The council gave unanimous approval to the statement of benefits and resolutions for each of the 10-year tax abatements.
Tax abatements are granted to ease companies into paying property taxes on new investments. That means over the next 10 years, Aisin USA will be increasingly less exempt from paying property taxes with exemptions going down by 10% each year.
In the first year of abatement, no property taxes or personal property taxes are due. The first full property tax and personal property tax payments will happen after the 10 years pass.
According to the statement of benefits for real property improvements filed for Plant 1, Aisin anticipates making expenditures related to new manufacturing equipment and renovations to existing real property and equipment.
That would accommodate customer design change requirements and new model requirements for automotive components that would be used in assemblies shipped and sold to Aisin’s customer base for vehicle models including Toyota’s Sienna, Camry, Highlander, Corolla and Avalon, Honda’s Odyssey, General Motors, Subaru and Lexus.
The total investment is estimated at $3,413,700 for real property and $14,473,000 for personal property and would be completed between June 1 of this year and June 1, 2025.
For Plant 2, real property investment is estimated at $360,000, and personal property investment is estimated at $4,805,450. That would be completed during the same time frame as Plant 1.
“Thanks, Jim. Thanks, Aisin, for the investment,” Mayor Matt Nicholson said.
Earlier in the meeting, the council approved compliance with statement of benefits for 12 Seymour industries, including Aisin for its eight real estate abatements (six for Plant 1 and two for Plant 2) and 22 personal property abatements (11 for each plant) that were granted in recent years.