Armor Plastics, a new plastic coating company specializing in aftermarket ATV parts, will launch its operations in southeast Indiana. The company, which is a joint venture between Ohio businessman Tom Faris and Madison-based SuperATV, will revitalize a vacant industrial site and plans to create up to 30 new jobs over the next few years.
Armor Plastics plans to invest $13.4 million to purchase, redevelop and equip a more than 145,000-square-foot building in Madison, IN. The facility, which was built by Williamson Metal Works in 1946 and then acquired by the Armor Group in 1999, has remained vacant since closing in 2009. Armor Plastics, which will designate the 28.5-acre site as its corporate headquarters, plans to repurpose the property into a state-of-the-art manufacturing campus, allowing the company to utilize its patented coating technology to produce door panels, windows and windshields for UTVs, ATVs and other recreational and terrain vehicles. The company recently closed on its purchasing agreement and expects the new facility to be fully operational by 2023.
“I’m so grateful to the city of Madison, Jefferson County Industrial Development Coporation and the IEDC for pursuing this partnership to bring more jobs and investment to southeast Indiana,” said Harold Hunt, partner at Armor Plastics and founder and president of SuperATV. “We believe the future of Madison and Indiana is bright, and we’re excited to grow here for years to come.”
This new venture will merge innovation and manufacturing tradition, utilizing the industry expertise of Hunt and SuperATV alongside Faris’ new coatings process that improves the pliability, reliability and strength of fiberglass and plastics used in the manufacturing of ATV parts. Through its partnership, Armor Plastics will leverage SuperATV’s leadership in aftermarket ATV and UTV parts and accessories to fuel its growth in Indiana and expand its U.S. client base.
“By encouraging regional development and quality of place planning, Indiana is creating culturally- and economically-vibrant communities that are attractive to businesses and talented workers,” said Elaine Bedel, president of the Indiana Economic Development Corporation (IEDC). “We’re so excited that Armor Plastics is choosing to fuel its growth in southeast Indiana, redeveloping a once-thriving industrial site, enhancing the quality of place in Madison and creating good jobs in the community.”
The IEDC offered Armor Plastics up to $210,000 in conditional tax credits based on the company’s job creation plans. The tax credits are performance-based, so until employees are hired, the company is not eligible to claim incentives. The IEDC also offered the company up to $2.6 million in conditional tax credits from the Industrial Recovery Tax Credit (DINO) program, which provides an incentive to invest in former industrial sites and improve quality of place in Indiana communities. The city of Madison will consider additional incentives in support of the project.
“We’re always looking for ways to help our local businesses expand and grow right in Madison,” said Matt Wirth, executive director of the Jefferson County Industrial Development Corporation. “We know that Madison’s economy is strong, but the Hunt family’s investment is another vote of confidence in the quality of life, workforce and overall future of our community.”
“With today’s announcement, the Hunt family has again proven their commitment to Madison by adding jobs and investment in another property that has been vacant for over a decade,” said Madison Mayor Damon Welch. “This project will improve one of our main gateways into the community – which was identified as a priority by our Stellar Communities plan – while adding economic opportunity for our residents.”
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