updated: 8/20/2012 8:10:12 AM
An economic development grant has been approved for an Allen County expansion that is expected to create up to 400 jobs. R3 Composites Corp. announced the hiring plans more than a year ago for an operation in Grabill. The Journal Gazette in Fort Wayne reports county commissioners approved the grant Friday as an incentive for the expansion.
The company is planning to invest $4 million in the project and under the grant program is expected to have more than $330,000 reimbursed over five years.
The newspaper reports 75 percent of the grant will be covered by the city and the county will pick up the rest.
A joint initiative by Steel Dynamics Inc. (Nasdq: STLD) and copper producer La Farga is expected to receive more than $100,000 over seven years under the same program.
That $36 million project in New Haven is expected to involve 35 jobs.
Source: Journal Gazette