Plastics Company Announces ExpansionPosted: Updated:
A Martinsville manufacturer is looking to invest more than $300,000 in an expansion. Form/Tec Plastics Inc. has received tax abatement for the plans, which include adding a small number of employees, new equipment and productions space. May 6, 2014
MORGAN COUNTY, Ind. - Form/Tec Plastics, Inc. announced plans today to expand its operations in Martinsville, including the creation of six new jobs, purchase of new manufacturing equipment, and 4,000 square foot addition to its current production facility.
Form/Tec Plastics has led the polycarbonate thermoforming industry in quality, design, process, and innovation for nearly 40 years. Form/Tec the only manufacturer in the world that both forms and post-coats polycarbonate for industries such as racing, heavy equipment manufacturing, marine, and military.
The Martinsville Common Council approved a six-year real property tax abatement and five-year personal property tax abatement for the $311,000 project at Monday's council meeting.
"The folks at Form/Tec have been good neighbors, hiring Martinsville residents," said Martinsville Mayor Phil Deckard. "We are elated that they are expanding, and look forward to providing the same opportunities for other Martinsville companies."
Form/Tec Plastics was established in 1975 by Bill and Jacki Shields. Their instantly successful Silhouette Fairing System forever changed the motorcycle windshield field. With years of experience, Form/Tec expanded from acrylic forming into forming polycarbonate, the world’s strongest optical plastic.
"We're excited to keep growing in Morgan County," said Form/Tec President Brad Shields. "Polycarbonate is difficult to form optically correct, and the surface readily scratches. The combination of strength and clarity in our products, with abrasion and chemical resistance levels near that of glass, put us in high demand."
The Shields family has been actively involved in the community through coaching at Martinsville schools and the creation of Camp Discovery, designed to meet the needs of children on the autism spectrum. They have also generated 4-H opportunities such as a llama club and have been active volunteers at their church. Two generations, Bill Shields then Brad and Karen Shields, have received the Albert Merritt Award, a tribute to a person in the community whose volunteer service to youth exemplifies high character, values, sense of fair play, and devotion.
Form/Tec's Martinsville facility is located in one of the City’s Tax Increment Financing (TIF) districts. The increased property tax revenue generated from Form/Tec’s expansion could help fund future public improvement projects without a negative financial impact on existing taxing units in the project area. These other units will retain the revenues generated from the base assessed value and benefit from new jobs, employee income and spending, local income taxes, and economic activity, as well as from the overall increased property tax revenue when the TIF district expires.
About Form/Tec Plastics, Inc.
Form/Tec Plastics, Inc. is a plastics parts manufacturer and post-coater, offering the SHIELDS line of windscreens, windows, shields, and canopies. SHIELDS products are used in many industries and can be found worldwide, serving the needs of customers that demand optical quality, protection, innovative engineering, and satisfying customer service.
About Morgan County Economic Development Corp.
Morgan County Economic Development Corporation (MCEDC) is the countywide economic development organization serving Morgan County, Indiana, a suburb of Indianapolis. The MCEDC works to attract new companies to the county and assists existing companies by providing educational opportunities and resources that foster growth.
Source: The Morgan County Economic Development Corp.