Franklin Manufacturer Receives Tax Breaks for Expansion
Franklin-based IBC Advanced Alloys has received two tax breaks to facilitate a $5 million expansion of the company’s alloy manufacturing operations.
Our partners at the Daily Journal report the Franklin City Council last week approved IBC’s requests for a 10-year real property tax abatement and a seven-year personal property tax abatement.
The publication says with the abatements, IBC will pay about $556,000 in real property taxes, and save about $448,000 over the 10-year period.
IBC, also known as Non Ferrous Products Inc., plans to invest more than $5 million to build and outfit a 32,000-square-foot copper casting facility on its Franklin property north of downtown.
The Daily Journal reports the company intends to hire an additional 25 workers over the next five years.
IBC produces beryllium and copper advanced alloys that serve a variety of industries such as defense, aerospace, automotive, telecommunications and precision manufacturing.
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