One Southern Indiana has announced a major expansion project in Floyd County. New Albany-based Beach Mold & Tool Inc. plans to invest more than $12 million to enlarge its tool shop and warehouse, purchase new equipment and install a large capacity crane.
The company is expanding in an effort to prepare for a large-scale contract with an automotive original equipment manufacturer, according to 1si. Construction on the project is expected to begin this summer and be complete in 2019. 1si says the Beach Mold & Tool will continue to employ more than 500 people as a result of the investment.
The announcement comes just two years after Beach Mold & Tool announced the construction of a 123,000 square-foot warehouse in New Albany. At the time, the company said it planned to add 160 jobs by 2019. 1si says the company continues to seek talent to fill those positions.
"Beach Mold & Tool is an exceptional local employer, and they have recognized that New Albany is a great place to continue to grow their business," said New Albany Mayor Jeff Gahan. "We are very happy that Beach Mold & Tool will be expanding in our community."
The expansion is also the 150th economic development project announced by 1si, the chamber of commerce and lead economic development organization for Clark and Floyd counties, since it was founded in 2006. Chief Executive Officer Wendy Dant Chesser calls it "fitting" to mark the milestone with the expansion of a "hometown company."