Noblesville-based IDI Composites International plans to invest more than $24 million to build a new manufacturing facility in the Washington Business Park. The move is part of an agreement with the city that it says will help keep the Reimagine Pleasant Street project on schedule, while ensuring IDI remains in Noblesville.
Mayor Chris Jensen first detailed plans for the Pleasant Street Project during his first State of the City address in 2020. The project is designed to create a new east-west corridor to help alleviate traffic concerns.
Jensen says the agreement with IDI will allow the city to acquire the necessary property to build a key roundabout for the project. The roundabout on 8th Street would occupy part of what is currently a parking lot for IDI’s existing plant.
“We have been dedicated to keeping IDI in Noblesville since the beginning of these discussions,” Jensen said in written remarks. “This has not been an easy process, but it has been productive for both the city and for IDI, ultimately leading to an agreement that preserves 90 jobs with an expectation of adding 25 more in the next five years.”
IDI is a manufacturer of thermoset molding compounds for a variety of markets, including automotive, agricultural, construction, and healthcare.
The company says it will build a 121,000-square-foot facility in the Washington Business Park, which is currently under construction along State Road 37. A time frame for the new facility’s completion was not provided.
“Mayor Jensen and his administration have demonstrated that keeping our company in Noblesville was a priority by coming to the table with solutions-based proposals,” said IDI Composites Chief Executive Officer Tom Merrell. “While this is a change for us, we are excited to announce this project and continue to invest in the city that we love.”
The city says a final version of the agreement will be presented to the Noblesville Common Council in the coming weeks.